The typical owner-occupied home in Waco is worth about $221,700, 22% below the Texas median of $283,800 and 33% below the national median of $332,700. Owners pay a median $3,537 a year in property taxes, about 1.60% of their home's value, higher than the Texas rate of 1.49%. The median household earns $54,365 a year, so the median home costs 4.1 times the median income (3.6 times for Texas). 49% of occupied homes here are lived in by their owners, and 52% of those owners still have a mortgage.
Waco at a glance
| Waco | Texas | U.S. | |
|---|---|---|---|
| Median home value | $221,700 | $283,800 | $332,700 |
| Median property tax paid per year | $3,537 | $4,232 | $3,119 |
| Property tax as a share of value | 1.60% | 1.49% | 0.94% |
| Median household income | $54,365 | $78,476 | $80,734 |
| Homes lived in by their owners | 49% | 63% | 65% |
| Owner homes with a mortgage | 52% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,737 | $2,106 | $1,963 |
| Those costs as a share of the owners' income | 22.7% | 21.7% | 21.0% |
| Median rent | $1,165 | $1,403 | $1,413 |
| Rent as a share of renters' income | 34.6% | 30.9% | 30.6% |
| Median year homes were built | 1979 | 1992 | 1980 |
| Vacant homes | 11.9% | 9.4% | 10.1% |
| Population | 143,570 | 30,188,424 | 334,922,499 |
What a typical home costs per month in Waco
At this week's average 30-year rate of 7.11%, buying the median Waco home of $221,700 with 20% down costs about $1,581 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,950, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $67,761 for the 20%-down payment. That payment is 35% of the median Waco household income of $54,365; at that income and 20% down, the 28% guideline points to a home of about $178,000.
The median rent here is $1,165 a month, so owning the median home costs about $416 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $44,340 |
|---|---|
| Loan amount | $177,360 |
| Principal and interest | $1,193 |
| Property taxes (1.60% a year) | $296 |
| Homeowners insurance (our estimate, 0.5% a year) | $92 |
| PMI | $0 |
| Total per month | $1,581 |
Change the numbers in the calculator
| Down payment | $7,760 |
|---|---|
| Loan amount | $217,684 |
| Principal and interest | $1,464 |
| Property taxes (1.60% a year) | $296 |
| Homeowners insurance (our estimate, 0.5% a year) | $92 |
| FHA mortgage insurance | $98 |
| Total per month | $1,950 |
Change the numbers in the calculator
Questions about home buying in Waco
What is the median home value in Waco?
About $221,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Waco?
Homeowners pay a median $3,537 a year, which is about 1.60% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Waco?
For the median home with 20% down at 7.11%, the payment is about $1,581 a month. Keeping that under 28% of gross income takes about $67,761 a year.
More about Waco
- Mortgage Refinance in Waco
- Debt Relief in Waco
- Home Equity Loans in Waco
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data