Cost of Living in Waco, TX
Updated November 2026 · McLennan County · Waco, TX metro area · population 143,570
Prices in Waco are 7.2% below the US average (local index 92.8; the BEA index for the Waco, TX metro area is 92.5), with utilities the biggest saving at 81.0; a single adult's modelled budget is about $2,363 a month and the median rent is $1,165.
Prices by category
CostLiving local estimate. 100 = US average; 110 means prices are 10% higher. Housing reflects Waco's own median rent compared with the area's average rent; goods, utilities and other services are BEA's official price parities for the Waco, TX metro area, unchanged.
Waco price index by category, US average = 100: All items 92.8, Housing (rents) 82.4, Goods 93.8, Utilities 81.0, Other services 96.2
It is the 56th most expensive of the 79 Texas cities in our data. Cheaper than 82% of the cities we cover.
| BEA index | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| All items | 92.3 | 93.4 | 94.1 | 92.9 | 91.1 | 92.5 |
Monthly budget by household type
1 adult · 1-bedroom · modelled estimate for Waco, TX
| Category | Per month | Per year | Share |
|---|---|---|---|
| Housing (rent) | $779 | $9,348 | 33% |
| Utilities | $250 | $3,000 | 11% |
| Food at home | $264 | $3,168 | 11% |
| Transportation | $574 | $6,888 | 24% |
| Health care | $338 | $4,056 | 14% |
| Clothing, personal care & supplies | $158 | $1,896 | 7% |
| Total | $2,363 | $28,356 | 100% |
2 adults · 2-bedroom · modelled estimate for Waco, TX
| Category | Per month | Per year | Share |
|---|---|---|---|
| Housing (rent) | $974 | $11,688 | 25% |
| Utilities | $393 | $4,716 | 10% |
| Food at home | $488 | $5,856 | 12% |
| Transportation | $1,137 | $13,644 | 29% |
| Health care | $627 | $7,524 | 16% |
| Clothing, personal care & supplies | $311 | $3,732 | 8% |
| Total | $3,930 | $47,160 | 100% |
2 adults + 2 children · 3-bedroom · modelled estimate for Waco, TX
| Category | Per month | Per year | Share |
|---|---|---|---|
| Housing (rent) | $1,186 | $14,232 | 24% |
| Utilities | $479 | $5,748 | 10% |
| Food at home | $696 | $8,352 | 14% |
| Transportation | $1,510 | $18,120 | 31% |
| Health care | $584 | $7,008 | 12% |
| Clothing, personal care & supplies | $401 | $4,812 | 8% |
| Total | $4,856 | $58,272 | 100% |
Modelled estimate of basic costs, excluding taxes, child care and savings. Housing is rent excluding tenant-paid utilities (counted under utilities). See how the budget is calculated.
Housing costs in Waco
Rent by number of bedrooms
| Size | Median rent |
|---|---|
| Studio | $874 |
| 1 bedroom | $954 |
| 2 bedrooms | $1,193 |
| 3 bedrooms | $1,453 |
| 4 bedrooms | $1,428 |
Median rent: Census ACS 2020-2024 median gross rent by bedrooms (rent plus tenant-paid utilities, all renters).
Rent, home values and affordability
| Measure | Value |
|---|---|
| Median gross rent | $1,165 |
| Median contract rent (excl. utilities) | $951 |
| Median home value | $221,700 |
| Owner costs with a mortgage | $1,737/mo |
| Median household income | $54,365 |
| Rent as % of renter income Expensive | 34.6% |
| Home value ÷ household income Moderate | 4.1× |
Census ACS 5-year 2020-2024.
Electricity and gas prices
Residential electricity in Texas
15.91¢ per kWh, August 2026
12-month change: +3.3% (from 15.40¢) · US 18.16¢
Average household uses 1,113 kWh a month in Texas ≈ $178/month. Source: EIA-861M (statewide average).
Regular gasoline
$3.58 per gallon, week of 2026-11-02
12-month change: +45.1% (from $2.47) · US $4.15
EIA weekly retail price survey.
Inflation in the South
Consumer prices in the South Census region rose +3.4% in the 12 months to September 2026 (US +3.7%). Nationally, food at home changed +1.8%, shelter +3.2% and energy +20.4%. Source: BLS CPI-U, not seasonally adjusted. CPI is published for regions and large metro areas, so the regional figure is shown.
Salary equivalent
Because prices in Waco are 7.2% below the US average, $60,000 here has the buying power of about $64,600 in an average-priced US area.
Formula: US-equivalent = salary × 100 ÷ 92.8. Based on the local cost index (CostLiving estimate from BEA RPP and Census rents); taxes not included.
Nearby cities
| City | Distance | Index | Budget (single) | Median rent |
|---|---|---|---|---|
| Temple, TX | 33 mi | 92.3 | $2,485 | $1,231 |
| Belton, TX | 39 mi | 92.6 | $2,440 | $1,252 |
| Killeen, TX | 46 mi | 92.1 | $2,250 | $1,208 |
| Burleson, TX | 67 mi | 104.0 | $2,865 | $1,685 |
| Georgetown, TX | 68 mi | 100.1 | $2,964 | $1,795 |
| Mansfield, TX | 70 mi | 107.5 | $3,175 | $1,954 |
Cities with a similar cost of living
| City | Index | Budget (single) | Median rent |
|---|---|---|---|
| Chattanooga, TN | 92.8 | $2,571 | $1,256 |
| Bellevue, NE | 92.8 | $2,449 | $1,226 |
| Cincinnati, OH | 92.8 | $2,355 | $1,001 |
| Covington, KY | 92.8 | $2,290 | $1,006 |
| Hamilton, OH | 92.9 | $2,237 | $1,007 |
| Middletown, OH | 92.9 | $2,269 | $1,007 |
Compare Waco with another city
Frequently asked questions
Is Waco, TX an expensive place to live?
Waco has a local cost of living index of 92.8, which is 7.2% below the US average. This CostLiving estimate starts from the BEA Regional Price Parities 2024 for the Waco, TX metro area (92.5) and adjusts housing to Waco's own rents. It is 4.2 points below the Texas average. It is the 56th most expensive of the 79 Texas cities in our data. Cheaper than 82% of the cities we cover.
How much money do you need to live in Waco?
Our modelled estimate of basic monthly costs is $2,363 for a single adult, $3,930 for a couple and $4,856 for a family of four, before taxes, child care and savings. A $60,000 salary in an average-priced US area buys about the same as $55,700 in Waco.
What is the average rent in Waco?
The median gross rent (rent plus tenant-paid utilities) is $1,165 a month (Census ACS 2020-2024). By size: 1 bedroom $954, 2 bedrooms $1,193, 3 bedrooms $1,453. The typical renter spends 34.6% of household income on rent (expensive).
How much does a house cost in Waco?
The median owner-estimated home value is $221,700, 4.1 times the median household income of $54,365 (moderate). Owners with a mortgage pay a median $1,737 a month in housing costs.
How much is electricity and gas in Waco?
Texas residential electricity averaged 15.91¢ per kWh in August 2026 (US 18.16¢). Regular gasoline was $3.58 a gallon (Texas average, week of 2026-11-02).
Sources and notes
- Local cost index: CostLiving estimate from BEA Regional Price Parities 2024 for the Waco, TX metropolitan statistical area (BEA index 92.5) with housing from Census ACS median rent (city figure); see the methodology.
- Rents, home values, income, population: U.S. Census Bureau ACS 5-year 2020-2024, Census place 4876000 (Waco city).
- Electricity: EIA-861M, Texas residential average, August 2026.
- Gasoline: EIA weekly retail regular gasoline, Texas, week of 2026-11-02.
- Inflation: BLS CPI-U South region, September 2026.
- Budget baselines: BLS Consumer Expenditure Survey 2025; electricity use by household size: EIA RECS 2020.
Labels such as “county figure” or “state nonmetro figure” mark values that come from a larger area because the city-level figure is unavailable or unreliable. The monthly budget is a modelled estimate, not observed spending, and excludes taxes. This page is for general information and is not financial advice. Methodology · All sources