Home Affordability in Waco, TX
The median home price in Waco is $195,000 with a median household income of $39,823. Housing is moderately affordable relative to local incomes.
Median Home Price
$195,000
Median Income
$39,823
Price-to-Income Ratio
4.9x
Est. Affordable Home
$155,000
Property Tax Rate
1.95%
Annual Property Tax
$3,803
Sales Tax Rate
8.25%
Cost of Living Index
82
Buying a Home in Waco
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $39,823 in Waco can afford a monthly housing payment of approximately $929. This translates to a home price of roughly $155,000, which is below the median home price of $195,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Waco would be approximately $3,803 per year ($317/month) at the effective rate of 1.95%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $5,850 | $189,150 | Yes |
| 5% | $9,750 | $185,250 | Yes |
| 10% | $19,500 | $175,500 | Yes |
| 20% | $39,000 | $156,000 | No |
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