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Waco, TX Rent Affordability Calculator

The median rent in the Waco, TX area is $1,151 a month including utilities, which takes 21% of the median household income ($66,205). Paying it on 30% of income needs about $46,040 a year.

On $66,000 a year, 30% of income is $1,650 a month for rent. A $1,150 rent takes 20.9% of gross income; many landlords want income of 40 times the rent, $46,000.

Rent you can afford
$1,650 a month
That rent takes
20.9% of income
Income a landlord may ask for (40× rent)
$46,000

Rent you can afford in Waco, TX by income (30% rule)

IncomeAffordable rentAgainst the median rent
$40,000$1,000−13.1%
$60,000$1,50030.3%
$80,000$2,00073.8%
$100,000$2,500117.2%
$150,000$3,750225.8%

How this calculator works

Median gross rent and median household income for the Waco, TX metropolitan area, from the Census Bureau's American Community Survey 2020–2024 5-year estimates. Affordable rent is 30% of gross monthly income.

What it assumes

  • Medians across all rentals, of every size and age; new listings usually ask more.

Questions people ask

What is the average rent in Waco, TX?

The median gross rent is $1,151 a month, including utilities (Census American Community Survey 2020–2024 5-year estimates).

What salary do I need to live in Waco, TX?

To rent at the median on 30% of income, about $46,040 a year; many landlords ask for 40 times the rent, $46,040.

Is rent affordable in Waco, TX?

The median rent takes 21% of the median household income there, within the 30% guideline.

How does the cost of living in Waco, TX compare?

Overall prices are 7.5% below the US average, and housing 16.5% below (BEA, 2024).

Nearby and large metro areas

Related calculators

  • Rent Affordability CalculatorThe rent your income supports under the 30% guideline, what a given rent takes of your pay, and the income landlords often ask for, with median rents in large metro areas.
  • Waco, TX Cost of Living CalculatorPrices in the Waco, TX area are 7.5% below the US average, and housing 16.5% below (BEA, 2024). Compare a salary here with anywhere else.
  • Rent vs Buy CalculatorWhether buying or renting leaves you better off after the years you plan to stay, counting mortgage interest, tax, upkeep, selling costs and what a renter earns investing the down payment.

Sources

Updated by the RateHerald team. The maths is tested against worked examples; report a problem.