Total monthly cost of ownership
Cost to Own a Home in Waco, Texas
A $200,000 home here costs
$1,926per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $82,500 a year.
A standard mortgage calculator would have told you $1,108. The real number is $818 higher every month, 74% more than the payment most buyers budget for.
Compare McLennan County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Waco against McLennan County and Texas
| Measure | Waco | McLennan County |
|---|---|---|
| Median home value | $199,600 | $219,200 |
| Median property tax | $3,318 | $3,347 |
| Effective tax rate | 1.662% | 1.527% |
| Median gross rent | $1,098 | $1,106 |
| Population | 141,925 | 263,608 |
The weather behind that power bill
Waco sits in McLennan County, which averages a high of 97.1°F in its hottest month and a low of 35.8°F in its coldest, with 36.4" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 2,868 cooling and 2,080 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for McLennan County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in McLennan County
Talk to someone who works this market
These are Waco averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Waco every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Waco?
A $200,000 home in Waco, Texas costs approximately $1,926 per month with 20% down at 7.4%. That is $1,108 principal and interest, $277 property tax, $132 homeowners insurance, $242 utilities and $167 set aside for maintenance.
What is the property tax rate in Waco?
Waco has an effective property tax rate of 1.662%, based on a median home value of $199,600 and median real estate taxes of $3,318. That is higher than the McLennan County average of 1.527%.
What is the average home price in Waco?
The median owner-occupied home value in Waco, Texas is $199,600, against $219,200 across McLennan County.
Is it cheaper to rent or buy in Waco?
Median gross rent in Waco is $1,098 a month, against $1,926 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Waco?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Waco, Texas at today's rate takes a household income of roughly $82,500 a year. That covers the full $1,926 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Waco, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Texas.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.