Waco, Texas has a cost of living that is 11% lower than the national average. The average cost of living in Waco is $1778, which is in the top 23% of the most expensive cities in the world, ranked 2148th out of 9294 in the global list. The cost of living in Waco can vary based on factors such as career, average salary, and the real estate market of that area. The housing expenses in Waco are 23% lower than the national average, while utility prices are 11% higher than the national average. The median home price in Waco is $208,800. The average rent for a one-bedroom apartment in Waco is $709 per month, while the average rent for a four-bedroom apartment is $2321 per month. The cost of groceries in Waco is 18% lower than the national average. The cost of healthcare in Waco is 8% lower than the national average.
Here is a comparison of the cost of living in Waco, TX to other nearby cities and similar cities:
| City | Cost of Living Index (100 = US average) |
|---|---|
| Waco, TX | 86.0 |
| Temple, TX | 85.2 |
| Bryan, TX | 86.2 |
| College Station, TX | 87.3 |
| Killeen, TX | 85.1 |
| Belton, TX | 85.1 |
| Harker Heights, TX | 85.2 |
| Round Rock, TX | 101.4 |
| Austin, TX | 107.2 |
As you can see, the cost of living in Waco, TX is lower than the national average. This is due to a number of factors, including the lower cost of housing, transportation, and groceries.
Here is a breakdown of the cost of living in Waco, TX in comparison to other nearby cities and similar cities:
| Category | Waco, TX | Temple, TX | Bryan, TX | College Station, TX | Killeen, TX | Belton, TX | Harker Heights, TX | Round Rock, TX | Austin, TX |
|---|---|---|---|---|---|---|---|---|---|
| Housing | 78.1 | 77.1 | 78.3 | 79.2 | 77.1 | 77.1 | 77.2 | 90.4 | 96.3 |
| Utilities | 97.5 | 97.0 | 97.1 | 97.0 | 97.0 | 97.0 | 97.0 | 97.0 | 97.0 |
| Transportation | 92.6 | 92.1 | 92.3 | 92.3 | 92.2 | 92.2 | 92.2 | 92.2 | 92.2 |
| Groceries | 90.1 | 89.6 | 90.2 | 90.2 | 89.6 | 89.6 | 89.6 | 90.1 | 90.1 |
| Health | 101.6 | 101.2 | 101.3 | 101.3 | 101.2 | 101.2 | 101.2 | 101.2 | 101.2 |
| Miscellaneous | 92.0 | 91.5 | 91.6 | 91.6 | 91.5 | 91.5 | 91.5 | 91.5 | 91.5 |
As you can see, the cost of housing is the lowest category in Waco, TX. This is followed by transportation, utilities, and groceries. The cost of health and miscellaneous items is slightly higher than the national average.
Overall, the cost of living in Waco, TX is lower than the national average. This is due to a number of factors, including the lower cost of housing, transportation, and groceries.
FAQs
What is a good salary in Waco?
According to ZipRecruiter¹, the average annual salary in Waco is $44,244 as of March 2023. This is equivalent to $21.27 an hour. Most salaries in Waco range between $32,480 (25th percentile) to $54,004 (75th percentile) annually. However, this may vary depending on the type of job, industry, experience, and qualifications.
For example, Glassdoor reports that some of the highest paying jobs in Waco are Plastic Surgeon, Loan Servicing Specialist, and Pulmonary Physician, with average salaries of $232,220, $140,861, and $207,022 respectively.
Zippia suggests that a liveable salary in Waco is $21,900, or $11 per hour. That is the average salary for people living in Waco.
What is the minimum wage in Waco Texas?
The minimum wage in Waco, Texas is $7.25 per hour. This is equal to the federal minimum wage of $7.25. You are entitled to be paid the higher state minimum wage if applicable.
However, some jobs may pay more than the minimum wage depending on the type of work, skills, experience, and qualifications. For example, Property Room Technician in Waco earns an average salary of $32,323 to $51,626 yearly.
What are the pros and cons of living in Waco?
Living in Waco has its pros and cons, like any other city. Here are some of the main ones:
Pros:
- Central location: Waco is located in the center of Texas, which makes it easy to reach other major cities and airports in the state, such as Austin, Dallas, and Houston.
- Natural beauty: Waco is surrounded by scenic attractions, such as Lake Waco, Cotton Belt Trail, Cameron Park, and Brazos River. You can enjoy outdoor activities and nature almost all year round.
- Energetic city: Waco has a young and vibrant population, thanks to the presence of several educational institutions, especially Baylor University. The city also offers a variety of cultural and entertainment options, such as museums, festivals, restaurants, and shops.
- Low cost of living: Waco has a below-average cost of living compared to the rest of Texas and the national average. You can find affordable housing, groceries, healthcare, and transportation in Waco.
- Great education: Waco has several schools and colleges that provide quality education for students of all ages and levels. Baylor University is the oldest operating university in Texas and one of the most prestigious ones in the country.
Cons:
- High crime rate: Waco has an above-average crime rate, both for violent crimes and property crimes. The city has been improving its safety measures, but it still has some areas that are more prone to criminal activity than others.
- Hot and muggy summers: Waco has a humid subtropical climate, which means that summers are hot and humid, with temperatures reaching up to 96°F and humidity levels up to 70%. This can make it uncomfortable and unpleasant for some people to live in Waco during this season.
- Persistent presence of allergens: Waco is also known for its high pollen count, which can trigger allergies and asthma for some people. The city has a lot of trees and plants that produce pollen, especially during spring and fall.
- Limited regional airport: Waco has a small regional airport that only offers flights to Dallas/Fort Worth International Airport. This means that if you want to travel to other destinations, you have to drive to another airport or take a connecting flight from Dallas/Fort Worth.
- Texas’ high property taxes: Waco may have low housing costs, but it also has high property taxes compared to other states. Texas does not have a state income tax, but it compensates by charging higher taxes on real estate. This can be a burden for homeowners in Waco.