Rents are 11% below what Waco's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,342 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
February. Asking rents in Waco usually run 1% below trend in February and 0.9% above it in August, about $25 a month apart at today's median. Based on 11 years of data.
Rent in Waco is 0.2% below its high of $1,345 in February 2026, at $1,342 as of September 2026.
Rent in Waco changed +0.8% over the year to September 2026. Across the 224 Texas cities Zillow tracks, the typical change was +1.0%.
From 2019 to 2024, rent in Waco rose 42.3% while median household income rose 35.3% ($40,190 to $54,365). Rent outpaced income.
Rent in Waco is 40.8% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent rose in 7 of the last 12 months.
30% of the median household income ($54,365) is $1,359 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,132); a 2-bedroom is $1,408.
The priciest of 5 ZIP codes in Waco, 76708 ($1,586/mo), costs 29% more than the cheapest, 76710 ($1,234/mo).
Lacy-Lakeview, 7 miles away, rents for 13% less ($1,164/mo), about $2,100 a year in savings.
From Zillow's monthly rent index (ZORI) for Waco. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Waco, TX is roughly split between renters and owners, skews toward younger working-age adults, has a median income below the national average, 28.7% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Waco, TX has changed in 5 years
Compared with 2021, rent in Waco, TX has climbed by $307 per month, settling near $1,342 after starting the period at $1,035. Household income in the area moved from $42,687 to $54,365 across the same window, up 27.4% versus 2021. Headcount in the area went from 136,800 to 143,570 between 2021 and 2024, a 4.9% change. About 50.6% of households rent today, against 53.3% in 2021. Reading these numbers side by side helps frame whether current listings in Waco, TX look reasonable against where the market sat half a decade ago.
Discussions about Waco
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Can you afford rent in Waco on your salary?
At $1,342/mo, how Waco rent compares to typical pay (30% rule).
Waco rent by bedroom count
Median rent for each apartment size in Waco. Click any size for full breakdown.
Tips for renters in Waco
Last updated: October 17, 2026
The median rent in Waco is $1,342/mo as of October 2026. A studio apartment averages $968/mo while a 2-bedroom runs $1,408/mo. One-bedroom apartments average $1,132/mo and 3-bedroom units go for $1,816/mo.
At 30% of local median household income ($54,365/yr), Waco ranks as moderate compared to the national benchmark of 30%. Rents have increased 0.8% over the past year.
Frequently asked questions
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Which nearby cities are cheaper to rent in than Waco?
At $1,342/mo, rent takes ~30% of Waco's median household income ($54,365/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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