ZIP Code · TX

ZIP 76706

Part of Waco, TX

Pop. 41,627·McLennan County·503rd most expensive ZIP in Texas

Median rent (all units)

$1,379/mo

Year-over-Year

-1.9%

Month-over-Month

Stable

vs US Median

-$553

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 76706 · $1,379

More affordable than 81% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$850

1 BR

$1,000

2 BR

$1,240

3 BR

$1,600

4 BR+

$1,650

Research median

$1,240/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

January. Asking rents in ZIP 76706 usually run 0.7% below trend in January and 1% above it in August, about $23 a month apart at today's median. Based on 9 years of data.

Compared with the peak

Rent in ZIP 76706 is 3.7% below its high of $1,432 in June 2024, at $1,379 as of September 2026.

Past year vs. the rest of Texas

Rent in ZIP 76706 changed -1.9% over the year to September 2026. Across the 629 Texas ZIP codes Zillow tracks, the typical change was +1.2%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 76706 rose 41.3% while median household income rose 22.3% ($34,070 to $41,656). Rent outpaced income.

Since before the pandemic

Rent in ZIP 76706 is 34% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

What a typical income covers

30% of the median household income ($41,656) is $1,041 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,000); a 2-bedroom is $1,240.

Rank in Waco

4th cheapest of 5 ZIP codes in Waco.

Cheaper nearby

ZIP 76710, 8 miles away, rents for 11% less ($1,234/mo), about $1,700 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 76706. 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.

Annual cost

$16,548/yr

At $1,379/mo median

Location

CityWaco

StateTX

CountyMcLennan County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (-1.9% YoY, +0.0% MoM), not inventory.

Demographics

Who lives here

ZIP 76706 (Waco, TX) is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 23.1% of residents hold a bachelor's degree or higher.

Population

41,627

Median income

$41,656

Median age

24.2

Renters

61%

Age distribution

19.4%

47.2%

18.8%

Under 1819.4%

18–3447.2%

35–5418.8%

55–646.3%

65+8.3%

Gender

50%

Male50%

Female50%

Race & ethnicity

55.1%

18.1%

29.9%

White55.1%

Black18.1%

Hispanic29.9%

Asian2.4%

Education (25+)

14.9%

34.1%

27.9%

23.1%

No HS diploma14.9%

HS diploma34.1%

Some college27.9%

Bachelor's+23.1%

Housing tenure

39%

61%

Owner39%

Renter61%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 76706 in Waco, TX has changed in 5 years

Rent

$1,100 → $1,379

up 25.4%

Income

$35,387 → $41,656

up 17.7%

Population

39,488 → 41,627

up 5.4%

Renter share

60.4% → 61%

+0.6 pts

Bachelor's+

21.3% → 23.1%

+1.8 pts

Median age

23.5 → 24.2

+0.7 yrs

Since 2021, the typical rent in ZIP 76706 in Waco, TX has climbed from $1,100 to $1,379, a 25.4% change over five years. Census figures show median household income at $41,656 today, compared with $35,387 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 5.4% since 2021, moving from about 39,488 residents to roughly 41,627. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.

Community

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Local insights

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About renting in ZIP 76706

Last updated: October 17, 2026

ZIP code 76706 covers Waco, TX. The median rent here is $1,379/mo as of October 2026. A 1-bedroom rents for a median of $1,000/mo. A 2-bedroom rents for a median of $1,240/mo.

At 40% of local median household income ($41,656/yr), ZIP 76706 ranks as moderate compared to the national benchmark of 30%. Rents have decreased 1.9% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 76706?

To keep rent at or below 30% of gross income, you would need to earn at least $55,000/year (about $26/hour full-time) to afford the median rent of $1,379/mo in ZIP 76706. The local median household income is $41,656/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 76706?

Rent in ZIP 76706 has fallen 1.9% over the past year as of September 2026. It sits 3.7% below its high of $1,432 in June 2024.

When is the cheapest time to rent in ZIP 76706?

Asking rents in ZIP 76706 are usually lowest in January, about 0.7% below their yearly trend, and highest in August, about 1% above it. At today's median that is a gap of roughly $23 a month. This pattern comes from 9 years of Zillow rent data.

Has rent outpaced income in ZIP 76706?

Yes. From 2019 to 2024, rent in ZIP 76706 rose 41.3% while median household income rose 22.3%, from $34,070 to $41,656. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 76706 compare to other ZIPs in Texas?

ZIP 76706 is one of the more affordable among Texas ZIP codes for rent, ranking #503 of 693 at $1,379/mo. Over the year to September 2026, rent in ZIP 76706 changed -1.9%, against a typical +1.2% across the 629 Texas ZIP codes Zillow tracks.