| Index | Waco | Texas | National |
| Cost of living | 93 | 94 | 100 |
| Groceries | 99 | 98 | 100 |
| Health care | 99 | 98 | 100 |
| Housing | 78 | 83 | 100 |
| Transportation | 96 | 98 | 100 |
| Utilities | 107 | 103 | 100 |
| Lifestyle & Entertainment | 94 | 98 | 100 |
| Household Items | 99 | 98 | 100 |
| Education & Childcare | 103 | 98 | 100 |
Understanding the cost of living in Waco can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Waco cost of living index is 93, which is 7% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
In Waco, daily expenses such as food, housing, lifestyle expenses, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Waco will resemble that of an average city, contributing to a manageable cost of living.
The real experts on a city are its residents. That's why we reached out to 20 locals to get their views on the cost of living in Waco. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 45% found it budget-friendly with decreasing prices, while 55% said it's simply not affordable as prices have continued to rise.
Is Waco affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Waco, for instance, where the median home price falls 27% lower than the national average, and monthly rent rates are 9.4% lower than usual. Additionally, median income levels contribute to the equation, with Waco flaunting a median household income of $60,968, 25% lower than the national norm.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Waco comes in at 7.4% higher than the national average.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Waco, the groceries index is 0.7% lower than the national average.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Waco, healthcare costs are 0.6% lower than the national average.
The Waco cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
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| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $93,395 | $7,783 | $2,179 | $2,802 |
| Renters | $42,564 | $3,547 | $993 | $1,277 |
| State | General Sales Tax | With Max Surtax |
| Texas | 6.25% | 8.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Texas | 0% | 0% |
| City | Population | Cost of Living Index | National Avg. |
| Bellmead, TX | 11,166 | 86 | 14.3% |
| Beverly Hills, TX | 2,249 | 86 | 13.6% |
| Golinda, TX | 672 | 89 | 11.4% |
| Riesel, TX | 1,378 | 89 | 11.1% |
| Gholson, TX | 1,193 | 89 | 11.0% |
| Waco, TX | 142,208 | 93 | 7.0% |
| City | Population | Cost of Living Index | National Avg. |
| Milton, ON | 142,128 | n/a | |
| Charleston, SC | 142,427 | 123 | 22.8% |
| Carrollton, TX | 142,475 | 111 | 11.1% |
| Metairie, LA | 141,877 | 105 | 5.4% |
| Surprise, AZ | 142,589 | 115 | 15.0% |
| Waco, TX | 142,208 | 93 | 7.0% |
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