Waco, Texas Cost Of Living

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Overall 15%

Goods & Services 0%

Housing 38%

Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Waco	Texas	National
Cost of living	85	91	100
Goods & Services	100	95	100
Groceries	81	90	100
Health care	97	97	100
Housing	62	83	100
Transportation	93	94	100
Utilities	100	102	100

Key findings

The cost of living in Waco is 7% lower than the Texas average
The cost of living in Waco is 15% lower than the national average
Waco housing is 38% lower than the national average
Texas general sales tax is 23% higher than the national average
Texas state income tax is 100% lower than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$53,750	$4,479	$1,254	$1,613
Renters	$24,026	$2,002	$561	$721

To approximate the cost of living and the housing affordability in Waco, TX, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Waco have a median income of $53,750. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,254 per month to avoid calamity and poverty. The renters in the city have an income of about $24,026, which would make their monthly maximum allowable rental costs $561.

Texas Sales Tax

State	General Sales Tax	With Max Surtax
Texas	6.25%	8.25%

Texas Income Tax

State	Income Tax (Low)	Income Tax (High)
Texas	0%	0%

Goods & Services

Item	Waco	National avg.	Difference
Haircut	$14.39	$17.49	17.7%
Beauty Salon	$37.40	$38.17	2.0%
Toothpaste	$1.77	$2.32	23.7%
Shampoo	$0.78	$1.01	22.9%
Movie	$9.09	$10.72	15.2%
Bowling	$17.67	$13.86	27.5%

Groceries

Item	Waco	National avg.	Difference
Ground Beef	$2.81	$3.90	27.9%
Fried Chicken	$0.96	$1.40	31.2%
Milk	$1.21	$1.96	38.3%
Potatoes	$2.03	$3.18	36.2%
Pizza	$9.99	$10.39	3.9%
Beer	$9.92	$9.23	7.5%

Health Care

Item	Waco	National avg.	Difference
Optometrist	$102.67	$106.34	3.4%
Doctor	$112.50	$115.25	2.4%
Dentist	$93.80	$98.38	4.7%
Ibuprofen	$7.97	$9.26	13.9%
Lipitor	$493.32	$466.47	5.8%

Housing

Item	Waco	National avg.	Difference
Home Price	$98,800.00	$184,700.00	46.5%
Avg. Mortgage Payment	$1,091.12	$1,273.32	14.3%
Apartment Rent	$770.00	$949.00	18.9%

Transportation

Item	Waco	National avg.	Difference
Gasoline	$2.31	$2.59	10.8%
Tire Balancing	$50.35	$48.90	3.0%

Utilities

Item	Waco	National avg.	Difference
All Electricity	$168.64	$167.60	0.6%
Phone	$181.89	$163.42	11.3%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, State	Population	Cost of Living Index	National Avg.
Beverly Hills, TX	1,828	81	-19%
Bellmead, TX	10,159	81	-19%
Lacy-Lakeview, TX	6,581	82	-18%
Leroy, TX	368	84	-16%
Riesel, TX	918	84	-16%
Waco, TX	130,659	85	-15%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Thornton, CO	130,511	105	5%
New Haven, CT	130,405	117	17%
Charleston, SC	129,888	111	11%
Sterling Heights, MI	131,674	97	-3%
Enterprise, NV	129,620	108	8%
Waco, TX	130,659	85	-15%

Source: The Waco, TX cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.

Waco, TX Cost of Living

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