Waco, TX—76704
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Waco, TX
As of Oct '25, the median home price in Waco, TX is $117,000, with a year-over-year change of -10.3%. This indicates that home prices in Waco, TX are decreasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $117,000 | -10.3% |
| Single Family | $117,000 | -9.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $66,000 | -14.3% |
2 Bed | $91,000 | -11.7% |
3 Bed | $142,000 | -5.3% |
4 Bed | $182,000 | -1.1% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Waco, TX
As of July '25, Rentcast reports the average rent in Waco, TX is $1,390, with a year-over-year rent change of 0.7%. Per bedroom, the median rent as of July '25 in Waco, TX is 1-bedrooms: $1,010, 2-bedrooms: $1,100, 3-bedrooms: $1,560, 4-bedrooms: $1,620. The most common rental property sizes in Waco, TX are 2-bedroom and 1-bedroom, accounting for 46.0% and 23.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,360 | $1,390 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $959 | $1,010 |
| 2 Bed Rent | $1,100 | $1,100 |
| 3 Bed Rent | $1,550 | $1,560 |
| 4 Bed Rent | $1,400 | $1,620 |
% of Rental Stock
Property Listings — Waco, TX
As of Oct '25, Realtor.com reports that the median days on market for a home in Waco, TX is 99. This is a increase of 8.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $180,000 | -14.0% |
Listing Count | 55 | 34.0% |
| Listings as % of Homes | 0.7% | 34.0% |
Days on Market | 99 | 8.0% |
Demographics — Waco, TX
As of the latest ACS Survey released in 2023, Waco, TX has a population of 7,390, which has decreased by -2.0% over the past 5 years. Waco, TX is a popular place for families, as children make up 31.7% of the population. The area has a poorly educated workforce, with 7.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 2.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,390 | -2.0% |
% Under 18 | 31.7% | 13.6% |
% Seniors | 13.1% | -3.0% |
% WFH | 2.5% | ∞% |
% w/ College Degree | 7.8% | 8.3% |
As of the latest ACS Survey released in 2023, Waco, TX is a predominantly black area, with 69.4% of the population identifying as black. The black population has grown by 0.3% in the last 5 years. The second most common race or ethnicity in Waco, TX is hispanic, making up 19.2% of the population. Foreign-born residents account for 6.0% of the population in Waco, TX, and this percentage has increased by 39.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 10.0% | -1.0% |
% Black | 69.4% | 0.3% |
% Hispanic | 19.2% | -5.9% |
% Asian | 0.0% | N/A |
% Foreign Born | 6.0% | 39.5% |
Mortgage and Risk — Waco, TX
According to HUD data as of 2023, there were 41 mortgage originations in Waco, TX, of which 73.0% of loans were conventional mortgages. The average loan-to-value was 84.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Waco, TX. Investor activity is high, as 37.0% of loans were by investors. 20.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 41 |
% Conventional Loans | 73.0% |
% Government Loans | 27.0% |
% Investor Loans | 37.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 20.0% |
Loan Activity
Rentals and Section 8 — Waco, TX
As of 2024, the percent of homes in Waco, TX under the Section 8 program is 21.3%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Waco, TX, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 814 |
Total Units Section 8 | 453 |
% Rentals under Section 8 | 21.3% |
% Occupied Section 8 | 86.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$49 | $959 | $910 |
| 2 Bedroom | $40 | $1,100 | $1,140 |
| 3 Bedroom | -$80 | $1,550 | $1,470 |
| 4 Bedroom | $120 | $1,400 | $1,520 |
Affordability — Waco, TX
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.4 |
| Median Home Price | $117,000 |
| Median Household Income | $24,200 |