Waco, TX—76706
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 $241,000, with a year-over-year change of -2.0%. This indicates that home prices in Waco, TX are decreasing. According to Zillow, the 1-year price projection is 0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $241,000 | -2.0% |
| Single Family | $247,000 | -2.4% |
| Condos | $171,000 | -2.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $105,000 | -11.0% |
2 Bed | $142,000 | -7.2% |
3 Bed | $237,000 | -1.7% |
4 Bed | $365,000 | 0.6% |
| 5 Bed | $476,000 | 0.8% |
% of Housing Stock
Rental Trends — Waco, TX
As of July '25, Rentcast reports the average rent in Waco, TX is $1,510, with a year-over-year rent change of 17.1%. Per bedroom, the median rent as of July '25 in Waco, TX is 1-bedrooms: $977, 2-bedrooms: $1,330, 3-bedrooms: $1,870, 4-bedrooms: $1,930. The most common rental property sizes in Waco, TX are 2-bedroom and 4-bedroom, accounting for 32.3% and 22.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,510 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $925 | $977 |
| 2 Bed Rent | $1,340 | $1,330 |
| 3 Bed Rent | $1,800 | $1,870 |
| 4 Bed Rent | $1,900 | $1,930 |
% 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 96. This is a increase of 12.0% 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 18.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $294,000 | -8.0% |
Listing Count | 209 | 39.0% |
| Listings as % of Homes | 0.6% | 39.0% |
Days on Market | 96 | 12.0% |
Demographics — Waco, TX
As of the latest ACS Survey released in 2023, Waco, TX has a population of 40,700, which has increased by 5.4% over the past 5 years. Waco, TX is a moderately popular place for families, as children make up 20.1% of the population. The area has a poorly educated workforce, with 22.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 40,700 | 5.4% |
% Under 18 | 20.1% | -11.1% |
% Seniors | 8.7% | 11.5% |
% WFH | 6.2% | 93.8% |
% w/ College Degree | 22.6% | 14.7% |
As of the latest ACS Survey released in 2023, Waco, TX is a predominantly white area, with 49.2% of the population identifying as white. The white population has shrunk by 7.2% in the last 5 years. The second most common race or ethnicity in Waco, TX is hispanic, making up 31.0% of the population. Foreign-born residents account for 8.8% of the population in Waco, TX, and this percentage has decreased by 15.4% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 49.2% | -7.2% |
% Black | 15.3% | 8.5% |
% Hispanic | 31.0% | 8.0% |
% Asian | 2.7% | 0.0% |
% Foreign Born | 8.8% | -15.4% |
Mortgage and Risk — Waco, TX
According to HUD data as of 2023, there were 336 mortgage originations in Waco, TX, of which 74.0% of loans were conventional mortgages. The average loan-to-value was 78.0%, with 36.0% above 90% LTV (very high). This implies large mortgage risk in Waco, TX. Investor activity is low, as 12.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 336 |
% Conventional Loans | 74.0% |
% Government Loans | 26.0% |
% Investor Loans | 12.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Waco, TX
As of 2024, the percent of homes in Waco, TX under the Section 8 program is 6.9%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Waco, TX, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 930 |
Total Units Section 8 | 644 |
% Rentals under Section 8 | 6.9% |
% Occupied Section 8 | 85.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $135 | $925 | $1,060 |
| 2 Bedroom | -$20 | $1,340 | $1,320 |
| 3 Bedroom | -$100 | $1,800 | $1,700 |
| 4 Bedroom | -$150 | $1,900 | $1,750 |
Affordability — Waco, TX
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.7 |
| Median Home Price | $241,000 |
| Median Household Income | $42,300 |