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May 28, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Waco. Understand how much you need to earn to afford a home in Waco, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Waco fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Waco is right for you.
The median home value for Waco, TX (McLennan County) is $219,381
Based on current mortgage rates and a 10% down payment, you need to make $45,766 per year to buy the median priced home in Waco
With this income, you could qualify for a $197,443 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Waco is $1,060
The median household income for Waco, TX (McLennan County) is $61,319
Based on this income, you can afford a home valued at approximately $293,934
The home price you can afford to buy based on household income in Waco is 134% of the median home value which means housing prices are average. Waco (McLennan County) ranks 215 out of 254 counties in Texas and 2,244 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Waco, TX is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Waco (McLennan County) below.
Conforming loan limits for Waco, TX
FHA loan limits for Waco, TX
VA loan limits for Waco, TX
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