Affectionately called the Heart of Texas, Waco offers several attractions and intriguing history. The riverside city is home to about 142,000 residents who enjoy one of the lowest costs of living in the United States.
Waco’s population is continually growing at an annual rate of around 1%, and college students flood the city every year to attend Baylor University. Besides affordability, the city also offers decent infrastructure, a well-developed school system, several recreational facilities and entertainment spots, and picturesque neighborhoods.
What’s the cost of living in Waco, Texas? Which are the cheapest places to live given the Waco, Texas, cost of living? What’s the average cost of renting or buying an apartment here? Let’s dive into the answers to these and several other questions to help you if you’re considering settling in Waco.
How expensive is an apartment in Waco, Texas?
A one-bedroom apartment in Waco currently rents for $830 per month on average, a decrease of approximately 7% from last year. According to data from the U.S. Census Bureau, the metropolis had an average household income of $50,368 in 2019.
How do I find cheap apartments in Waco, Texas?
Although Waco predominantly has affordable housing, the city also has some expensive neighborhoods. Home values and rent rates mainly depend on the location. To find cheap apartments in Waco, you should know the right places to go hunting for apartments.
Explore the following list of neighborhoods with some of the most affordable apartments to rent in Waco.
Austin Avenue
Austin Avenue is a moderate-income neighborhood in one of the most historically rich and architecturally diverse places in Waco. When you explore this area, you’ll find it’s home to several prominent regional artists, local politicians, and Baylor University staff.
With a population of 1,920, an average monthly rent of $900, and a median income of $42,145, Austin Avenue has some of the cheapest apartments in Waco. The neighborhood is ideal for both families and millennials.
The residential neighborhood has some of Waco’s oldest houses, a few of which the Texas History Commission has designated as “architecturally significant.” Many of these old homes are well-maintained and continually refurbished to keep up with modern standards. Austin Avenue also has several emerging studio apartments and condo units, an extensive cycling and running trails network, a low crime rate, and a vibrant commercial area.
Brook Oaks
Brook Oaks is another must-visit neighborhood if you’re looking for cheap apartments in Waco. Its population mainly comprises millennials and young families and is evenly split between renters and homeowners. The area has an average rent of $977 per month.
Many houses in Brook Oaks are old, dating to between 1940 and 1960. They primarily consist of condos, apartments, and a few single-family homes.
Brookview
Brookview is a family-oriented community with an average rent of $1,000 per month for one-bedroom apartments. The neighborhood’s population has an average age of 51, so don’t expect a ton of young professionals here.
Downtown Waco
Unlike many downtown communities in Texas, Waco’s downtown is relatively small and very active. It has an average rent of $1,019. The area has an attractive mix of commercial buildings and residences. Besides affordability, downtown Waco also offers several live music spots, restaurants, and shopping centers that create a slow-paced urban environment. The neighborhood is ideal for both millennials and families.
Everybody is looking for cheap apartments everywhere, and Waco is no exception, especially given the Waco cost of living. Consider the following tips to make apartment hunting easier:
- Write down your needs and preferences: It’s essential to highlight the features that you want in a place to live. Is the apartment close to your workplace or school? How is the neighborhood’s security? Do good schools exist in the area? Sometimes, it may be better to pay a little more for a well-maintained house to rent.
- Have all the necessary paperwork: Given that competition for cheap apartments is always high, it’s super important to be prepared with the required documents when touring an apartment. Double-check your credit score and any other details that landlords may ask for before you go looking for an apartment to rent.
- Work with reputable apartment rental sources: Reputable apartment rental services make the process of finding an apartment much easier by doing most of the hard work. At Zumper, you can view and get all the relevant information about various apartments through our website, request a tour, apply, and lease them entirely online.
Are you looking for an apartment to rent in Waco, Texas?
For an affordable and decent apartment in Waco, have a flexible budget of between $750 to $1,300 per month. If you’re looking for a slightly more expensive neighborhood to live, you may need to budget more for your apartment rent.
Explore our range of apartment and rental home listings to find a residence that fits your budget. All the properties we list are verified, and you can request a physical tour if necessary.
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