Rent vs Buy in Waco, TX
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Waco, TX
Price-to-rent ratio is 12.1 (under 15 favors buying, over 21 favors renting). Renting costs $1,377/mo; owning runs about $1,493/mo — $116/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $1,060 |
| Property tax | $183 |
| Home insurance | $83 |
| Maintenance | $167 |
| Total to own | $1,493 |
| Average 2BR rent | $1,377 |
Based on a median home value of $200,100 with a $40,020 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.