What the Data Tells Us: A Snapshot of Housing in Our Community

The 2024 Waco Snapshot Report provides a clear look at housing trends in our community, highlighting both growth and the challenges that come with it. As Waco continues to grow, access to affordable housing remains a critical factor in long-term stability and economic mobility.

Housing in Waco has become significantly less affordable in recent years. In 2015, the median home price was about 4.1 times the median household income. By 2022, that number had risen to 5.2, showing that housing prices are increasing faster than incomes. While Waco home prices and rents remain lower than peer cities and the state, the gap between income and cost continues to widen.

Rental costs have also increased, with median rent rising about 40% since 2015. At the same time, many households are feeling the strain. A significant portion of residents are spending more than 30% of their income on housing, a level considered financially burdensome. These challenges are often more pronounced in lower-income areas, where housing costs take up a larger share of household income.

Homeownership rates in Waco have remained steady but continue to lag behind peer cities and the state. In some areas, progress has been made, while others have seen declines, reflecting uneven access to homeownership opportunities across the community.

Housing instability is closely tied to these trends. As of January 2024, at least 229 individuals were experiencing homelessness in the Waco area, including 56 living unsheltered. Data also shows an increase in the number of individuals receiving homelessness services for more than one year, reinforcing the need for stable, long-term housing solutions.

The Snapshot Report helps local leaders and partners better understand these challenges, track progress and align efforts around solutions. By focusing on housing availability, affordability and access, our community can continue working toward greater stability for all.

View the full 2024 Snapshot Report: https://www.prosperwaco.org/snapshotreport

Be sure to watch for upcoming details on the 2026 Summit, where the next Snapshot Report will be released.