WACO, TX — Rent prices in Waco and across the state of Texas are on the rise, according to a study by Apartment List.
In the last month, rental prices in Waco have jumped 1 percent. Since this time last year, prices have increased by about 1.8 percent.
The median price of a two-bedroom rental in Waco right now is $830, still well below the national average of $1,191.
In fact, Texas 10 largest cities all showed rental prices increasing over the past year.
The median price of a two-bedroom rental in Texas is now $1,066, up 1.5 percent from October 2018.
Rent is getting tougher to pay for many Texans.
A recent report shows nearly 49% of Texans who are renting to be "cost burdened," meaning rent expenses take up more than 30 percent of the household income. Over 800,000 were considered "severely cost burdened," with rent taking nearly half of their income.
In Waco, 54 percent of renters are "cost burdened," with 27 percent of households considered to be "severely cost burdened," according to Apartment List's 2019 Affordability Study.
According to Apartment List, rent estimates are released monthly and calculated based on median rent statistics for recent movers taken from the Census Bureau American Community Survey.
The organization then takes this data forward to the current month using a growth rate calculated from their listing data in order to provide a look at rent growth in cities across the country.
