Waco Reporter

Renters in Waco are having a more difficult time finding affordable housing than they have in years past. 

According to the Waco Tribune Herald, both state and national averages for rent are being exceeded by the current rental market, as stated by a report from the Harvard University Joint Center for Housing Studies. 

About 49% of renters in the Waco area are paying over 30% of their income to housing — this percentage, the report states, makes these renters cost-burdened. Across the state, the percentage of renters paying that much is only 46.5% and at the national rate the percentage is 47.5%. 

A bit more than 26% of Waco-area renters are severely cost-burdened, which means that they pay more than half of their earning towards housing costs. The national average is 25% and the state rate is 23.5% in this category.

Waco’s median rent is roughly 18% lower than the state, however, so is the median income, at 33% lower than the state.

A number of local organizations are working with families and individuals who are trying to find affordable housing. 

NeighborWorks Waco and Compassion Ministries are two organizations that are hoping to make a difference. 

Homeownership planner with NeighborWorks, Juan Tello, explained that a lot of the people he speaks with are spending between 30% and 50% of their income on rent, which perpetuates the cycle of not being able to put aside funds for the purchase of a house. 

While the economic success of the city is something to celebrate, the reality is that many individuals are being priced out of living in Waco. 

“I am thrilled Waco has had the boom in the economy it’s had, but along with that boon has come problems,” Jill McCall, Compassion Ministries executive director said. “In many ways, it has at least forced us to look at this whole situation through a different set of glasses.”

While affordability of homes seems unattainable at the moment, it is likely only a matter of time before affordable housing programs come to Waco, to help accommodate those who are struggling for a place to live. 

“It’s a question of whether the rents or the home prices are rising faster, but they both feed into this cycle of things being unaffordable for households,” Whitney Airgood-Obrycki, lead author at Harvard University’s Joint Center for Housing Studies said.