Memphis vs Waco
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Waco is 6% cheaper for renters. A 2-bedroom rents for $770/mo vs $819/mo in Memphis — saving $588/year.
Rent by Unit Size
| Unit Size | Memphis | Waco | Difference |
|---|---|---|---|
| Studio | $560 | $530 | $30 |
| 1 Bedroom | $682 | $629 | $53 |
| 2 Bedrooms | $819 | $770 | $49 |
| 3 Bedrooms | $1,011 | $988 | $23 |
| 4 Bedrooms | $1,184 | $1,119 | $65 |
| Median Income | $44,652 | $40,886 | $3,766 |
Memphis
- Studio
- $560/mo
- 1 BR
- $682/mo
- 2 BR
- $819/mo
- 3 BR
- $1,011/mo
- 4 BR
- $1,184/mo
- Median Income
- $44,652/yr
Waco
- Studio
- $530/mo
- 1 BR
- $629/mo
- 2 BR
- $770/mo
- 3 BR
- $988/mo
- 4 BR
- $1,119/mo
- Median Income
- $40,886/yr
Frequently Asked Questions
Is Memphis or Waco cheaper to rent in?
Waco is cheaper — a 2-bedroom Fair Market Rent is $770/mo vs $819/mo in Memphis. That's $49/mo or $588/year more expensive in Memphis (6% higher).
What is the 2-bedroom rent in Memphis vs Waco?
The HUD Fair Market Rent for a 2-bedroom in Memphis is $819/month. In Waco, a 2-bedroom FMR is $770/month.
How do incomes compare between Memphis and Waco?
The median household income in Memphis is $44,652/year. In Waco it is $40,886/year. Memphis has the higher median income.
What is the studio rent in Memphis vs Waco?
A studio apartment Fair Market Rent in Memphis is $560/mo. In Waco it is $530/mo.