Rapid City vs Waco
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Waco is 8% cheaper for renters. A 2-bedroom rents for $770/mo vs $835/mo in Rapid City — saving $780/year.
Rent by Unit Size
| Unit Size | Rapid City | Waco | Difference |
|---|---|---|---|
| Studio | $574 | $530 | $44 |
| 1 Bedroom | $702 | $629 | $73 |
| 2 Bedrooms | $835 | $770 | $65 |
| 3 Bedrooms | $1,106 | $988 | $118 |
| 4 Bedrooms | $1,277 | $1,119 | $158 |
| Median Income | $44,904 | $40,886 | $4,018 |
Rapid City
- Studio
- $574/mo
- 1 BR
- $702/mo
- 2 BR
- $835/mo
- 3 BR
- $1,106/mo
- 4 BR
- $1,277/mo
- Median Income
- $44,904/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 Rapid City or Waco cheaper to rent in?
Waco is cheaper — a 2-bedroom Fair Market Rent is $770/mo vs $835/mo in Rapid City. That's $65/mo or $780/year more expensive in Rapid City (8% higher).
What is the 2-bedroom rent in Rapid City vs Waco?
The HUD Fair Market Rent for a 2-bedroom in Rapid City is $835/month. In Waco, a 2-bedroom FMR is $770/month.
How do incomes compare between Rapid City and Waco?
The median household income in Rapid City is $44,904/year. In Waco it is $40,886/year. Rapid City has the higher median income.
What is the studio rent in Rapid City vs Waco?
A studio apartment Fair Market Rent in Rapid City is $574/mo. In Waco it is $530/mo.