Richmond vs Waco
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Waco is 33% cheaper for renters. A 2-bedroom rents for $770/mo vs $1,021/mo in Richmond — saving $3,012/year.
Rent by Unit Size
| Unit Size | Richmond | Waco | Difference |
|---|---|---|---|
| Studio | $669 | $530 | $139 |
| 1 Bedroom | $842 | $629 | $213 |
| 2 Bedrooms | $1,021 | $770 | $251 |
| 3 Bedrooms | $1,317 | $988 | $329 |
| 4 Bedrooms | $1,453 | $1,119 | $334 |
| Median Income | $69,914 | $40,886 | $29,028 |
Richmond
- Studio
- $669/mo
- 1 BR
- $842/mo
- 2 BR
- $1,021/mo
- 3 BR
- $1,317/mo
- 4 BR
- $1,453/mo
- Median Income
- $69,914/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 Richmond or Waco cheaper to rent in?
Waco is cheaper — a 2-bedroom Fair Market Rent is $770/mo vs $1,021/mo in Richmond. That's $251/mo or $3,012/year more expensive in Richmond (33% higher).
What is the 2-bedroom rent in Richmond vs Waco?
The HUD Fair Market Rent for a 2-bedroom in Richmond is $1,021/month. In Waco, a 2-bedroom FMR is $770/month.
How do incomes compare between Richmond and Waco?
The median household income in Richmond is $69,914/year. In Waco it is $40,886/year. Richmond has the higher median income.
What is the studio rent in Richmond vs Waco?
A studio apartment Fair Market Rent in Richmond is $669/mo. In Waco it is $530/mo.