Baylor Student Budget Guide: How Much Does It Cost to Live in Waco?
One of the first questions parents and students ask when considering Baylor is simple: how much does it actually cost to live in Waco? The good news is that Waco's cost of living sits 14% below the national average, making it one of the more affordable college towns in Texas. But "affordable" doesn't mean free — and without a realistic budget, your bank account can still take a hit. Here's a full breakdown of what a Baylor student can expect to spend each month living off campus in Waco.
Waco's Cost of Living: The Big Picture
Before diving into the line items, here's the headline number: a single person living in Waco spends about $2,125 per month on basic expenses, according to 2026 cost-of-living data. That includes rent, groceries, utilities, transportation, and other essentials.
For context, that's significantly lower than cities like Austin ($2,800+), Dallas ($2,600+), or Houston ($2,500+). Waco's housing costs are 22% cheaper than the U.S. average, which is the biggest reason the numbers work in your favor here.
If you're splitting a two-bedroom or three-bedroom apartment with roommates — which most Baylor students do — your monthly total drops even further.
Monthly Rent: What You'll Actually Pay Near Baylor
Rent is your single biggest expense, so let's get specific.
Average Waco apartment rents (2026):
- 1-bedroom: $1,040–$1,100/month
- 2-bedroom: $1,250–$1,400/month
- 3-bedroom: $1,500–$1,700/month
The median rent across all apartment types in Waco is about $1,077/month, and roughly 40% of rentals in the city fall in the $1,001–$1,500 range.
How that compares to dorm costs: Baylor's on-campus room and board runs about $16,638 per year ($9,594 for the room + $7,044 for a mandatory meal plan). That works out to roughly $1,387/month over 12 months — and you're getting a shared dorm room with no kitchen, no living room, and no washer/dryer.
Split a two-bedroom apartment with a roommate and you're looking at $625–$700 per person per month for significantly more space, a full kitchen, and actual privacy. Split a three-bedroom three ways and you could be under $600.
What to watch for: Some complexes near Baylor advertise a low base rent but stack on mandatory fees — $50/month "technology packages," $30/month valet trash, premium parking charges. At Centre, the monthly fees are straightforward: trash, pest control, and facilities. Parking and high-speed internet are included in your rent. No surprises.
Groceries: How Far Your Dollar Goes
Groceries in Waco run about 7% below the national average, which adds up over a semester. A realistic monthly grocery budget for one person is $300–$450, depending on how you shop.
Here's what staples cost in Waco right now:
- Gallon of milk: ~$4.59
- Dozen eggs: ~$3.92
- Pound of chicken breast: ~$4.50
- Loaf of bread: ~$3.50
- Pound of rice: ~$1.80
Where to shop: H-E-B is the go-to for most Waco residents (and it's not even close). Their store-brand products are high quality and priced well below name brands. There's also an Aldi on Valley Mills Drive for budget basics, and Walmart Supercenter for one-stop shopping.
Pro tip: Having your own kitchen is a game-changer. The dorm meal plan costs $7,044/year — that's about $587/month. Most students who learn to cook even basic meals spend half that on groceries. A slow cooker, a rice cooker, and a few sheet-pan recipes will carry you through the semester.
Utilities, Internet, and the Fees Nobody Warns You About
This is where first-time renters get caught off guard. Your rent payment isn't the only number that matters.
Typical monthly utilities in Waco:
- Electricity: $100–$150/month (higher in summer with A/C running)
- Water/sewer: $30–$50/month
- Gas (heating): $20–$40/month (seasonal)
- Internet: $50–$70/month (if not included)
- Total utilities: $200–$310/month
Waco utilities run about 4–6% above the national average, mostly because Texas summers are brutal on electricity bills. July and August are the expensive months — expect your electric bill to spike when you're running the A/C around the clock.
How to save: Some apartments include internet in the rent (Centre does). Others bundle water and trash. Always ask what's included before signing so you're comparing apples to apples. Check our FAQ for details on what's covered at Centre.
Renter's insurance is another cost to budget for — about $10–$15/month. Some complexes require it, but even if yours doesn't, it's worth it. A $15/month policy protects your laptop, furniture, and clothes against theft, fire, and water damage.
Transportation: Gas, Parking, and Getting Around
If you live within walking distance of Baylor, you can get by without driving to class most days. That said, most students still have a car for groceries, weekend trips, and off-campus jobs.
Monthly transportation costs:
- Gas: $80–$120/month (gas in Waco averages ~$2.60–$2.73/gallon — well below the national average)
- Car insurance: $100–$200/month (varies widely by age and driving record)
- Parking: Free at some apartments, $50–$100/month at others
Parking deserves a closer look. On campus, a Baylor student parking permit costs a few hundred dollars per year, and spots fill up fast. Off campus, some complexes charge extra for parking on top of rent. At Centre, parking is included — one less thing to budget for.
If you don't have a car, Waco's public transit (Waco Transit) runs bus routes that connect to Baylor's campus, though most students find it easier to bike, rideshare, or catch a ride with friends.
Entertainment and Dining Out
You're in college — you're going to eat out and go out. Here's what that looks like in Waco.
Dining out:
- Fast casual meal (Chipotle, Torchy's, etc.): $10–$14
- Sit-down restaurant: $15–$25 per person
- Coffee shop drink: $5–$7
- Late-night Whataburger run: $8–$12
Entertainment:
- Movie ticket: ~$12
- Cameron Park Zoo admission: ~$12 (with student discount)
- Dr Pepper Museum: ~$10
- Bowling at Spare Time: ~$8/game
A reasonable entertainment budget for a Baylor student is $150–$250/month, but plenty of students get by on less. Check out our neighborhood guide for free and low-cost options near campus.
A Realistic Monthly Budget for a Baylor Student
Here's what a typical off-campus monthly budget looks like, broken into two scenarios:
Living Alone (1-bedroom apartment)
| Category | Monthly Cost |
|---|---|
| Rent | $1,050 |
| Utilities | $220 |
| Groceries | $350 |
| Transportation | $150 |
| Renter's insurance | $15 |
| Entertainment/dining | $200 |
| Phone plan | $50 |
| Miscellaneous | $100 |
| Total | $2,135 |
Splitting with a Roommate (2-bedroom apartment)
| Category | Monthly Cost |
|---|---|
| Rent (your share) | $650 |
| Utilities (your share) | $120 |
| Groceries | $350 |
| Transportation | $150 |
| Renter's insurance | $15 |
| Entertainment/dining | $200 |
| Phone plan | $50 |
| Miscellaneous | $100 |
| Total | $1,635 |
That roommate scenario saves you $500/month — or $6,000 over a 12-month lease. And if you split a three-bedroom or grab a two-bedroom townhouse with two roommates, those numbers drop even further.
How to Stretch Your Budget Further
A few Waco-specific tips that most budget guides miss:
- Get an H-E-B loyalty account. Their digital coupons are genuinely good, and the gas rewards program saves you 3–10 cents per gallon at H-E-B fuel stations.
- Check out Baylor's food pantry. The Store provides free food and toiletries to students in need — no judgment, no paperwork hassle.
- Use your Baylor ID. Student discounts are everywhere in Waco — restaurants, the zoo, movies, local shops. Always ask.
- Cook in batches. A $15 slow cooker meal feeds you for 4–5 days. That's $3/meal vs. $12 at a restaurant.
- Furniture doesn't have to be new. Facebook Marketplace and Waco's Habitat for Humanity ReStore are goldmines, especially at the end of each semester when graduating students sell everything.
- Walk when you can. Living close to campus saves gas money and parking headaches. Check out our gallery to see Centre's proximity to Baylor.
Your Budget-Friendly Apartment Near Baylor
If you're looking for an apartment that fits a student budget without cutting corners, schedule a tour at Centre Apartments. We're a gated community on S. 11th Street — walking distance to Baylor — with renovated apartment homes, in-unit washers and dryers, high-speed internet included, and parking included. No hidden fees stacked on top of your rent.
Browse our floor plans to see pricing for two-bedroom, two-bedroom townhouse, and three-bedroom layouts. Or apply today if you already know this is the move.
Living well in Waco doesn't require a big budget. It just requires knowing where your money goes.