A Texas Local Expert's Guide to 10 Top Affordable Neighborhoods for Renting in Waco, TX

Hi, I'm Rhonda, your ApartmentHomeLiving.com Local Expert for Waco, Texas. I've lived in Central Texas for over 25 years and have seen a lot of change and growth in the Waco area. Divided into North, South, and East, Waco is a moderately sized community with 25 neighborhoods and roughly 145,000 residents from diverse backgrounds. The job market is strong, and Baylor University is one of five universities and vocational schools in the area.

If you are like me, you want a quality home that adds quality to your life. For savvy renters, Waco has affordable neighborhoods that are close to pretty much everything, with an average commute time of 17 minutes - 22 minutes during the rush hour. 

Water is a central theme in Waco, with easy access to lakes and parks. The city is home to Dr. Pepper, its Museum (one of my favorite places), the Texas Ranger Museum, and the unique suspension bridge that links the banks of the Brazos River. Its energetic vibe highlights music, a growing food scene, and, of course, the Silos at Magnolia. Even the city is located right in the middle of Austin and Dallas, both roughly 100 miles away, making it a perfect home base for a day trip around the state.

So, in this guide, I'll highlight a few Cheap Waco housing options that will not empty your wallet. In fact, with a growing number of affordable neighborhoods, Waco may be one of Central Texas' best-kept secrets.

Oakwood

Oakwood is an established, well-kept neighborhood on the city's eastern side. There are a few coffee shops and restaurants in the area, but a car is needed to go to the grocery store or shopping. Luckily, there is easy access to IH-35 and Hwy 6. The main surface street is South University Parks Boulevard. Living in Oakwood provides access to the Brazos River, Circle Point Park, Baylor University, and Waco. The neighborhood is also home to the Rolando Saenz Monument.

Just like Waco itself, the buildings are a combination of old and new. Affordability highlights many of the upgraded buildings. But there are a few upscale apartment home gems for those willing to search. Oakwood is considered pet-friendly, with a pet center nearby. There are no public schools located within Oakwood, but the area is very family-friendly and served by the Moody Independent School District.

Downtown Waco

Downtown Waco is one of the fastest-growing areas with a strong, hip vibe. A variety of home styles can be found, from revamped warehouse apartments to traditional upscale sites with pools and amenities. The buildings range from classic to new concepts. There are also smaller homes for rent in the area. The area is considered on the higher end, but considering the amenities and access to restaurants and museums, it is still surprisingly affordable. I have quite a few friends who live and work in the Downtown area and are excited about the vibrant lifestyle.

The downtown area is relatively walkable and bikeable. The main fixture in downtown Waco is Magnolia Market at the Silos -- two city blocks of shopping and dining. The iconic 120' high silos were built by the Brazos Valley Cotton Oil Company in 1950.

Timbercrest

Timbercrest has a little bit for everyone. The streets are tree-lined, with established housing. But Timbercrest is also growing, with new developments in progress. It is a preferred neighborhood for professionals and youthful baby boomers, and La Vega Junior High School is within walking distance of most of the neighborhood. Timbercrest is also close to major employers such as Caterpillar and Bellmead Railyard.

The neighborhood is relatively walkable, with Buena Vista Park, marshland, and hiking trails nearby. However, a car is needed to reach nearby restaurants or shopping centers. Bordered by Highways 484 and 340, it sits northeast of Baylor University and is considered one of the most dog-friendly areas in the city, with a nearby pooch salon.

University

Waco's University area is an upscale but affordable neighborhood that is still growing. It lies in the center of the city, between La Salle Avenue and South 17th Street, and has established high-end housing designed on a grid. Waco Creek marks the western boundary.

University is home to Bell's Hill Elementary, one of the highest-ranked primary schools in the city. This quiet, family-friendly neighborhood is separate from Baylor University, a few blocks north. Various restaurants and convenience stores are on the perimeter of the neighborhood. However, a car is needed, whether in a home or one of the upscale apartments, as the walking scores are low. Luckily, IH-35 runs adjacent to the area, providing quick access to shopping and other areas of the city. One of my favorite places is the In-and-Out Burger, just off the freeway.

Brookview

Brookview is considered an older west-central neighborhood that offers more classic options for renters focusing on an out-of-the-house lifestyle. However, many of the buildings are being refurbished with open-space concepts.

Brookview is only two miles from downtown Waco and close to one of Waco's iconic landmarks, the Cottonland Castle. The castle is a small replica of a traditional German castle that is open to the public.

The Lee Lockwood Library and Museum sits at the neighborhood's northeast corner, with few interior restaurants or stores. This design makes a car necessary in Brookview. The main thoroughfares of Highway 84 and Bosque Road mark the neighborhood's boundaries, allowing residents to live in a quiet area with access to more urban necessities.

East Riverside

Just north of Baylor University and downtown is the eclectic neighborhood of East Riverside. Beginning at the Brazos River, it is home to the famous Suspension Bridge, Rappaport Academy: Meyer High School, McClane Stadium, and the Brazos Event Center. Split by IH-35, East Riverside is multi-zone, resulting in a lively, somewhat industrialized area with breweries, cafes, churches, and greenspaces like Brooklyn Park.

Area housing ranges from luxury artistic warehouse lofts with many lifestyle amenities along the river to more traditional studio apartments further north. This area is an interesting (and highly affordable) place to live and work, especially if you enjoy being close to the river. When I visit my friends, I love to jog the river trail.

South End

The South End is somewhat misleading as a neighborhood. This affordable area is actually the "south (east) end" of Baylor University and Oakwood and a favorite of older students, singles, and working graduates. The area is a combination of industrial and larger employers such as Microtronics. Over half of the South End's residents are working.

The South End is mostly blacktop and surface streets but is close to Oakwood Park, where you can enjoy a day of green space and tranquility. Several churches are within a short drive, and South Waco Elementary and Library are easily accessed.

Living in South Waco provides access to the university and a city lifestyle without the price. Public transportation is available, but a car is still highly recommended for anyone looking in this area, as the apartment complexes are spread out, and there are no grocery stores or major shopping malls within walking distance.

North Waco

North Waco is a somewhat rectangular neighborhood, just seven blocks wide, northwest of downtown. It sits between the Brazos River on the east and Lake Waco on the west and runs from Park Lake Drive just past Cumberland Avenue and St. Louis Catholic Church. North Waco is crisscrossed with paved streets. However, green space can be found in North Waco Park, and there is a delicious assortment of grills, taqueria, and pupuseria restaurants in the area. North Waco is also home to the iconic Doubl-R Old Fashioned Hamburger joint, which is a must. There are lots of choices for lunch and dinner, as this is one of my favorite areas in the city for its old Waco charm.

Housing in this neighborhood is also a combination of old and new Waco. The majority are clean and safe multi-family apartment complexes, but there is an ample supply of rental houses for roommates and small families. North Waco is somewhat walkable, but like many surrounding communities, a car is highly recommended, especially if you are visiting the shores of Lake Waco.

Kendrick

The larger section of Waco, Kendrick, is home to Cottonwood Creek Golf Course. This is one of my favorite spots in Kendrick. The golf course is casual and public with minimal green fees—great for a day of friendly fun. Even though it has an upscale label, with the area of Beverly Hills, Kendrick is still surprisingly affordable and growing. The area is a favorite of Gen-X professionals and new families.

The area is part of the Waco Independent School system, but there are also some private schools at all levels, from elementary to high school.

Residents of Kendrick have access to many luxury amenities, such as shopping, a Cineplex family entertainment center, and recognizable restaurants. Larger employers, such as Amazon and Walmart, are also close by.

Unfortunately, because the submarket stretches north to south, a car is needed to navigate the streets.

Heart of Texas

The Heart of Texas is a name found throughout Central Texas. This quirky hourglass-shaped neighborhood lives up to the honor. It sits just a few blocks from Lake Waco. If you are anything like me, the best way to craft a peaceful lifestyle is to "just add water."

There are larger complexes and smaller lakeshore-centric communities. The area remains competitively affordable, and the larger properties offer the necessary and expected amenities. It may just be me, but the Heart of Texas area checks all the boxes. Bosque Drive and N Valley Mills Road provide access to the area, and Highway 6 makes the 5-mile, 15-minute commute downtown easy for a relaxing day of shopping