Cost of living in Wichita Falls, TX
Wichita Falls is cheap by Texas standards. Median rent is $1,022 a month, 27% lower than the Texas median of $1,403, and the median home is worth $156,800, 45% lower than the Texas median of $283,800.
Cost of living98 of 100. Higher means more affordable.
Overall grade for Wichita Falls: C
- Median rent
- $1,022Texas $1,403
- 2-bedroom fair rent
- $1,145HUD FY2027
- Median home value
- $156,800Texas $283,800
- Monthly cost to buy
- $1,078Loan and property tax
- Property tax
- $2,633Median per year
- Income to rent
- $41,000At 30% of pay
Is Wichita Falls expensive?
Prices only tell half the story. The typical household here earns $60,177, so the median home costs 2.6 times a year of income, against 3.6 times across Texas and 4.1 times across the US. So for people who earn local wages, homes here are easier to afford than in most of Texas.
Our cost of living grade for Wichita Falls is A+ (98 of 100), comparing it with US cities of 50,000+ people. A higher grade means more affordable.
| Measure | Here | Texas | US |
|---|---|---|---|
| Median rent27% lower than Texas | $1,022 | $1,403 | $1,413 |
| Median home value45% lower than Texas | $156,800 | $283,800 | $332,700 |
| Home value to income28% lower than Texas | 2.6x | 3.6x | 4.1x |
| Median household income23% lower than Texas | $60,177 | $78,476 | $80,734 |
| Renters paying 30%+ of income on rent7 points lower than Texas | 45% | 52% | 51% |
| Median property tax per year38% lower than Texas | $2,633 | $4,232 | $3,119 |
Rent in Wichita Falls
HUD's fair market rents for Wichita Falls, TX MSA run from $839 for a studio to $1,740 for 4 bedrooms. A two-bedroom is $1,145 a month, which takes an income of about $46,000 a year to stay at 30% of pay. HUD figures include utilities and describe a typical, modest unit.
45% of renters in Wichita Falls already spend 30% or more of their income on rent, against 52% across Texas.
Income you need to rent
| Unit | Rent | Yearly income at 30% |
|---|---|---|
| Studio | $839 | $34,000 |
| 1 bedroom | $949 | $38,000 |
| 2 bedrooms | $1,145 | $46,000 |
| 3 bedrooms | $1,542 | $62,000 |
| 4 bedrooms | $1,740 | $70,000 |
Buying a home in Wichita Falls
Buying the median $156,800 home with 20% down ($31,360) and a 30-year loan at 7.28% costs about $858 a month for the loan plus $219 a month in property tax, $1,078 in all. Homeowners insurance, HOA dues and upkeep come on top.
That is close to the median rent, so if you plan to stay a few years, buying can cost about the same each month while building equity.
Taxes
Texas has no state income tax, which helps take-home pay. The trade-off is high property tax, set by the county, city, school district and other local bodies.
The median homeowner in Wichita Falls pays $2,633 a year in property tax, 38% lower than the Texas median of $4,232 and 16% lower than the US median. Sales tax in most of Texas tops out at 8.25%.
Monthly cost to buy a median home
- Mortgage payment
- $858
- Property tax
- $219
- Median rent, for comparison
- $1,022
Based on a $156,800 home in Wichita Falls, 20% down and a 30-year loan at 7.28% (Freddie Mac average, week of 2026-10-01). Property tax is the median paid locally, or the county median where the local figure is not published. Insurance and fees are not included.
Wichita Falls cost of living compared with nearby cities
Census medians. Cost grade compares each place with US places of its own size.
| Place | Distance | Median rent | Median home | Household income | Cost grade |
|---|---|---|---|---|---|
| Wichita Falls | $1,022 | $156,800 | $60,177 | A+ | |
| Lakeside City | 7 mi | $2,144 | $268,300 | $113,636 | B |
| Iowa Park | 10 mi | $938 | $132,800 | $66,622 | B- |
| Burkburnett | 11 mi | $964 | $151,900 | $66,308 | A |
| Holliday | 13 mi | $779 | $181,300 | $62,981 | B+ |
| Henrietta | 19 mi | $790 | $145,600 | $66,630 | B |
| Archer City | 24 mi | $531 | $138,900 | $52,500 | A |
What these numbers leave out
We only show costs we can source for Wichita Falls itself: rent, home prices, property tax and incomes from the Census Bureau, fair market rents from HUD, and a mortgage payment at the current Freddie Mac average rate. Groceries, utilities, car insurance and health care are not included, because no public source publishes them city by city in Texas.
Cost of living in Wichita Falls: common questions
Is Wichita Falls, TX expensive to live in?
Wichita Falls is cheap by Texas standards. Median rent is $1,022 a month, 27% lower than the Texas median of $1,403, and the median home is worth $156,800, 45% lower than the Texas median of $283,800. Prices only tell half the story. The typical household here earns $60,177, so the median home costs 2.6 times a year of income, against 3.6 times across Texas and 4.1 times across the US. So for people who earn local wages, homes here are easier to afford than in most of Texas.
How much do you need to earn to live in Wichita Falls?
To rent a median home at $1,022 a month and keep rent at 30% of income, you need about $41,000 a year. To buy the median home, the monthly cost is about $1,078, which takes around $43,000 a year by the same rule.
What is the average rent in Wichita Falls?
The median rent across all units is $1,022 a month (Census). HUD's fair market rent is $839 for a studio, $949 for 1 bedroom, $1,145 for 2 bedrooms, $1,542 for 3 bedrooms, $1,740 for 4 bedrooms.
How much is property tax in Wichita Falls?
The median homeowner in Wichita Falls pays $2,633 a year in property tax, 38% lower than the Texas median of $4,232 and 16% lower than the US median. Sales tax in most of Texas tops out at 8.25%.
Sources: US Census Bureau 2020-2024 ACS 5-year, HUD Fair Market Rents FY2027, Freddie Mac PMMS (week of 2026-10-01). Updated 2026-10-04.