Want to Live in Waco? This Is How Much Money You Need to Make
Chip and Joanna Gaines have had an immeasurable impact on home design trends nationwide. In the course of producing their reality television juggernaut, Fixer Upper, the couple didn't just change the homes they worked on (we're looking at you, shiplap!), they changed their hometown of Waco too.
Thanks to the Gaineses and their ever-growing empire, the mid-size Texas city between Austin and Dallas has become a huge tourist destination and a surge of interest from potential home buyers.
"Of course, Chip and Joanna have made a big impact on our town," Jennifer Dolezel, Realtor with RE/MAX Centex REALTORS in Waco told Apartment Therapy. "Those relocating to the area really like how Chip and Joanna present themselves and people kind of want to see that and be a part of it."
At $116,800, the median home value in Waco is well below the national median ($221,500), but that doesn't mean Fixer Upper fans should expect to find a town full of dirt-cheap hovels waiting to be saved.
WATCH: Chip Gaines Wishes Everyone Would Ask These Three Questions Before Buying a Home
"You're not going to buy a house for $55,000 and then make $100,000 on it," Dolezel continued. "Typically, that $55,000 home is not in an area that you're going to get your money back."
So how much moolah would it take to be a part of the Waco wonderland? Our friends at Apartment Therapy recently ventured to find out.
Using Zillow's mortgage calculator, Apartment Therapy found that with a 30-year-fixed loan at the current interest rate of 4.543% and a 10% down payment on a $116,800 home, you'd need to earn about a household income of between $32,000 and $50,000 to afford to live in Chip and Jo's Waco.
With a nationwide median household income of $56,516 in 2017, we can see why Waco is booming!