Ask anyone about Waco, Texas, and most likely they'll ask "Isn't that where Chip and Joanna are from?" Thanks to Gaineses, the stars of HGTV's "Fixer Upper," interest in this central Texas community has skyrocketed over the last few years. As a result, Waco, Texas has not only become a huge tourist destination, but it has also sparked the interest of potential home buyers.
"Of course, Chip and Joanna have made a big impact on our town," said Jennifer Dolezel, Realtor with RE/MAX Centex REALTORS in Waco. "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."
They've made such a big impact that the Waco Convention & Visitors Bureau even created a Magnolia Trail of places to see that have been mentioned on the show (yes, the restaurant and silos are on it!)
But before you pack your bags, you might be interested to know that Waco is more than just a fixer upper city. The Gaineses might flip many homes at significantly low prices, but the median home value in Waco is actually $116,800 and the median listing price is $175,000 (still super affordable compared to the national median listing price of $275,000.)
Using Zillow's mortgage calculator, with a 30-year-fixed loan at the current interest rate of 4.543 percent and a 10 percent down payment on a $116,800 home, your mortgage payment would be about $740 a month. That same loan for a home at $175,000 would cost you a monthly mortgage payment of about $1,084.
Based upon the guideline that your mortgage should take up 28 percent of your pre-tax monthly income, you'd need to earn about a household income of between $32,000 and $50,000 to afford to live in Waco.
from Apartment Therapy | Saving the world, one room at a time https://www.apartmenttherapy.com/waco-texas-fixer-upper-cost-of-living-265353?utm_source=RSS&utm_medium=feed&utm_campaign=Category%2FChannel%3A+Main
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