Updated 2026 · Based on median market data for Wichita Falls, TX
Home values in Wichita Falls, TX have appreciated at 2.7% per year. Appreciation is modest, meaning total returns will be driven primarily by cash flow rather than equity gains. This is actually preferred by many investors who want predictable, income-based returns.
If Wichita Falls continues appreciating at 2.7% annually, the current median of $170,000 would reach approximately $194,223 in 5 years — an equity gain of $24,223 on a property purchased at the median. With a 20% down payment of $34,000, that represents a 71% return on invested equity from appreciation alone. Combined with 5 years of NOI totaling approximately $49,795, the projected total return is $74,018 — a 218% cumulative return on the initial investment.
Wichita Falls's population is growing at 1.8% annually — well above the US average of ~0.5%. Rapid population growth is the single strongest predictor of sustained home price appreciation because it creates persistent demand pressure. More people need more housing, and new construction rarely keeps pace with demand in fast-growing markets. Higher-than-average local incomes ($63,735) support continued price growth as more residents can afford to bid up properties.
Smart investors evaluate both cash flow AND appreciation. In Wichita Falls, the 5.86% cap rate provides strong ongoing cash flow, while 2.7% annual appreciation adds an equity component. The strong cash flow here means your returns are mostly realized as income rather than paper equity — a more conservative and predictable return profile.
Wichita Falls vs Texas state average and national average across key investment metrics. Wichita Falls outperforms both benchmarks on cap rate.