Virtual reality (VR) is used in many fields, including entertainment, education, training, and healthcare, because it allows users to experience challenging and dangerous situations that may be impossible in real life. Advances in head-mounted display technology have enhanced visual immersion, offering content that closely resembles reality. However, several factors can reduce VR immersion, particularly issues with the interactions in the virtual world, such as locomotion. Additionally, the development of locomotion technology is occurring at a moderate pace. Continuous research is being conducted using hardware such as treadmills, and motion tracking using depth cameras, but they are costly and space-intensive. This paper presents a walk-in-place (WIP) algorithm that uses Mocopi, a low-cost motion-capture device, to track user movements in real time. Additionally, its feasibility for VR applications was evaluated by comparing its performance with that of a treadmill using the absolute trajectory error metric and survey data collected from human participants. The proposed WIP algorithm with low-cost Mocopi exhibited performance similar to that of the high-cost treadmill, with significantly positive results for spatial awareness. This study is expected to contribute to solving the issue of spatial constraints when experiencing infinite virtual spaces.