salaryRent is lower than in 63% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Commutes are short, about 18.1 minutes.
How much money do I need?
To rent here comfortably, you should earn about $56,400 a year. That is $27 an hour at a full-time job.
Is rent cheaper than other Michigan cities?
No. Rent here is more expensive than in most of Michigan. It is number 106 of 179 cities from cheapest to most expensive.
How much do households earn in Waverly?
Share of households by yearly income. 20.2% of households earn $100,000 or more.
Rent by apartment size in Waverly
| Size | Waverly | U.S. average |
|---|---|---|
| 1 bedroom | $1,140 | $1,324 |
| 2 bedrooms | $1,330 | $1,509 |
| 3 bedrooms | $1,614 | $1,698 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Waverly overall?
Everyday prices in Michigan overall are 4% below the U.S. average (index 96.2, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Waverly, so the Michigan figure is shown.
Taxes and bills in Waverly
Life in Waverly
Is it cheaper to rent or buy in Waverly?
Renting is cheaper right now: about $218 a month less.
Owning assumes a typical $234,600 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $23,460 for the down payment.
Frequently asked questions
What is the average rent in Waverly, MI?
Renting in Waverly costs a median of about $1,410 a month in 2026, including utilities. The Michigan median is $1,314.
How much do I need to make to live in Waverly?
To keep rent under 30% of income, you need about $56,400 a year, or $27 an hour at a full-time job.
Is Waverly cheap or expensive?
Waverly is rated OK: rent takes 20.7% of the typical household income of $81,642. It ranks 106th cheapest of 179 Michigan cities we track.
How much are property taxes in Waverly?
The median homeowner in Waverly pays $3,668 a year in property taxes, about 1.56% of the median home value.
Is Waverly more expensive than the national average?
Overall prices in Michigan are 4% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Waverly?
The median home value in Waverly is $234,600, about 2.9 times the typical yearly household income.
23,575 people live in Waverly. Numbers are typical (middle) values.