Waverly, MI

Below Avg · 76

Michigan · Population 23,301 · Updated March 2026

$1,125
Median Rent / Month
$75,868
Median Income
$222,300
Median Home Value
$1,125
Owner Costs / Month

Affordability

How far your income goes in Waverly

17.8%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Michigan

State-level tax rates that affect your costs

4.25%
Income Tax (Top Rate)
6.0%
Sales Tax
1.38%
Property Tax Rate

Estimated Annual Costs

$13,500
Annual Rent
$3,224
State Income Tax
$3,068
Property Tax (est.)

Cost of Living Overview

Waverly is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 76 (where 100 equals the national median), Waverly residents can expect to pay median rent of $1,125/month while earning a median household income of $75,868/year.

The median home value in Waverly, MI is $222,300, with typical monthly owner costs around $1,125 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.8% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Michigan has a moderate income tax rate of 4.25%. Combined with a 6.0% sales tax rate and 1.38% effective property tax rate, the overall tax environment is a factor in the total cost of living in Waverly.

Frequently Asked Questions

Common questions about living costs in Waverly

What is the cost of living in Waverly, MI?
The cost of living index in Waverly, MI is 76 (US average = 100). Median monthly rent is $1,125, median household income is $75,868/year, and the median home value is $222,300.
Is Waverly, MI affordable?
Yes, Waverly is more affordable than the national average with a cost index of 76. The rent-to-income ratio is 17.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Waverly, MI?
The median gross rent in Waverly, MI is $1,125 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $13,500.
What is the median household income in Waverly?
The median household income in Waverly, MI is $75,868 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Michigan?
Michigan has a top income tax rate of 4.25%, a sales tax of 6.0%, and an effective property tax rate of 1.38%.