A+
6%
Overall NAT. AVG.
10%
Goods & Services NAT. AVG.
5%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Waverly Michigan National
Cost of living9489100
Goods & Services9093100
Groceries9599100
Health care9493100
Housing9574100
Transportation9597100
Utilities102101100

An Overview of Cost of Living in Waverly, MI

The cost of living in Waverly affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Waverly is 94, which is 6% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Waverly aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Waverly residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

Is Waverly Affordable?

Is Waverly an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Waverly is 7.4% lower than the national average, while the average monthly rent prices are 0.7% higher than average. The affordability of any location can also be influenced by median income levels. Waverly has a median household income of $66,930, which is 21% higher than the national average.

What Factors can Influence the Cost of Living in Waverly?

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Waverly, the healthcare costs are 6.2% lower than the national average.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Waverly, the groceries index registers 5.3% lower than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Where is the Data From?

The cost of living data in Waverly displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

New Real Estate Listings in Waverly Area
Search Homes for Sale in Waverly, MI

Cost Of Living Quick Facts

  • The cost of living in Waverly is 5% higher than the Michigan average
  • The cost of living in Waverly is 6% lower than the national average
  • Waverly housing is 5% lower than the national average
  • Michigan general sales tax is 18% higher than the national average
  • Michigan state income tax is 64% higher than the national average

Most Affordable Places to Live in and Around Waverly

See all the best places to live around Waverly

Compare Waverly, MI Cost of Living

      vs
      How would you rate the cost of living in Waverly?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Waverly?
      Write a review to give others more information about this area.
      See all Waverly poll results

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$87,912$7,326$2,051$2,638
      Renters$48,120$4,010$1,123$1,444
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Waverly, MI, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Waverly, homeowners have a median income of $87,912. Using that number, a maximum of $2,051 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $48,120, which means there is a maximum of $1,123 to be spent on the costs of renting a home or apartment.

      Michigan Sales Tax

      State General Sales Tax With Max Surtax
      Michigan 6% 6%

      Michigan Income Tax

      State Income Tax (Low) Income Tax (High)
      Michigan 4.25% 4.25%

      Goods & Services

      Item Waverly National avg. Difference
      Haircut $24.53$24.261.1%
      Beauty Salon $56.27$45.5623.5%
      Toothpaste $3.64$3.701.8%
      Shampoo $1.40$1.289.1%
      Movie $11.22$12.137.5%
      Bowling $22.17$18.0023.1%

      Groceries

      Item Waverly National avg. Difference
      Ground Beef $5.51$5.845.7%
      Fried Chicken $1.69$1.577.7%
      Milk $4.84$4.673.6%
      Potatoes $4.77$4.933.3%
      Pizza $10.99$12.099.1%
      Beer $9.38$10.419.9%

      Health Care

      Item Waverly National avg. Difference
      Optometrist $91.40$125.6827.3%
      Doctor $139.14$135.782.5%
      Dentist $120.35$113.296.2%
      Ibuprofen $10.88$10.652.1%
      Lipitor $504.80$468.607.7%

      Housing

      Item Waverly National avg. Difference
      Home Price $171,000.00$184,700.007.4%
      Avg. Mortgage Payment $2,520.64$2,346.697.4%
      Apartment Rent $956.00$949.000.7%

      Transportation

      Item Waverly National avg. Difference
      Gasoline $3.42$3.461.2%
      Tire Balancing $60.57$59.921.1%

      Utilities

      Item Waverly National avg. Difference
      All Electricity $180.47$193.997.0%
      Phone $184.98$192.253.8%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Eagle, MI1168217.7%
      Lansing, MI117,4888416.5%
      Potterville, MI2,7318416.4%
      Charlotte, MI9,0698416.0%
      Edgemont Park, MI2,4138614.4%
      Waverly, MI24,050946.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Camas, WA24,04314039.6%
      North Lynnwood, WA24,08414342.6%
      Brandon, MS24,088973.2%
      Wekiwa Springs, FL24,00811919.3%
      Dix Hills, NY23,99518888.1%
      Waverly, MI24,050946.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.