| Index | Waverly | Michigan | National |
| Cost of living | 98 | 91 | 100 |
| Groceries | 99 | 98 | 100 |
| Health care | 99 | 97 | 100 |
| Housing | 95 | 76 | 100 |
| Transportation | 100 | 96 | 100 |
| Utilities | 100 | 100 | 100 |
| Lifestyle & Entertainment | 97 | 96 | 100 |
| Household Items | 98 | 98 | 100 |
| Education & Childcare | 100 | 95 | 100 |
Knowing the cost of living in Waverly allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Waverly stands at 98, marking it 2% lower than the national average.
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, household expenses, 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 an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Waverly, the median home price is 7.2% lower than what most folks pay across the country, and monthly rent prices are 1.5% higher than the usual rates. Income levels in Waverly come in at $97,956, which is 20.4% higher than the national average.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Waverly, healthcare costs are 1.2% lower than the national average.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Waverly, the housing index is 4.6% lower than the national average.
The Waverly cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $128,878 | $10,740 | $3,007 | $3,867 |
| Renters | $70,369 | $5,864 | $1,642 | $2,111 |
| State | General Sales Tax | With Max Surtax |
| Michigan | 6% | 6% |
| State | Income Tax (Low) | Income Tax (High) |
| Michigan | 4.25% | 4.25% |
| City | Population | Cost of Living Index | National Avg. |
| Eagle, MI | 120 | 87 | 13.3% |
| Lansing, MI | 122,139 | 87 | 12.7% |
| Potterville, MI | 2,801 | 88 | 12.4% |
| Charlotte, MI | 9,419 | 88 | 11.7% |
| Edgemont Park, MI | 2,473 | 90 | 10.3% |
| Waverly, MI | 24,722 | 98 | 2.0% |
| City | Population | Cost of Living Index | National Avg. |
| Faribault, MN | 24,714 | 98 | 2.2% |
| Fort Dodge, IA | 24,700 | 84 | 15.7% |
| Chantilly, VA | 24,744 | 150 | 49.5% |
| Rosemont, CA | 24,690 | 132 | 32.2% |
| Grande Prairie County No. 1, AB | 24,756 | n/a | |
| Waverly, MI | 24,722 | 98 | 2.0% |
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