Total monthly cost of ownership
Cost to Own a Home in Waverly, Michigan
A $222,000 home here costs
$1,989per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $85,000 a year.
A standard mortgage calculator would have told you $1,210. The real number is $778 higher every month, 64% more than the payment most buyers budget for.
Compare Eaton County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Waverly against Eaton County and Michigan
| Measure | Waverly | Eaton County |
|---|---|---|
| Median home value | $222,300 | $206,700 |
| Median property tax | $3,609 | $2,924 |
| Effective tax rate | 1.623% | 1.415% |
| Median gross rent | $1,125 | $1,042 |
| Population | 23,301 | 109,000 |
The weather behind that power bill
Waverly sits in Eaton County, which averages a high of 81.5°F in its hottest month and a low of 15.1°F in its coldest, with 35.77" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 536 cooling and 6,940 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Eaton County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Eaton County
Talk to someone who works this market
These are Waverly averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Waverly every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Waverly I already own here and may sell
Common questions
How much does it cost to own a home in Waverly?
A $222,000 home in Waverly, Michigan costs approximately $1,989 per month with 20% down at 7.24%. That is $1,210 principal and interest, $300 property tax, $83 homeowners insurance, $210 utilities and $185 set aside for maintenance.
What is the property tax rate in Waverly?
Waverly has an effective property tax rate of 1.623%, based on a median home value of $222,300 and median real estate taxes of $3,609. That is higher than the Eaton County average of 1.415%.
What is the average home price in Waverly?
The median owner-occupied home value in Waverly, Michigan is $222,300, against $206,700 across Eaton County.
Is it cheaper to rent or buy in Waverly?
Median gross rent in Waverly is $1,125 a month, against $1,989 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Waverly?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Waverly, Michigan at today's rate takes a household income of roughly $85,000 a year. That covers the full $1,989 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Waverly, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Michigan.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.