Total monthly cost of ownership
Cost to Own a Home in Waverly, Michigan
A $222,000 home here costs
$1,975per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,141. The real number is $834 higher every month — 73% more than the payment most buyers budget for.
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 $198 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
Common questions
How much does it cost to own a home in Waverly?
A $222,000 home in Waverly, Michigan costs approximately $1,975 per month with 20% down at 6.66%. That is $1,141 principal and interest, $300 property tax, $83 homeowners insurance, $266 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 $1,975 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.