In Waverly, a typical home is worth $234,600 and typical rent is $1,170 a month. Compared with all of Eaton County, the typical home value is 8% higher, typical rent is 7% higher, and the share of households that own their home is 18 points lower.
Waverly is in Eaton County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Eaton County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Lansing, the typical home value is $128,700: 45% less than in Waverly ($234,600).
2
56% of households in Waverly own their home, against 74% in Eaton County.
3
Nearby, in Grand Ledge, the typical rent is $982: 16% less than in Waverly ($1,170).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Waverly
What homes there are in Waverly, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Waverly
Eaton County
Michigan
United States
Kind of home: Waverly and its comparisons
Measure
Waverly
Eaton County
Michigan
United States
Detached house
49%
70%
72%
61%
Attached house
9%
4%
5%
6%
Building of 2 to 4
4%
4%
5%
8%
Apartments (5 or more)
37%
17%
13%
19%
Mobile home
1%
5%
5%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
Homes in Waverly are varied: detached houses are the largest group, at 49%, against 70% in Eaton County.
Year built
Before 19601960–19791980–19992000–20092010 or later
Waverly
Eaton County
Michigan
United States
Year built: Waverly and its comparisons
Measure
Waverly
Eaton County
Michigan
United States
Before 1960
14%
26%
36%
26%
1960–1979
38%
30%
26%
24%
1980–1999
38%
27%
22%
25%
2000–2009
8%
11%
10%
14%
2010 or later
3%
6%
6%
11%
In Waverly, half of the homes were built before 1979; in Eaton County, before 1977.
There are fewer big homes in Waverly than in Eaton County: 53% have 3 bedrooms or more, against 65%.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limitUnreliable estimate
Under $100K6%
$100K–$200K28%
$200K–$300K40%
$300K–$500K24%
$500K–$750KUnreliable
FHA limit: $541,287
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Waverly and its comparisons
Measure
Waverly
Under $100K
6%
$100K–$200K
28%
$200K–$300K
40%
$300K–$500K
24%
$500K–$750K
Unreliable estimate
$750K–$1M
Unreliable
$1M or more
Unreliable estimate
The FHA limit for Eaton County is high ($541,287): at least 98% of owner-occupied homes in Waverly are worth less than $500,000.
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99924%
$1,000–$1,49958%
$1,500–$1,99911%
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Waverly and its comparisons
Measure
Waverly
Under $500
Unreliable estimate
$500–$999
24%
$1,000–$1,499
58%
$1,500–$1,999
11%
$2,000–$2,499
Unreliable estimate
$2,500–$2,999
Unreliable estimate
$3,000 or more
Unreliable estimate
With a mortgage
$1,545 a month
Eaton County: $1,514 a month
Without a mortgage
$701 a month
Eaton County: $641 a month
Owners with a mortgage
61%
Eaton County: 63%
Owning costs about the same in Waverly as in Eaton County: with a mortgage, $1,545 a month; without one, $701.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Waverly+43%
Eaton County+40%
Michigan+50%
United States+53%
Typical rent
Waverly+27%
Eaton County+27%
Michigan+30%
United States+33%
Typical household income
Waverly+20%
Eaton County+24%
Michigan+28%
United States+29%
Change since 2015–2019: Waverly and its comparisons
Measure
Waverly
Eaton County
Michigan
United States
Typical home value
+43%
+40%
+50%
+53%
Typical rent
+27%
+27%
+30%
+33%
Typical household income
+20%
+24%
+28%
+29%
The typical home value in Waverly rose 43% since 2015–2019, more than in Eaton County (40%).
The typical rent in Waverly rose 27% since 2015–2019, about the same as in Eaton County (27%).
The typical household income in Waverly rose 20%: less than home values (+43%) and rent (+27%).
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Waverly and its comparisons
Measure
Waverly
Eaton County
Michigan
United States
Rental vacancy
Unreliable estimate
5.3%
5.1%
5.5%
Homeowner vacancy
Unreliable estimate
Unreliable estimate
0.8%
0.9%
More than one person per room
Unreliable estimate
1.3%
1.6%
3.4%
People per household
2.05
2.36
2.42
2.53
Drive alone
67%
72%
74%
69%
Carpool
9%
9%
8%
9%
Public transit
Unreliable estimate
Unreliable estimate
1%
3%
Walk or bike
Unreliable estimate
2%
2%
3%
Work from home
19%
15%
14%
15%
Other means
2%
1%
1%
2%
Typical commute
10 to 19 minutes
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
Households in Waverly are smaller: 2.05 people on average; in Eaton County, 2.36.
In Waverly, 19% of workers work from home, more than in Eaton County (15%).
Do the math
What would you pay each month for a home in Waverly?
A typical home is tight for the typical income
We start with a typical home in Waverly, worth $234,600, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 33% of the typical household income in Waverly, which is $75,700 a year. For that payment to be 28% of income, a household would need to earn about $88,584 a year.
The calculator's FHA and conventional loan limits are those of all of Eaton County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Waverly. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $8,211 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$2,067
at 7.18% · 30 years
Loan amount
$230,351
Total interest
$331,421
Paid off in
November 2056
Includes $3,962 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,766 a month
Tight
$1,766 to $2,271 a month
Your payment · 33%
Hard
more than $2,271 a month
Compared with the typical household income in Waverly ($75,700 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,560
Property tax
$305
Home insurance
$98
FHA mortgage insurance (MIP)
$104
You need at least $8,211 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $2,067; principal and interest $1,560.
The city and its county
Waverly and Eaton County
Waverly is in Eaton County, Michigan. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Waverly
Map of Eaton County, Michigan, with Waverly marked. Around it, the neighboring counties.
Waverly
Eaton County
Other cities with a page
Waverly's own numbers
Typical home value
$234,600
Typical monthly rent
$1,170
Typical yearly household income
$75,700
Households that own their home
56%
Effective property tax rate
1.56%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Eaton County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,323
Price change over 5 years (FHFA)
+47%
Homes in a high flood-risk zone
1.7%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Eaton County.
A typical home in Waverly is worth $234,600: 8% above the county and about the same as Michigan. With the typical household income in Waverly ($75,700 a year), a typical home costs 3.1 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Waverly3.1 years
Eaton2.7 years
Michigan3.2 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Eaton County
According to FHFA’s house price index, home prices in Eaton County rose 95% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Eaton County.
Yearly change in FHFA’s price index in Eaton County, 2016 to 2025
2016: +4.7% +4.7% 2016
2017: +7.4% +7.4% 2017
2018: +7.5% +7.5% 2018
2019: +4.2% +4.2% 2019
2020: +5.1% +5.1% 2020
2021: +10.9% +10.9% 2021
2022: +10.7% +10.7% 2022
2023: +4.4% +4.4% 2023
2024: +10.4% +10.4% 2024
2025: +4.0% +4.0% 2025
Change in FHFA’s price index in Eaton County, Michigan and the United States
Period
County
Michigan
U.S.
Last year (2025)
+4.0%
+4.7%
+2.9%
5 years (2020–2025)
+47%
+52%
+47%
10 years (2015–2025)
+95%
+97%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Waverly next to Eaton County, Michigan and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Waverly$234,600
Eaton$216,900
Michigan$231,600
United States$332,700
Typical monthly rent
Waverly$1,170
Eaton$1,092
Michigan$1,129
United States$1,413
Typical yearly household income
Waverly$75,700
Eaton$79,597
Michigan$72,875
United States$80,734
See the full table
Waverly next to Eaton County and Michigan
Measure
Waverly
Eaton County
Michigan
U.S.
Typical home value
$234,600 ▲8% above the county
$216,900
$231,600
$332,700
Typical monthly rent
$1,170 ▲7% above the county
$1,092
$1,129
$1,413
Typical yearly household income
$75,700 ▼5% below the county
$79,597
$72,875
$80,734
Households that own their home
56% ▼18 points below the county
74%
73%
65%
Typical yearly property tax
$3,668 ▲20% above the county
$3,067
$2,904
$3,119
Effective property tax rate
1.56% ▲0.15 points above the county
1.41%
1.25%
0.94%
Renters with high rent for their income
39% ▼2 points below the county
41%
50%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Eaton County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Waverly
For a typical $234,600 home in Waverly, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Waverly's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$2,067a month
Least cash to close
Down payment
$8,211
Cash to close
$15,249
Rate
7.18%
Mortgage insurance
FHA MIP · $104
Conventional, 5% down$2,024a month
Down payment
$11,730
Cash to close
$18,768
Rate
7.18%
Mortgage insurance
PMI · $111
Conventional, 20% down, no PMI$1,674a month
Down payment
$46,920
Cash to close
$53,958
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,891a month
Down payment
$35,190
Cash to close
$42,228
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Waverly
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$2,067
$8,211
$230,351
7.18%
FHA MIP · $104
$15,249
580
Conventional, 5% down
$2,024
$11,730
$222,870
7.18%
PMI · $111
$18,768
620*
Conventional, 20% down, no PMI
$1,674
$46,920
$187,680
7.18%
None
$53,958
620*
ITIN, 15% down (example)
$1,891
$35,190
$199,410
8.18%
None
$42,228
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Waverly is $1,170 a month: 7% above the county. In Waverly, 39% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Eaton County, by unit size. To pay the 2-bedroom one ($1,323 a month) without spending more than 30% of your income, you would need to earn $25.44 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Eaton County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,036
$19.92
$41,440
1 bedroom
$1,054
$20.27
$42,160
2 bedrooms
$1,323
$25.44
$52,920
3 bedrooms
$1,685
$32.40
$67,400
4 bedrooms
$1,739
$33.44
$69,560
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Waverly
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Waverly is in ZIP code 48917.
For 2 bedrooms it is $1,380: $57 more than the fair market rent for Eaton County ($1,323).
Fair market rent by ZIP code and size in Waverly, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
48917
$1,080
$1,100
$1,380
$1,760
$1,810
ZIP code2 bd3 bd
48917 $1,380$1,760
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Waverly when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
There are 2 HUD-approved agencies with an office in Eaton County; 1 says it serves in Spanish.
No down payment, repair or rent-help program on our list is for Waverly or Eaton County. The ones below are statewide in Michigan: they work in Waverly the same as in the rest of the state.
Michigan state agency loan of up to $10,000, with no interest and no monthly payments, for the down payment, closing costs and prepaid expenses; it goes with MSHDA's MI Home Loan mortgage and is repaid in certain cases, such as when you pay off the first mortgage, sell or refinance the home, or no longer live in it.Offered by Michigan State Housing Development Authority (MSHDA).
Michigan state authority certificate that lets you take 20% of the interest you pay each year on your mortgage off your federal taxes, for the life of the loan; you apply with an approved lender before you buy.Offered by Michigan State Housing Development Authority (MSHDA).
No legal help resource on our list is for Waverly or Eaton County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Waverly and all of Eaton County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Waverly?
The typical home value in Waverly is $234,600, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Eaton County it is $216,900.
How much does it cost to rent in Waverly?
Typical rent in Waverly is $1,170 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Eaton County is $1,323.
What is the FHA loan limit in Waverly?
Waverly uses the FHA limit for all of Eaton County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Waverly?
The typical homeowner in Waverly pays $3,668 a year, according to the U.S. Census Bureau. That is 1.56% of the home’s value; in Eaton County, the rate is 1.41%.
Where can I find free help to buy or rent in Waverly?
There are 2 HUD-approved counseling agencies with an office in Eaton County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.
