Waverly, MI
Population 23,301 · Michigan
About Waverly, MI
Waverly is a mid-sized city located in Michigan with a population of 23,301 residents according to the latest US Census Bureau American Community Survey data. The median household income is $75,868 per year, which is 1% above the national median of $75,149. The median age of 40.7 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Waverly features a median home value of $222,300, which is 9% below the national median of $244,900. This positions Waverly in a moderately priced market relative to the rest of the country. Median monthly rent is $1,125, 3% below the national average of $1,163/month. Of the 11,761 total housing units, 56% are owner-occupied (6,341 units) and 44% are renter-occupied (5,027 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Waverly shows an unemployment rate of 5.3%, which is near the national rate of 3.7%. The poverty rate stands at 8.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Waverly have an average one-way commute time of 18.6 minutes, one of the shorter commutes in the region.
Education & Demographics
43.9% of Waverly residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 5.5% White, 1.3% Hispanic or Latino, 0.5% Black or African American, and 1.8% Asian residents, with 10.1% of the population being foreign-born.
Cost of Living in Waverly, MI
Compared to national averages, Waverly has a median household income of $75,868 (1% above the national median of $75,149). Home values average $222,300, which is 9% below the national median. Monthly rent at $1,125 is 3% below the US average of $1,163. Within Michigan, Waverly's income is 15% above the state average of $66,017, and home values are 21% above the state median of $183,391.
Why Live in Waverly, MI?
Waverly offers a strong local economy with a median household income of $75,868, well above the national average, and affordable housing with a median home value of $222,300, below the US average of $244,900, and rent that’s lower than the national average at $1,125/month. Additionally, the city features a well-educated community where 43.9% of residents hold a bachelor’s degree or higher, and a low poverty rate of 8.5%, better than the national average, and short commute times averaging just 18.6 minutes.
Waverly has a population of 23,301 with a median age of 40.7 years. Compare Waverly with other cities to see how it stacks up, or explore all cities in Michigan.
Similar Cities Near Waverly
Cities in Michigan with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Wyandotte | 24,593 | $67,846 | $159,700 | Compare |
| Auburn Hills | 24,911 | $78,727 | $233,900 | Compare |
| Romulus | 24,951 | $72,235 | $149,100 | Compare |
| Birmingham | 21,612 | $153,125 | $712,700 | Compare |
| Norton Shores | 25,000 | $73,390 | $214,000 | Compare |
| Mount Pleasant | 21,420 | $39,924 | $168,700 | Compare |
| Walker | 25,201 | $73,835 | $266,400 | Compare |
| Holt | 25,275 | $87,827 | $213,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Michigan
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Waverly With Other Cities
Frequently Asked Questions about Waverly
What is the population of Waverly, MI?
The population of Waverly, MI is 23,301 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Michigan.
What is the median household income in Waverly?
The median household income in Waverly, MI is $75,868 per year, which is 1% above the national median of $75,149.
What is the median home value in Waverly?
The median home value in Waverly, MI is $222,300, which is 9% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Waverly?
The median monthly rent in Waverly, MI is $1,125, which is 3% below the national average of $1,163/month.
What is the unemployment rate in Waverly?
The unemployment rate in Waverly, MI is 5.3%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Waverly, MI a good place to live?
Waverly offers above-average incomes, affordable housing, and growing employment opportunities. With a population of 23,301 and a median age of 40.7, the city appeals to a broad range of residents.
How educated is Waverly, MI?
43.9% of residents in Waverly aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Waverly?
Key cost-of-living indicators for Waverly, MI: median home value is $222,300 (9% below national), median rent is $1,125/month, and median household income is $75,868. The home-value-to-income ratio is 2.9x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Waverly?
The poverty rate in Waverly, MI is 8.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Waverly, MI?
Waverly's population is 5.5% White, 1.3% Hispanic or Latino, 0.5% Black or African American, 1.8% Asian, and 15.1% two or more races. 10.1% of residents are foreign-born.