Waverly, MN
Population 1,947 · Minnesota
About Waverly, MN
Waverly is a small town located in Minnesota with a population of 1,947 residents according to the latest US Census Bureau American Community Survey data. The median household income is $113,269 per year, which is 51% above the national median of $75,149. The median age of 37.2 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 $284,600, which is 16% above 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 $913, 21% below the national average of $1,163/month. Of the 774 total housing units, 92% are owner-occupied (668 units) and 8% are renter-occupied (60 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Waverly shows an unemployment rate of 1.2%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 8.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Waverly have an average one-way commute time of 38.6 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
20.1% of Waverly residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 5.0% White, 1.1% Hispanic or Latino, 0.0% Black or African American, and 1.0% Asian residents, with 4.6% of the population being foreign-born.
Cost of Living in Waverly, MN
Compared to national averages, Waverly has a median household income of $113,269 (51% above the national median of $75,149). Home values average $284,600, which is 16% above the national median. Monthly rent at $913 is 21% below the US average of $1,163. Within Minnesota, Waverly's income is 53% above the state average of $74,221, and home values are 39% above the state median of $204,472.
Why Live in Waverly, MN?
Waverly offers a strong local economy with a median household income of $113,269, well above the national average, and rent that’s lower than the national average at $913/month, and a strong job market with an unemployment rate of just 1.2%. Additionally, the city features a low poverty rate of 8.9%, better than the national average.
Waverly has a population of 1,947 with a median age of 37.2 years. Compare Waverly with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Waverly
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Ortonville | 1,968 | $53,021 | $117,500 | Compare |
| Blooming Prairie | 1,977 | $63,929 | $155,800 | Compare |
| St. Bonifacius | 1,982 | $116,500 | $342,400 | Compare |
| Clearwater | 1,904 | $89,219 | $248,100 | Compare |
| Stacy | 1,992 | $76,875 | $222,800 | Compare |
| Aurora | 1,897 | $42,406 | $88,700 | Compare |
| Rice | 1,998 | $103,482 | $237,600 | Compare |
| Maple Plain | 1,889 | $93,000 | $346,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Minnesota
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, MN?
The population of Waverly, MN is 1,947 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Minnesota.
What is the median household income in Waverly?
The median household income in Waverly, MN is $113,269 per year, which is 51% above the national median of $75,149.
What is the median home value in Waverly?
The median home value in Waverly, MN is $284,600, which is 16% above 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, MN is $913, which is 21% below the national average of $1,163/month.
What is the unemployment rate in Waverly?
The unemployment rate in Waverly, MN is 1.2%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Waverly, MN a good place to live?
Waverly offers above-average incomes, a competitive housing market, and a strong job market. With a population of 1,947 and a median age of 37.2, the city appeals to a broad range of residents.
How educated is Waverly, MN?
20.1% of residents in Waverly aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Waverly?
Key cost-of-living indicators for Waverly, MN: median home value is $284,600 (16% above national), median rent is $913/month, and median household income is $113,269. The home-value-to-income ratio is 2.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Waverly?
The poverty rate in Waverly, MN is 8.9%, 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, MN?
Waverly's population is 5.0% White, 1.1% Hispanic or Latino, 0.0% Black or African American, 1.0% Asian, and 1.0% two or more races. 4.6% of residents are foreign-born.