Cost of Living in Waverly, TN

With a cost of living index of 71, Waverly, TN is one of the most affordable cities in the country. Living here is 29% cheaper than the national average and 9% below the Tennessee state average of 80. Waverly is a small community of 4,278 residents.

Housing costs are the biggest factor in Waverly's cost of living. The median monthly rent is $841 (36% below the US median of $1,319), and the median home value sits at $164,700 (46% below the national median of $304,900). At current prices, the median home costs roughly 3.6x the median household income — a moderately affordable ratio by today's standards.

The median household income in Waverly is $45,600, which is 39% lower than the national median of $75,149. Residents spend roughly 22% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.