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City Report · MI

Waterford

·85th most expensive in Michigan·Waterford rents have dropped 21.1%, currently a renter's market
Median rent (all units)
$1,182/mo
Year-over-Year
-21.1%
Month-over-Month
-8.9%
vs US Median
-$780
Falling (Monthly)
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Most AffordableMost Expensive
Waterford · $1,182
More affordable than 93% of US cities · National median $1,962/mo
Rent Reality Score
100/100
Great value
OverheatedFairGreat value

Rents are 26% below what Waterford's 10-year trend predicts — a better deal than its own history suggests.

Actual rent
$1,182/mo
Expected by trend
$1,607/mo
The Rent Reality Score compares today's median rent to where Waterford's own long-run trajectory projects it should be. See the full rankings →
Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$14,184/yr
At $1,182/mo median
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 21.1% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-21.1% YoY, -8.9% MoM), not inventory.
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2023 vs 2026

How Waterford, MI has changed in 5 years

Rent
$1,208 → $1,182
down 2.2%

Compared with 2023, rent in Waterford, MI has fallen by $26 per month, settling near $1,182 after starting the period at $1,208. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the Waterford, MI market of 2023.

Community

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View Waterford rent history (2015–2026) →
Salary vs rent

Can you afford rent in Waterford on your salary?

At $1,182/mo, how Waterford rent compares to typical pay (30% rule).

Local insights

Tips for renters in Waterford

About renting in Waterford, MI

Last updated: August 17, 2026

The median rent in Waterford is $1,182/mo as of August 2026.

At 20% of estimated US median household income ($72,000/yr), Waterford ranks as affordable compared to the national benchmark of 30%. Rents have decreased 21.1% over the past year.

FAQ

Frequently asked questions

Is Waterford an affordable city for renters?

Waterford is considered very affordable for renters. At $1,182/mo, rent takes approximately 20% of the US median household income ($72,000/yr). The standard benchmark is 30%. Waterford falls comfortably within that range.

How much income do you need to rent in Waterford?

To keep rent at or below 30% of gross income, you would need to earn at least $47,000/year (~$23/hour full-time) to afford the median rent of $1,182/mo in Waterford.

Is rent going up or down in Waterford?

Rent in Waterford has decreased 21.1% over the past year as of August 2026, offering some relief compared to 12 months ago.

How does Waterford rent compare to other cities in Michigan?

Waterford is one of the more affordable cities in Michigan for rent, ranking #85 out of 96 tracked cities at $1,182/mo.

How does Waterford rent compare to the national average?

Waterford's median rent of $1,182/mo is $780 (40%) below the US national median of $1,962/mo. Within Michigan, it ranks #85 out of 96 tracked cities.
Income Affordability
20%
VERY AFFORDABLE

At $1,182/mo, rent takes ~20% of US median household income ($72,000/yr). The standard benchmark is 30%.

Waterford 20%Benchmark 30%
State income tax4.25%
Run the Waterford affordability calculator →
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Neighborhoods

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Schools nearby

Public schools near Waterford, MI

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