Gaze upon Dodge #4 State Park and Cass Lake from above.
Discover lakefront homes on Maceday Lake Road in Waterford.
The Fork n' Pint restaurant serves delicious meals and brews.
Experience canal-front living in the Forest Bay Residential Condominium Community.
Aerial View of Otter Lake and Sylvan Lake in Waterford

Waterford, MI Area Guide

Avg Rent

$1,026

Population

68,713

Renter Mix

27% Rent

A city true to its name: lakes, lakes, and more lakes!

Lakes Airport Suburban

Waterford Township is a lakeside suburb of Detroit where more than 30 named lakes weave through residential streets, giving the community a personality unlike almost any other Metro Detroit destination. Daily life here feels genuinely unhurried: neighbors gather around the water, local diners draw regulars from surrounding blocks, and green space is rarely more than a short drive away. Clintonville, Drayton Plains, and Elizabeth Lake are among the township's distinct communities, each with its own character rooted in lakefront living.

Renters will find a range of apartment communities, from lakefront ones to properties hidden in the trees. The rental stock trends toward low-rise and garden-style construction, with some more contemporary builds along the lakefronts.

Oakland Community College's Highland Lakes campus is about five miles away, and Oakland University is within a short commute. The Oakland County International Airport sits on the township's western edge, adding a practical transportation anchor. The Fourth of July is practically a township-wide event, with individual lakes hosting their own fireworks shows that light up the sky from multiple directions at once.

Explore the City

The Fork n' Pint restaurant serves delicious meals and brews.

Experience canal-front living in the Forest Bay Residential Condominium Community.

Aerial View of Otter Lake and Sylvan Lake in Waterford

Witness homes lining the shores of Elizabeth Lake in Waterford.

Laugh, chuckle and giggle at One Night Stan's Comedy Club.

Aim for the Perfect Game at 300 Bowl in Waterford.

Demographics

Median Household Income

$70,419

Average: $89,915

Education

17,900

Residents Have a Degree

Job Market

37,293

Workers Employed

Age Distribution
Get a sense of this area's population profile.

Median Age

44 Years

Largest Age Group

55-64 Years

Approximately 15% of Residents

Under 20

20%

Over 65

21%

Housing Distribution

Waterford has more homeowners than renters.

Renters
27%
Non-Renters
73%

Education Distribution

Review this city's overall education levels.

Bachelor's or Higher
21%
Other Education
79%

Rent Trends

As of September 2026, the average apartment rent in Waterford, MI is $763 for a studio, $1,026 for one bedroom, $1,250 for two bedrooms, and $1,716 for three bedrooms. Apartment rent in Waterford has increased by 2.2% in the past year.

Property Type
Average Rent
Average Sq Ft
Apartment
$1,026/month
685 Sq Ft
House
$2,117/month
1,398 Sq Ft
See Rental Market Trends in Waterford, MI

Learn More About Waterford

Getting Around

Fairly Walkable

Walkability

50 / 100

Very Drivable

Drivability

80 / 100

Fairly Bikeable

Bikeability

40 / 100

Points of Interest

Parks and Recreation

  • Waterford Oaks County Park
  • Dodge #4 State Park
  • Pontiac Lake Recreation Area
  • Marshbank Park
  • West Bloomfield Woods and Nature Preserve

Airports

  • Detroit Metro Wayne County
  • Bishop International

Top Apartments in Waterford

Houses for Rent in Waterford

Living in Waterford

History

-

Waterford Village, one of the township's five unincorporated communities, sits at the historic crossroads of Dixie Highway and Andersonville Road, while Elizabeth Lake developed as a resort community that still draws residents who appreciate its historic character. Lewis Cass, the third governor of the Michigan Territory, played a role in the treaties that opened this part of Oakland County to settlement, and by 1819 homesteads and sawmills were taking shape across the land.

Today the Waterford Historical Society keeps that past alive through annual events including the Log Cabin Days Festival each June, which features food, historical exhibits, and re-enactments that connect current residents to the township's early roots.

Restaurants

-

Dining in Waterford is tied closely to its lakeside geography, with several well-regarded spots opening onto patios that look out over the water. 4th Tavern Lakehouse is where the outdoor deck overlooks Crescent Lake while guests enjoy straightforward American fare.

Brody's on Cass is a long-standing family-owned diner just north of Cass Lake, offering the kind of no-frills comfort food that keeps regulars coming back. When residents want a broader dining scene, Detroit is about 38 miles southeast and offers award-winning restaurants, the Fox Theatre, the Detroit Opera House, and casino dining.

Transportation

-

Getting around Waterford relies almost entirely on a personal vehicle. M-59, known locally as Highland Road, serves as the main east-west corridor, while M-24 provides north-south access through the township. The Oakland County International Airport sits on the western edge of town, and Detroit Metro Wayne County Airport is about 41 miles southeast, roughly a 55-minute drive.

For rail travel, the Pontiac Amtrak Station is approximately five and a half miles away, about an 11-minute drive. Rideshare services are available, but the township's winding lakeside roads often lack sidewalks or dedicated bike lanes, making car ownership the practical choice for most daily errands.

Parks

-

Waterford Oaks County Park covers 185 acres and packs in a remarkable range of activities: three miles of hiking trails, lit tennis courts, a community greenhouse, a summer waterpark, and a sledding hill that draws crowds once the snow arrives. Dogs are welcome on leash throughout most of the park, and every October the Harvest Happening fills the grounds with hayrides, games, and a petting zoo, followed later in the season by a Christmas tree lighting ceremony.

Dodge #4 State Park offers a full mile of sandy shoreline along Cass Lake where visitors can swim, fish, boat, or watch wildlife from the Observation Pier. Hess-Hathaway Park brings something genuinely rare to a suburban setting: live farm animals living on the property year-round, alongside a playground and volleyball courts. The Pontiac Lake Recreation Area, about five miles out, adds camping and the Pontiac Lake Trail for those looking to spend more time outdoors.

Cost

-

Rent in Waterford runs below the Michigan state average, making it one of the more affordable options in the Oakland County area. Studios average around $766 per month, one-bedroom apartments average around $1,021, two-bedroom units average around $1,256, and three-bedroom rentals average around $1,705. Rents have been rising modestly year over year across all unit sizes.

Shopping

-

Retail in Waterford runs along M-59, also known as Highland Road, rather than through any central downtown corridor. Kroger and Meijer locations along that route cover everyday grocery and household needs, and several shopping centers including Waterford Towne Center and Waterford Plaza sit within a half mile of the main corridor.

One of the township's most distinctive retail traits is its density of thrift and consignment shops, giving the area a strong local shopping culture that goes well beyond chain retail. The Oakland County Farmer's Market rounds out the options with local produce, crafts, and artisan goods available on a regular schedule throughout the year.

Highlights

-

With over 30 lakes threading through its neighborhoods, Waterford Township delivers genuine waterfront living at rents that track below the state average, anchored by Waterford Oaks County Park, Dodge #4 State Park along Cass Lake, and a community character defined by outdoor recreation and a Fourth of July tradition unlike anywhere else in Metro Detroit.

Search Nearby Rentals

Methodology

† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.

Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.

Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in September 2026.

Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.