Living in Waterloo, Indiana: homes, schools and costs

The book's checklist

Lower cost of livingEveryday prices run 11.3% below the U.S. average in the parts of Indiana outside metro areas.
More house for the moneyA typical home costs 1.6 years of the typical household's income here. Across the U.S. it's 4.1.
A safer neighborhoodThe FBI has no 2025 figures for Waterloo itself. Many small towns are patrolled by the county sheriff, so call the sheriff's office and ask what calls they get most.
Schools in town3 public schools: 1 elementary, 1 middle and 1 high school.
A hospital close byParkview Dekalb Hospital in Auburn, about 5 miles away, has the nearest emergency room.
Within reach of a big cityGrand Rapids is about 110 miles away as the crow flies. The book suggests staying within about 60 miles if you'll miss big-city sports, concerts and theater.

A check means Waterloo meets the rule of thumb from Frank and Dave's book. An empty box isn't a deal breaker: it's something to weigh for your family. A question mark means there isn't enough data.

For a lifetime

Homes and money

Typical home value, as owners valued them in 2020-2024: $104,600U.S.: $332,700
Home prices since then: Up 24%DeKalb County, 2022 to 2025
Typical rent, with utilities: $829 a monthU.S.: $1,413
Typical household income: $67,083U.S.: $80,734
Homes owned by the people living in them: 81%U.S.: 65%
Typical property tax bill: $731 a yearIndiana: $1,614
Homes built before 1940: 42%U.S.: 12%
Homes built since 2010: 5%U.S.: 11%
Vacation and seasonal homes: 0%U.S.: 3%
Everyday prices: 88.7U.S. average = 100 (the parts of Indiana outside metro areas)

Home values and rents are what households told the Census Bureau across 2020 to 2024, so they trail today's market: county prices have moved up 24% since 2022. Everyday prices are the government's average for the parts of Indiana outside metro areas, not Waterloo alone. Check current listings before you budget.

Sources: U.S. Census Bureau, American Community Survey 2020-2024 5-year estimates; Federal Housing Finance Agency, House Price Index for counties (all transactions); U.S. Bureau of Economic Analysis, Regional Price Parities, 2024.

The people

Population, 2025 estimate: 2,1682020: 2,113
Median age: 35.3 yearsU.S.: 38.9
Age 65 and older: 8%U.S.: 17%
Under 18: 26%U.S.: 22%
Adults with a bachelor's degree or more: 14%U.S.: 36%
Moved here from another county or state in the past year: 13%U.S.: 6%

Sources: U.S. Census Bureau, Population Estimates (Vintage 2025); U.S. Census Bureau, American Community Survey 2020-2024 5-year estimates.

Work

Biggest lines of work: Manufacturing (35%); schools, health care and social services (16%); retail (12%)
Unemployment rate: 6%U.S.: 5%
Average commute: 24 minutesU.S.: 26 minutes
Work from home: 7%U.S.: 15%
Below the poverty line: 13%U.S.: 12%

Sources: U.S. Census Bureau, American Community Survey 2020-2024 5-year estimates.

Health care

Nearest emergency room: Parkview Dekalb Hospital, Auburn, IN, about 5 miles away. It's a general hospital. Medicare gives it 3 of 5 stars.

Look up doctors, clinics and the hospitals themselves on Medicare's Care Compare. Ask where the most serious cases are sent.

Sources: Centers for Medicare & Medicaid Services, Hospital General Information.

Schools

3 public schools in Waterloo, run by DeKalb Co Ctl United Sch Dist.

See each school on the federal school search, then check test scores and graduation rates on Indiana's school report card.

Sources: National Center for Education Statistics, Common Core of Data, 2023-24 (via the Urban Institute Education Data Portal); National Center for Education Statistics, IPEDS institution directory, 2024.

Internet

Homes with cable, fiber or DSL internet: 73%U.S.: 76%
Homes with any internet subscription: 91%U.S.: 91%

Before you buy, look up the address on the FCC's National Broadband Map to see which providers serve it.

Sources: U.S. Census Bureau, American Community Survey 2020-2024 5-year estimates.

Weather

January average low: 17°F
July average high: 84°F
Days 90°F or hotter: 15 a year
Nights at or below freezing: 136 a year
Rain and melted snow: 38 inches a year
Snow: 30 inches a year
Elevation: 929 feet

Weather station: Garrett (8 miles away). Averages for 1991 to 2020.

Sources: NOAA National Centers for Environmental Information, U.S. Climate Normals 1991-2020; U.S. Geological Survey, 3D Elevation Program.

Getting around

Parkview Dekalb HospitalEmergency room5

Fort Wayne, INCity of 275,00025

Grand Rapids, MIMetro of 1.2 million110

Straight-line miles. The road is always longer, and as the book says, an interstate at 70 is a different trip from a farm road at 45. Check the real drive: Parkview Dekalb Hospital, Fort Wayne, Grand Rapids.

DeKalb County is outside any metro area, with 20,000 or more people in its towns, next to a metro area (USDA rural-urban code 4, on a scale where 1 is the biggest metro areas and 9 the most rural counties).

For a day

1 place on the National Register of Historic Places.

Read about Waterloo's history on Wikipedia.

Know Waterloo?

Tell us what a visitor shouldn't miss, and what living there is really like. Write to Main Street at mainstreet@smalltownguide.com. The best notes from people who know the town will be added here.

Nearby

Straight-line miles.

Small towns

Auburn, IN14,100 people, 5 miles
Ashley, IN1,000 people, 6 miles
Garrett, IN6,700 people, 7 miles
Butler, IN2,700 people, 9 miles
Hamilton, IN1,600 people, 10 miles
Avilla, IN2,500 people, 11 miles

Smaller places

Corunna, IN241 people, 5 miles
Hudson, IN586 people, 7 miles
Altona, IN220 people, 8 miles
Pleasant Lake, IN (unincorporated)829 people, 10 miles
St. Joe, IN429 people, 12 miles
Cree Lake, IN (unincorporated)173 people, 12 miles
Stroh, IN (unincorporated)238 people, 13 miles
Spencerville, IN (unincorporated)244 people, 13 miles

Sources

Census survey figures are estimates with a margin of error; we leave out any figure whose margin is too wide to be useful. Data last gathered October 5, 2026. See something wrong? Write to mainstreet@smalltownguide.com.