Highest-rated cheap eats in Waterloo by diners
Americans spend a lot of money on eating out—in 2024, that totaled $1.54 trillion, or nearly 59% of all food spending. So, it's only natural to want the best bang for your restaurant dollar.
Value has become a key component of what diners look for when they eat out, with more than 7 in 10 consumers eyeing menus for value meals. At the same time, many diners also look for something new and exciting, hoping to sample new flavors or food with ingredients that are too expensive to make at home.
Many ethnic cuisines also provide a lot of value because they aren't as expensive to produce. Many Mexican dishes fall into this category because tortillas are cheaper to produce than bread. Many Asian cuisines, including Chinese, Filipino, and Cambodian food, also rely on low-cost ingredients and simple food preparation techniques.
Food trucks and street food vendors also offer cheaper food, thanks to lower overhead costs. Their limited menus typically focus on one type of food, allowing them to simplify purchasing and pass the savings on in the form of lower prices.
Stacker compiled a list of the highest-rated cheap eats restaurants within 10 kilometers of the Waterloo area using data from Yelp. Data is as of Aug. 8, 2025. Businesses were selected using Yelp's ranking system, which calculates an adjusted rating value that takes into account the number of ratings as well as the rating score itself. Only businesses with at least 20 reviews were considered, and a cost of "$" (out of 4) were considered. Also, in an effort to highlight independent businesses and local chains, those with more than five locations nationally, based on the Yelp data, were not included.
