 Waterfield was born in Elmira, New York, in 1920, the son of Staton "Jack" Waterfield (1891–1930) and Frances (Gallagher) Waterfield (1895–1963).In approximately 1921, his family moved to Los Angeles and settled in Van Nuys in the San Fernando Valley.In 1930, when Waterfield was nine years old, his father, who had become the owner and manager of Van Nuys Transfer and Storage Company, died.