It is the second year in a row Waite will have missed the Open. This year he bypassed the tournament at the Grange in Auckland.
This time Waite was to visit his home town of Palmerston North a week before the Open, where a local tournament, with him as the centrepiece, had been arranged.
Fellow Manawatu professional Craig Perks has confirmed he is still coming from the US.
Waite said from his home in Orlando, Florida, that it was unfortunate he would not be playing in what he considered was one of the most important sporting events to take place in New Zealand.
"I made the decision for a lot of reasons which are between me and the tournament. It is disappointing; Tiger Woods will be there and I'm not able to compete," Waite said.
"It was just not going to work and this is best for me and my family. A whole series of factors, some personal, came into it."
Waite stressed he had to do what was best for himself at this particular stage of his career.
"I'm 37 and have a responsibility to me and my family, and my focus is on the US tour."
Waite earned $US539,227 ($1.3 million ) from 28 tournaments to finish 93rd on the money list this year and led the US PGA Championship after the first round, before falling back.
Waite also revealed that glandular fever was the cause of his mid-season slump and contributed to his being disqualified for missing his tee-time at the Canadian Open in September.
Waite's withdrawal was a disappointment to Phil Aickin, of the New Zealand Golf Association.
"We would have loved to have him play at Paraparaumu, where he won in 1992. "There would have been huge support coming down from Manawatu."
- NZPA
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