[weyst-band, -buhnd]
a band encircling the waist, especially as a part of a skirt or pair of trousers.

1575–85; waist + band2

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World English Dictionary
waistband (ˈweɪstˌbænd)
an encircling band of material to finish and strengthen a skirt or trousers at the waist

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
More importantly, they tend to wear their jeans with the waistband pulled down,
  so good boxers underneath are helpful.
There's an internal brief to keep your goodies in place, and the waistband is
  lined by external gel pockets.
The cord is not long enough to attach a music player to a waistband.
His large belly hangs over the waistband of his dark blue jogging pants.
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