States › Florida › Lake Wales

Is Lake Wales, FL expensive to live in?

OKRent takes 28 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,40020% lower than U.S. average
💵 Families earn per year (2026)$60,770about $5,064/month · 30% lower than U.S. average
🔑 House price$239,30028% lower than U.S. average

Rent is lower than in 63% of U.S. cities. A typical house costs about 3.9 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $56,000 a year. That is $27 an hour at a full-time job.

Is rent cheaper than other Florida cities?

Yes. Rent here is cheaper than in most of Florida. It is number 65 of 479 cities from cheapest to most expensive.

Lake Wales
$1,400
Lake Mary
$2,042
Palmer Ranch
$1,935
Three Lakes
$2,791
Lady Lake
$1,851
Gladeview
$1,419
Yulee
$2,658

How much do households earn in Lake Wales?

Under $25k
24.1%
$25k–50k
19.7%
$50k–100k
36.5%
$100k–150k
8.5%
$150k+
1.8%

Share of households by yearly income. 10.3% of households earn $100,000 or more.

Rent by apartment size in Lake Wales

SizeLake WalesU.S. average
Studio$714$1,338
1 bedroom$963$1,324
2 bedrooms$1,202$1,509
3 bedrooms$1,304$1,698
4 bedrooms$1,994$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Lake Wales overall?

Everyday prices in Florida overall are 3% above the U.S. average (index 103.4, U.S. = 100).

Housing
122
Goods (food, clothes…)
98
Utilities
90
Other services
101
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Lake Wales, so the Florida figure is shown.

Taxes and bills in Lake Wales

🏛️ Property tax$2,171a year · 0.91% of home value · U.S. $3,119
⚡ Electric bill$194a month (typical) · U.S. $156

Life in Lake Wales

Commute to work23.9 minU.S.: 26.4 min
College degree20.8%U.S.: 35.7%
Own their home59.2%U.S.: 65.2%
Below poverty line22.4%U.S.: 12.5%
Unemployment5.9%U.S.: 5.2%

Is it cheaper to rent or buy in Lake Wales?

Renting is cheaper right now: about $260 a month less.

Renting
$1,400
Owning
$1,660

Owning assumes a typical $239,300 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $23,930 for the down payment.

Frequently asked questions

What is the average rent in Lake Wales, FL?

Renting in Lake Wales costs a median of about $1,400 a month in 2026, including utilities. The Florida median is $1,963.

How much do I need to make to live in Lake Wales?

To keep rent under 30% of income, you need about $56,000 a year, or $27 an hour at a full-time job.

Is Lake Wales cheap or expensive?

Lake Wales is rated OK: rent takes 27.6% of the typical household income of $60,770. It ranks 65th cheapest of 479 Florida cities we track.

How much are property taxes in Lake Wales?

The median homeowner in Lake Wales pays $2,171 a year in property taxes, about 0.91% of the median home value.

Is Lake Wales more expensive than the national average?

Overall prices in Florida are 3% above the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Lake Wales?

The median home value in Lake Wales is $239,300, about 3.9 times the typical yearly household income.

16,785 people live in Lake Wales. Numbers are typical (middle) values.