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City Report · FL

Lake Wales

Pop. 16,785·276th most expensive in Florida·Rental market data updated monthly for Lake Wales, FL
Median rent (all units)
$1,586/mo
Year-over-Year
+3.8%
Month-over-Month
+8.5%
vs US Median
-$379
Rising (Monthly)
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Most AffordableMost Expensive
Lake Wales · $1,586
More affordable than 70% of US cities · National median $1,965/mo
Affordability
34% of income
MODERATE
0%30% benchmark60%+

At $1,586/mo, rent takes about 34% of the local median household income, slightly above the 30% benchmark.

Income to afford
$63,000/yr
Local median income
$56,347/yr
Based on the 30%-of-income rule using Lake Wales's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$950
1 BR
$955
2 BR
$1,170
3 BR
$1,575
4 BR+
$1,970
Research median
$1,170/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$19,032/yr
At $1,586/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 3.8% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+3.8% YoY, +8.5% MoM), not inventory.
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Demographics

Who lives here

Lake Wales, FL is majority owner-occupied, has a large retiree population, has a median income below the national average, 20.8% of residents hold a bachelor's degree or higher.

Population
16,785
Median income
$56,347
Median age
42.7
Renters
40.8%
Age distribution
19.2%
20.4%
21.3%
12.5%
26.7%
Under 1819.2%
18–3420.4%
35–5421.3%
55–6412.5%
65+26.7%
Gender
46.8%
53.2%
Male46.8%
Female53.2%
Race & ethnicity
50%
21.8%
30.8%
White50%
Black21.8%
Hispanic30.8%
Asian1.1%
Education (25+)
12.5%
32.1%
34.6%
20.8%
No HS diploma12.5%
HS diploma32.1%
Some college34.6%
Bachelor's+20.8%
Housing tenure
59.2%
40.8%
Owner59.2%
Renter40.8%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Lake Wales, FL has changed in 5 years

Income
$49,226 → $56,347
up 14.5%
Population
16,173 → 16,785
up 3.8%
Renter share
41.7% → 40.8%
-0.9 pts
Bachelor's+
20.3% → 20.8%
+0.5 pts
Median age
45.4 → 42.7
-2.7 yrs

Census figures show median household income at $56,347 today, compared with $49,226 five years earlier. Census counts show Lake Wales, FL adding about 612 residents over the five-year window, up 3.8% on net.

Community

Discussions about Lake Wales

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View Lake Wales rent history (2015–2026) →
Salary vs rent

Can you afford rent in Lake Wales on your salary?

At $1,586/mo, how Lake Wales rent compares to typical pay (30% rule).

By apartment size

Lake Wales rent by bedroom count

Median rent for each apartment size in Lake Wales. Click any size for full breakdown.

Local insights

Tips for renters in Lake Wales

About renting in Lake Wales, FL

Last updated: July 20, 2026

The median rent in Lake Wales is $1,586/mo as of July 2026. A studio apartment averages $950/mo while a 2-bedroom runs $1,170/mo. One-bedroom apartments average $955/mo and 3-bedroom units go for $1,575/mo.

At 34% of local median household income ($56,347/yr), Lake Wales ranks as moderate compared to the national benchmark of 30%. Rents have increased 3.8% over the past year.

FAQ

Frequently asked questions

Is Lake Wales an affordable city for renters?

Lake Wales is considered moderate for renters. At $1,586/mo, rent takes approximately 34% of the local median household income ($56,347/yr). The standard benchmark is 30%. Lake Wales slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Lake Wales?

To keep rent at or below 30% of gross income, you would need to earn at least $63,000/year (~$30/hour full-time) to afford the median rent of $1,586/mo in Lake Wales. The local median household income is $56,347/yr, meaning the typical Lake Wales household falls short of that threshold.

Is rent going up or down in Lake Wales?

Rent in Lake Wales has increased 3.8% over the past year as of July 2026, putting upward pressure on renter budgets.

Which Lake Wales neighborhoods have the lowest rent?

The most affordable ZIP codes in Lake Wales are 33853 ($1,396/mo), and 33898 ($1,643/mo). Citywide, the median rent in Lake Wales is $1,586/mo.

How does Lake Wales rent compare to other cities in Florida?

Lake Wales is one of the more affordable cities in Florida for rent, ranking #276 out of 288 tracked cities at $1,586/mo.

Which nearby cities are cheaper to rent in than Lake Wales?

Avon Park is nearby and more affordable at $1,416/mo, which is $170 less than Lake Wales.

What percentage of Lake Wales residents rent vs. own?

According to Census data, approximately 40.8% of Lake Wales households are renters, while 59.2% are owner-occupied. Lake Wales leans toward homeownership, which can mean a smaller rental inventory.

How does Lake Wales rent compare to the national average?

Lake Wales's median rent of $1,586/mo is $379 (19%) below the US national median of $1,965/mo. Within Florida, it ranks #276 out of 288 tracked cities.
Income Affordability
34%
MODERATE

At $1,586/mo, rent takes ~34% of Lake Wales's median household income ($56,347/yr). The standard benchmark is 30%.

Lake Wales 34%Benchmark 30%
State income taxNone
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Lowest-rent ZIP codes in Lake Wales
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Lake Wales, FL

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