At $1,512/mo, rent takes about 32% of the local median household income, slightly above the 30% benchmark.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,512 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
Rent in Lake Wales changed -0.4% over the year to September 2026. Across the 270 Florida cities Zillow tracks, the typical change was +1.8%.
Rent rose in 6 of the last 12 months.
30% of the median household income ($56,347) is $1,409 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,170); a 3-bedroom is $1,575.
From Zillow's monthly rent index (ZORI) for Lake Wales. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Lake Wales, FL has changed in 5 years
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.
Discussions about Lake Wales
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Can you afford rent in Lake Wales on your salary?
At $1,512/mo, how Lake Wales rent compares to typical pay (30% rule).
Lake Wales rent by bedroom count
Median rent for each apartment size in Lake Wales. Click any size for full breakdown.
Tips for renters in Lake Wales
Last updated: October 17, 2026
The median rent in Lake Wales is $1,512/mo as of October 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 32% of local median household income ($56,347/yr), Lake Wales ranks as moderate compared to the national benchmark of 30%. Rents have decreased 0.4% over the past year.
Frequently asked questions
How much income do you need to rent in Lake Wales?
Is rent going up or down in Lake Wales?
Which Lake Wales neighborhoods have the lowest rent?
How does Lake Wales rent compare to other cities in Florida?
Which nearby cities are cheaper to rent in than Lake Wales?
At $1,512/mo, rent takes ~32% of Lake Wales's median household income ($56,347/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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