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City Report · FL

Lake Wales

Pop. 16,785·262nd most expensive in Florida·Lake Wales rents are up 11.2% over the past year
Median rent (all units)
$1,680/mo
Year-over-Year
+11.2%
Month-over-Month
+5.9%
vs US Median
-$282
Rising (Monthly)
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Most AffordableMost Expensive
Lake Wales · $1,680
More affordable than 63% of US cities · National median $1,962/mo
Affordability
36% of income
MODERATE
0%30% benchmark60%+

At $1,680/mo, rent takes about 36% of the local median household income, slightly above the 30% benchmark.

Income to afford
$67,000/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
Fair Market Rent (HUD)
$1,170/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,680 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 →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$20,160/yr
At $1,680/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 11.2% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+11.2% YoY, +5.9% 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

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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 $1,680/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: August 17, 2026

The median rent in Lake Wales is $1,680/mo as of August 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 36% of local median household income ($56,347/yr), Lake Wales ranks as moderate compared to the national benchmark of 30%. Rents have increased 11.2% over the past year.

FAQ

Frequently asked questions

Is Lake Wales an affordable city for renters?

Lake Wales is considered moderate for renters. At $1,680/mo, rent takes approximately 36% 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 $67,000/year (~$32/hour full-time) to afford the median rent of $1,680/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 11.2% over the past year as of August 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 ($1,497/mo), and 33898 ($1,863/mo). Citywide, the median rent in Lake Wales is $1,680/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 #262 out of 291 tracked cities at $1,680/mo.

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

Avon Park is nearby and more affordable at $1,619/mo, which is $61 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 $1,680/mo is $282 (14%) below the US national median of $1,962/mo. Within Florida, it ranks #262 out of 291 tracked cities.
Income Affordability
36%
MODERATE

At $1,680/mo, rent takes ~36% of Lake Wales's median household income ($56,347/yr). The standard benchmark is 30%.

Lake Wales 36%Benchmark 30%
State income taxNone
Run the Lake Wales affordability calculator →
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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