ZIP Code · FL

ZIP 33898

Part of Lake Wales, FL

Pop. 18,527·Polk County·590th most expensive ZIP in Florida

Median rent (all units)

$1,565/mo

Year-over-Year

Stable

Month-over-Month

+0.6%

vs US Median

-$367

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 33898 · $1,565

More affordable than 68% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,090

1 BR

$1,090

2 BR

$1,330

3 BR

$1,800

4 BR+

$2,230

Research median

$1,330/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: October 17, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($57,224) is $1,431 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,330); a 3-bedroom is $1,800.

From Zillow's monthly rent index (ZORI) for ZIP 33898. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$18,780/yr

At $1,565/mo median

Location

CityLake Wales

StateFL

CountyPolk County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (+0.0% YoY, +0.6% MoM), not inventory.

Demographics

Who lives here

ZIP 33898 (Lake Wales, FL) is majority owner-occupied, has a large retiree population, has a median income below the national average, 18.4% of residents hold a bachelor's degree or higher.

Population

18,527

Median income

$57,224

Median age

48.2

Renters

12.6%

Age distribution

20.6%

14.2%

20.7%

14.2%

30.3%

Under 1820.6%

18–3414.2%

35–5420.7%

55–6414.2%

65+30.3%

Gender

48.2%

51.8%

Male48.2%

Female51.8%

Race & ethnicity

76.7%

17.4%

White76.7%

Black5.7%

Hispanic17.4%

Education (25+)

35.8%

34.2%

18.4%

No HS diploma11.5%

HS diploma35.8%

Some college34.2%

Bachelor's+18.4%

Housing tenure

87.4%

12.6%

Owner87.4%

Renter12.6%

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

2021 vs 2026

How ZIP 33898 in Lake Wales, FL has changed in 5 years

Income

$48,185 → $57,224

up 18.8%

Population

16,194 → 18,527

up 14.4%

Renter share

17.6% → 12.6%

-5.0 pts

Bachelor's+

16.7% → 18.4%

+1.7 pts

Median age

52.2 → 48.2

-4.0 yrs

Median household income climbed from $48,185 to $57,224 between 2021 and 2024, a 18.8% shift. Census counts show ZIP 33898 in Lake Wales, FL adding about 2,333 residents over the five-year window, up 14.4% on net. The renter share has eased from 17.6% to 12.6%, with owner-occupied housing accounting for the remainder.

Community

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Local insights

Tips for renters in ZIP 33898

About renting in ZIP 33898

Last updated: October 17, 2026

ZIP code 33898 covers Lake Wales, FL. The median rent here is $1,565/mo as of October 2026. A 1-bedroom rents for a median of $1,090/mo. A 2-bedroom rents for a median of $1,330/mo.

At 33% of local median household income ($57,224/yr), ZIP 33898 ranks as moderate compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 33898?

To keep rent at or below 30% of gross income, you would need to earn at least $63,000/year (about $30/hour full-time) to afford the median rent of $1,565/mo in ZIP 33898. The local median household income is $57,224/yr, so the typical household falls short of that bar.