Cost of Living in Lake Wales, FL
Population 16,365 · Florida · Data vintage 2023
(100 = US avg)
Lake Wales sits on the smaller end of the Florida city distribution. That scale shapes the housing market, the labor pool, and the services available to residents in ways the data below makes visible. At 6.3%, the local unemployment rate runs well above the US figure, pointing to structural rather than cyclical labor-market issues.
Geographically, Lake Wales sits roughly 25 miles east of Lakeland. Housing prices track closely with Lakeland's $229,000 median.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Lake Wales
The median home value in Lake Wales is $225,900 — 26% below the national median of $305,000. Median rent runs $1,060/month, 19% lower than the national median of $1,314/month. The median household income of $55,799/year is 25% lower than the US median of $74,580. The local unemployment rate is 6.3%, above the national average of 4.8%. Florida charges no state income tax, a meaningful advantage for take-home pay. Overall, Lake Wales has a cost of living index of 77 versus the US average of 100, meaning it is 23% less expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Lake Wales, FL?
Lake Wales has a cost index of 77 (100 = national average). It is 23% below the national average.
What is average rent in Lake Wales, FL?
The median gross rent in Lake Wales is $1,060 per month based on 2023 Census data.
What is the average home price in Lake Wales?
The median home value in Lake Wales is $225,900 according to Zillow and Census data.
What is the median income in Lake Wales?
The median household income in Lake Wales is $55,799 per year (2023 ACS 5-year estimates).
What is the sales tax in Lake Wales, FL?
The combined state and local sales tax rate in Lake Wales is 7.0%. Florida has no state income tax.
Is Lake Wales, FL affordable?
Yes, Lake Wales is generally considered affordable, with a cost of living index of 77 — about 23% below the US national average of 100.
Lake Wales at a Glance
- Population
- 16,365
- Median Income
- $55,799
- Home Value
- $225,900
- Median Rent
- $1,060/mo
- Unemployment
- 6.3%
- Sales Tax
- 7.0%
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Florida Rankings
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