Lake Wales, FL

Very Low · 73

Florida · Population 16,365 · Updated March 2026

$1,060
Median Rent / Month
$55,799
Median Income
$225,900
Median Home Value
$1,019
Owner Costs / Month

Affordability

How far your income goes in Lake Wales

22.8%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Florida

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
6.0%
Sales Tax
0.86%
Property Tax Rate

Estimated Annual Costs

$12,720
Annual Rent
$0
State Income Tax
$1,943
Property Tax (est.)

Cost of Living Overview

Lake Wales is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 73 (where 100 equals the national median), Lake Wales residents can expect to pay median rent of $1,060/month while earning a median household income of $55,799/year.

The median home value in Lake Wales, FL is $225,900, with typical monthly owner costs around $1,019 including mortgage, insurance, and taxes. The median rent-to-income ratio of 22.8% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Florida has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 6.0% sales tax rate and 0.86% effective property tax rate, the overall tax environment helps keep costs manageable in Lake Wales.

Frequently Asked Questions

Common questions about living costs in Lake Wales

What is the cost of living in Lake Wales, FL?
The cost of living index in Lake Wales, FL is 73 (US average = 100). Median monthly rent is $1,060, median household income is $55,799/year, and the median home value is $225,900.
Is Lake Wales, FL affordable?
Yes, Lake Wales is more affordable than the national average with a cost index of 73. The rent-to-income ratio is 22.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Lake Wales, FL?
The median gross rent in Lake Wales, FL is $1,060 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $12,720.
What is the median household income in Lake Wales?
The median household income in Lake Wales, FL is $55,799 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Florida?
Florida has a top income tax rate of 0%, a sales tax of 6.0%, and an effective property tax rate of 0.86%. Notably, there is no state income tax.