Living in Lake Wales, Florida
Cost of living, income, home prices, rent and demographics of Lake Wales · Census data 2020–2024
Lake Wales has 16,785 residents with a median age of 42.7. The median household income is $56,347 (24% lower than the Florida median), the median home value is $239,300, the median rent is $1,110/month.
Lake Wales at a glance
- Population
- 16,785
- Median age
- 42.7State: 42.6
- Median household income
- $56,347State: $74,568
- Median home value
- $239,300State: $359,000
- Median rent
- $1,110/moState: $1,669
- Homeowners
- 59.2%
- Bachelor's degree or higher
- 20.8%
- Average commute
- 24 min
Is Lake Wales a good place to live?
Pros: Home values 33% lower than the state median; an average commute of 24 minutes.
Cons: Median household income 24% lower than the Florida median; unemployment of 5.9%; a poverty rate of 22.4%.
The weather is best in November to February.
Cost of living in Lake Wales
Housing is the biggest part of the cost of living. In Lake Wales the median home value is $239,300, 28% lower than the U.S. median. Renters pay a median of $1,110 per month, which is 40.6% of household income. Homeowners with a mortgage pay $1,504 a month in housing costs.
Lake Wales median household income
The median household income in Lake Wales is $56,347 and the income per person is $28,384. 22.4% of residents live below the poverty line (Florida: 12.6%).
Housing in Lake Wales: homes for sale and rent
- Housing units
- 8,223
- Owner-occupied
- 59.2%
- Renter-occupied
- 40.8%
- Vacant
- 15.8%Includes seasonal homes
- Median year built
- 1991
- Average household size
- 2.37
Lake Wales demographics
- Population
- 16,785
- Median age
- 42.7
- Under 18
- 19.2%
- 65 and older
- 26.7%
- Households
- 6,924
- Foreign-born
- 10.4%
- Veterans
- 7.2%Adults 18+
Hispanic or Latino can be of any race. Population history of Lake Wales ›
Education in Lake Wales
20.8% of adults 25 and older in Lake Wales have a bachelor's degree or higher (Florida: 34.1%), and 6.6% have a graduate or professional degree.
Jobs and commute in Lake Wales
- Unemployment rate
- 5.9%State: 4.8%
- Average commute
- 24 minState: 28 min
- Work from home
- 8.7%
- Drive alone
- 74.4%
- Public transit
- 0.1%
- Walk to work
- 0.6%
- Homes with broadband
- 85.6%
Lake Wales vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Lake Wales | 16,785 | $56,347 | $239,300 | $1,110 |
| Highland Park | 282 | $93,750 | $374,100 | — |
| Crooked Lake Park | 2,641 | $60,395 | $198,000 | $1,666 |
| Dundee | 5,863 | $48,668 | $247,800 | $1,628 |
| Alturas | 4,581 | $70,231 | $165,800 | $1,017 |
| Babson Park | 1,093 | $48,177 | $211,100 | — |
| Hillcrest Heights | 377 | $118,125 | $270,000 | — |
| Cypress Gardens | 10,077 | $75,483 | $287,100 | $1,369 |
| Wahneta | 3,876 | $46,598 | $97,500 | $1,113 |
More for people moving to Lake Wales
Lake Wales ZIP code ›Weather and climate ›Living in Lake Wales: FAQ
What is the median household income in Lake Wales, FL?
The median household income in Lake Wales is $56,347, 24% lower than the Florida median of $74,568 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Lake Wales?
The median home value in Lake Wales is $239,300, compared with $359,000 in Florida.
How much is rent in Lake Wales?
The median gross rent in Lake Wales is $1,110 per month, about 40.6% of household income.
Is Lake Wales, FL a good place to live?
Pluses: home values 33% lower than the state median; an average commute of 24 minutes. Minuses: median household income 24% lower than the Florida median; unemployment of 5.9%; a poverty rate of 22.4%.
What is the median age in Lake Wales?
The median age in Lake Wales is 42.7 years (Florida: 42.6).
How long is the commute in Lake Wales?
The average commute to work in Lake Wales is 24 minutes; 8.7% of workers work from home.
What is the unemployment rate in Lake Wales?
The unemployment rate in Lake Wales is 5.9% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Lake Wales?
20.8% of adults in Lake Wales have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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