In Lake Wales, a typical home is worth $239,300 and typical rent is $1,110 a month. Compared with all of Polk County, typical rent is 19% lower, typical household income is 15% lower, and the share of households that own their home is 11 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $198,736 to $239,669.
Typical rent
$1,512a month
= about the same as 12 months ago
Typical rent from Zillow, March 2024 to September 2026: from $1,447 to $1,512.
From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).
Lake Wales is in Polk County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Polk County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Inwood, the typical home value is $142,300: 41% less than in Lake Wales ($239,300).
2
The typical rent in Lake Wales is $1,110 a month, 19% less than in Polk County as a whole ($1,363).
3
59% of households in Lake Wales own their home, against 70% in Polk County.
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Lake Wales
What homes there are in Lake Wales, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Lake Wales
Polk County
Florida
United States
Kind of home: Lake Wales and its comparisons
Measure
Lake Wales
Polk County
Florida
United States
Detached house
64%
62%
55%
61%
Attached house
2%
3%
7%
6%
Building of 2 to 4
12%
6%
6%
8%
Apartments (5 or more)
17%
9%
25%
19%
Mobile home
6%
20%
8%
6%
Boat, RV and other
Unreliable estimate
0%
0%
0%
In Lake Wales, 6 in 10 homes are single-family detached houses, about the same as in Polk County.
Year built
Before 19601960–19791980–19992000–20092010 or later
Lake Wales
Polk County
Florida
United States
Year built: Lake Wales and its comparisons
Measure
Lake Wales
Polk County
Florida
United States
Before 1960
17%
10%
10%
26%
1960–1979
21%
20%
24%
24%
1980–1999
24%
31%
34%
25%
2000–2009
27%
21%
18%
14%
2010 or later
12%
18%
14%
11%
The typical year built in Lake Wales is 1991, about the same as in Polk County (1992).
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limitUnreliable estimate
Under $100K17%
$100K–$200K17%
$200K–$300K34%
$300K–$500K25%
$500K–$750KUnreliable
FHA limit: $541,287
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Lake Wales and its comparisons
Measure
Lake Wales
Under $100K
17%
$100K–$200K
17%
$200K–$300K
34%
$300K–$500K
25%
$500K–$750K
Unreliable estimate
$750K–$1M
Unreliable estimate
$1M or more
Unreliable estimate
With an FHA limit of $541,287, at least 93% of owner-occupied homes in Lake Wales sit below it: they are worth less than $500,000.
Monthly rent with utilities
Under the limitOver the limitUnreliable estimate
Under $50012%
$500–$99926%
$1,000–$1,49943%
$1,500–$1,99913%
HUD fair market rent, 2 bedrooms: $1,608
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Lake Wales and its comparisons
Measure
Lake Wales
Under $500
12%
$500–$999
26%
$1,000–$1,499
43%
$1,500–$1,999
13%
$2,000–$2,499
Unreliable estimate
$2,500–$2,999
Unreliable estimate
$3,000 or more
Unreliable estimate
HUD's 2-bedroom fair market rent (FMR) for Polk County is $1,608; about 84% of rents in Lake Wales are below it.
With a mortgage
$1,504 a month
Polk County: $1,716 a month
Without a mortgage
$569 a month
Polk County: $545 a month
Owners with a mortgage
56%
Polk County: 56%
In Lake Wales, 56% of owners have a mortgage, and their typical cost is $1,504 a month, against $1,716 in Polk County. Without one it drops to $569.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Lake Wales+43%
Polk County+77%
Florida+67%
United States+53%
Typical rent
Lake Wales+35%
Polk County+39%
Florida+42%
United States+33%
Typical household income
Lake Wales+28%
Polk County+30%
Florida+34%
United States+29%
Change since 2015–2019: Lake Wales and its comparisons
Measure
Lake Wales
Polk County
Florida
United States
Typical home value
+43%
+77%
+67%
+53%
Typical rent
+35%
+39%
+42%
+33%
Typical household income
+28%
+30%
+34%
+29%
Homes in Lake Wales gained value more slowly than in Polk County: 43% since 2015–2019, against 77%.
Since 2015–2019, the typical rent in Lake Wales rose 35%, less than in Polk County (39%).
Housing prices ran ahead of income in Lake Wales: typical income rose 28%, against +43% for home values and +35% for rent.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Lake Wales and its comparisons
Measure
Lake Wales
Polk County
Florida
United States
Rental vacancy
Unreliable estimate
5.1%
7.6%
5.5%
Homeowner vacancy
Unreliable estimate
1.5%
1.4%
0.9%
More than one person per room
3.3%
3.4%
3.3%
3.4%
People per household
2.37
2.68
2.51
2.53
Drive alone
74%
75%
70%
69%
Carpool
13%
9%
9%
9%
Public transit
Unreliable estimate
0%
1%
3%
Walk or bike
Unreliable estimate
2%
2%
3%
Work from home
9%
12%
16%
15%
Other means
Unreliable estimate
2%
2%
2%
Typical commute
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
In Lake Wales, 3.3% of households live with more than one person per room, about the same as in Polk County.
Households in Lake Wales are smaller: 2.37 people on average; in Polk County, 2.68.
In Lake Wales, 13% of workers share a car to get to work; in Polk County, 9%.
Do the math
What would you pay each month for a home in Lake Wales?
A typical home costs more than the typical income allows
We start with a typical home in Lake Wales, worth $239,300, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 42% of the typical household income in Lake Wales, which is $56,347 a year. For that payment to be 28% of income, a household would need to earn about $84,804 a year.
The calculator's FHA and conventional loan limits are those of all of Polk County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Lake Wales. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $8,376 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$1,979
at 7.18% · 30 years
Loan amount
$234,965
Total interest
$338,060
Paid off in
November 2056
Includes $4,041 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,315 a month
Tight
$1,315 to $1,690 a month
Hard
more than $1,690 a month
Your payment · 42%
Compared with the typical household income in Lake Wales ($56,347 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,592
Property tax
$182
Home insurance
$100
FHA mortgage insurance (MIP)
$106
You need at least $8,376 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $1,979; principal and interest $1,592.
The city and its county
Lake Wales and Polk County
Lake Wales is in Polk County, Florida. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Lake Wales
Map of Polk County, Florida, with Lake Wales marked. Around it, the neighboring counties.
Lake Wales
Polk County
Other cities with a page
Lake Wales's own numbers
Typical home value
$239,300
Typical monthly rent
$1,110
Typical yearly household income
$56,347
Households that own their home
59%
Effective property tax rate
0.91%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Polk County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,608
Price change over 5 years (FHFA)
+58%
Homes in a high flood-risk zone
3.9%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Polk County.
A typical home in Lake Wales is worth $239,300: 10% below the county and 33% below Florida. With the typical household income in Lake Wales ($56,347 a year), a typical home costs 4.2 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Lake Wales4.2 years
Polk4.0 years
Florida4.8 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Polk County
According to FHFA’s house price index, home prices in Polk County rose 141% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Polk County.
Yearly change in FHFA’s price index in Polk County, 2016 to 2025
2016: +8.8% +8.8% 2016
2017: +9.9% +9.9% 2017
2018: +10.8% +10.8% 2018
2019: +7.0% +7.0% 2019
2020: +7.2% +7.2% 2020
2021: +16.6% +16.6% 2021
2022: +23.5% +23.5% 2022
2023: +8.6% +8.6% 2023
2024: +2.4% +2.4% 2024
2025: −1.2% −1.2% 2025
Change in FHFA’s price index in Polk County, Florida and the United States
Period
County
Florida
U.S.
Last year (2025)
−1.2%
−0.5%
+2.9%
5 years (2020–2025)
+58%
+60%
+47%
10 years (2015–2025)
+141%
+127%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Lake Wales next to Polk County, Florida and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Lake Wales$239,300
Polk$266,500
Florida$359,000
United States$332,700
Typical monthly rent
Lake Wales$1,110
Polk$1,363
Florida$1,669
United States$1,413
Typical yearly household income
Lake Wales$56,347
Polk$65,978
Florida$74,568
United States$80,734
See the full table
Lake Wales next to Polk County and Florida
Measure
Lake Wales
Polk County
Florida
U.S.
Typical home value
$239,300 ▼10% below the county
$266,500
$359,000
$332,700
Typical monthly rent
$1,110 ▼19% below the county
$1,363
$1,669
$1,413
Typical yearly household income
$56,347 ▼15% below the county
$65,978
$74,568
$80,734
Households that own their home
59% ▼11 points below the county
70%
68%
65%
Typical yearly property tax
$2,171 ▲12% above the county
$1,933
$2,730
$3,119
Effective property tax rate
0.91% ▲0.18 points above the county
0.73%
0.76%
0.94%
Renters with high rent for their income
67% ▲13 points above the county
54%
60%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Polk County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Lake Wales
For a typical $239,300 home in Lake Wales, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Lake Wales's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$1,979a month
Least cash to close
Down payment
$8,376
Cash to close
$15,555
Rate
7.18%
Mortgage insurance
FHA MIP · $106
Conventional, 5% down$1,935a month
Down payment
$11,965
Cash to close
$19,144
Rate
7.18%
Mortgage insurance
PMI · $114
Conventional, 20% down, no PMI$1,578a month
Down payment
$47,860
Cash to close
$55,039
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,799a month
Down payment
$35,895
Cash to close
$43,074
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Lake Wales
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$1,979
$8,376
$234,966
7.18%
FHA MIP · $106
$15,555
580
Conventional, 5% down
$1,935
$11,965
$227,335
7.18%
PMI · $114
$19,144
620*
Conventional, 20% down, no PMI
$1,578
$47,860
$191,440
7.18%
None
$55,039
620*
ITIN, 15% down (example)
$1,799
$35,895
$203,405
8.18%
None
$43,074
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Lake Wales is $1,110 a month: 19% below the county. In Lake Wales, 67% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Polk County, by unit size. To pay the 2-bedroom one ($1,608 a month) without spending more than 30% of your income, you would need to earn $30.92 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Polk County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,258
$24.19
$50,320
1 bedroom
$1,338
$25.73
$53,520
2 bedrooms
$1,608
$30.92
$64,320
3 bedrooms
$2,212
$42.54
$88,480
4 bedrooms
$2,688
$51.69
$107,520
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Lake Wales
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Lake Wales has 3 ZIP codes with their own.
For 2 bedrooms it runs from $1,350 in 33853 to $1,510 in 33859.
None is above the fair market rent for Polk County ($1,608).
2-bedroom fair market rent in each of the 3 ZIP codes of Lake Wales, beside the one for Polk County. For 2 bedrooms it runs from $1,350 in 33853 to $1,510 in 33859. None is above the fair market rent for Polk County ($1,608).
2-bedroom fair market rent in each ZIP code
Each line is one ZIP code: in color, those above the county's fair market rent; in gray, the rest.
County: $1,608
Lowest: $1,350 (33853)Highest: $1,510 (33859)
Fair market rent by ZIP code and size in Lake Wales, fiscal year 2027.
33853
$1,110
$1,110
$1,350
$1,830
$2,260
33859
$1,180
$1,260
$1,510
$2,080
$2,520
33898
$1,110
$1,180
$1,420
$1,950
$2,370
ZIP code2 bd3 bd
33853 $1,350$1,830
33859 $1,510$2,080
33898 $1,420$1,950
3 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Lake Wales when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
HUD lists 5 buildings with rents for lower incomes in Lake Wales. These are the largest.
Tower Point101 Tower Point Cir, Lake Wales 33859192 low-income homes · 2 bd: 96 · 3 bd: 80 · 4 bd: 16 · In service since 2003 · For families
Grove Manor100 W Sessoms Ave, Lake Wales 33853140 low-income homes · Run by Lake Wales Housing Authority · Average payment: $309 a month(863) 676-7414
Lake Wales Gardens504 4th St S, Lake Wales 3385396 homes, 87 low-income · For families(863) 676-8648
Orangemont Village410 Winston Ave, Lake Wales 3385353 low-income homes
Sunrise Park Apartments - Phase I212 Sunrise Pkwy, Lake Wales 3385372 homes, 32 low-income · Run by Lake Wales Housing Authority · Average payment: $508 a month · Average wait: 85 months(863) 676-7414
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
There is 1 HUD-approved agency with an office in Polk County; 1 says it serves in Spanish.
No down payment, repair or rent-help program on our list is for Lake Wales or Polk County. The ones below are statewide in Florida: they work in Lake Wales the same as in the rest of the state.
Florida Housing second loan with no interest and no monthly payments, repaid when you sell or refinance.Offered by Florida Housing Finance Corporation.
No legal help resource on our list is for Lake Wales or Polk County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Lake Wales and all of Polk County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Lake Wales?
The typical home value in Lake Wales is $239,300, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Polk County it is $266,500.
How much does it cost to rent in Lake Wales?
Typical rent in Lake Wales is $1,110 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Polk County is $1,608.
What is the FHA loan limit in Lake Wales?
Lake Wales uses the FHA limit for all of Polk County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Lake Wales?
The typical homeowner in Lake Wales pays $2,171 a year, according to the U.S. Census Bureau. That is 0.91% of the home’s value; in Polk County, the rate is 0.73%.
Where can I find free help to buy or rent in Lake Wales?
There is 1 HUD-approved counseling agency with an office in Polk County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.
