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These days, finding an affordable place to live in the Lakeland area can be challenging. Home prices in Lakeland are now at a median cost of $410,466, higher than the Tennessee average of $315,131.
The average cost of rent is $1,991/mo in Lakeland, primarily driven by the current value of real estate in the Lakeland area. In Lakeland, 14.45% of households rent, and 29.17% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Lakeland is $11,423 per month. Households that rent pay about 17.42% of their income on rent here. Lakeland’s most expensive areas are in the eastern regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Arlington, TN: equally priced homes
- Cordova, TN: less expensive homes
- Bartlett, TN: less expensive homes
- Eads, TN: higher priced homes
- Gallaway, TN: less expensive homes
- Millington, TN: less expensive homes
- Oakland, TN: less expensive homes
- Braden, TN: less expensive homes
- Memphis, TN: less expensive homes
- Macon, TN: less expensive homes
Cities with Similar Populations
- Millbury, MA: equally priced homes
- Pulaski, VA: less expensive homes
- Prunedale, CA: higher priced homes
- Prichard, AL: less expensive homes
- Prairie Ridge, WA: higher priced homes
- Potsdam, NY: less expensive homes
- Port St. John, FL: less expensive homes
- Port Jervis, NY: less expensive homes
- Port Clinton, OH: less expensive homes
- Port Allen, LA: less expensive homes
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