Lake Wales renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in Lake Wales is about $1,040 per month. This puts it in the 43rd percentile compared to the state average cost of rent, which is $1,453. Households in Lake Wales have a median income of $3,967 per month so the average renter in Lake Wales is spending roughly 26% of their earnings on housing.
Nationally, and in Lake Wales, home values are the data point most closely correlated with the cost of rent. The median price of a home in Lake Wales is $165,168 right now, which is higher than nearby cities, meaning that rents in Lake Wales also tend to be higher versus these nearby cities.
Higher rent prices are common in the northwestern parts of Lake Wales while lower rent rates are often available in northern areas.
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