Lake Wales, FL—33853
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lake Wales, FL
As of Oct '25, the median home price in Lake Wales, FL is $219,000, with a year-over-year change of -3.8%. This indicates that home prices in Lake Wales, FL are decreasing. According to Zillow, the 1-year price projection is 0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $219,000 | -3.8% |
| Single Family | $221,000 | -3.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $149,000 | -7.5% |
3 Bed | $234,000 | -3.7% |
4 Bed | $292,000 | -2.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Lake Wales, FL
As of July '25, Rentcast reports the average rent in Lake Wales, FL is $1,420, with a year-over-year rent change of 0.0%. Per bedroom, the median rent as of July '25 in Lake Wales, FL is studios: $790, 1-bedrooms: $861, 2-bedrooms: $1,070, 3-bedrooms: $1,660, 4-bedrooms: $2,050. The most common rental property sizes in Lake Wales, FL are 2-bedroom and 1-bedroom, accounting for 34.2% and 27.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,350 | $1,420 |
| Studio Rent | $775 | $790 |
| 1 Bed Rent | $850 | $861 |
| 2 Bed Rent | $1,200 | $1,070 |
| 3 Bed Rent | $1,550 | $1,660 |
| 4 Bed Rent | $2,100 | $2,050 |
% of Rental Stock
Property Listings — Lake Wales, FL
As of Oct '25, Realtor.com reports that the median days on market for a home in Lake Wales, FL is 69. This is a decrease of 0.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $254,000 | 1.0% |
Listing Count | 81 | 13.0% |
| Listings as % of Homes | 1.1% | 13.0% |
Days on Market | 69 | 0.0% |
Demographics — Lake Wales, FL
As of the latest ACS Survey released in 2023, Lake Wales, FL has a population of 12,400, which has increased by 1.1% over the past 5 years. Lake Wales, FL is a moderately popular place for families, as children make up 25.0% of the population. The area has a poorly educated workforce, with 18.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 12,400 | 1.1% |
% Under 18 | 25.0% | -12.0% |
% Seniors | 18.1% | 8.4% |
% WFH | 4.9% | -12.5% |
% w/ College Degree | 18.7% | 8.7% |
As of the latest ACS Survey released in 2023, Lake Wales, FL is a predominantly white area, with 42.2% of the population identifying as white. The white population has shrunk by 17.7% in the last 5 years. The second most common race or ethnicity in Lake Wales, FL is hispanic, making up 36.4% of the population. Foreign-born residents account for 9.8% of the population in Lake Wales, FL, and this percentage has increased by 36.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 42.2% | -17.7% |
% Black | 19.1% | -29.3% |
% Hispanic | 36.4% | 92.6% |
% Asian | 0.6% | ∞% |
% Foreign Born | 9.8% | 36.1% |
Mortgage and Risk — Lake Wales, FL
According to HUD data as of 2023, there were 248 mortgage originations in Lake Wales, FL, of which 57.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 42.0% above 90% LTV (very high). This implies large mortgage risk in Lake Wales, FL. Investor activity is low, as 3.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 248 |
% Conventional Loans | 57.0% |
% Government Loans | 43.0% |
% Investor Loans | 3.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Lake Wales, FL
As of 2024, the percent of homes in Lake Wales, FL under the Section 8 program is 8.1%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Lake Wales, FL, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 339 |
Total Units Section 8 | 167 |
% Rentals under Section 8 | 8.1% |
% Occupied Section 8 | 89.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $70 | $850 | $920 |
| 2 Bedroom | -$70 | $1,200 | $1,130 |
| 3 Bedroom | -$30 | $1,550 | $1,520 |
| 4 Bedroom | -$190 | $2,100 | $1,910 |
Affordability — Lake Wales, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.5 |
| Median Home Price | $219,000 |
| Median Household Income | $40,900 |