Lake Wales, FL—33859
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 $277,000, with a year-over-year change of -3.7%. This indicates that home prices in Lake Wales, FL are decreasing. According to Zillow, the 1-year price projection is 0.5%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $277,000 | -3.7% |
| Single Family | $280,000 | -3.8% |
| Condos | $129,000 | -8.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $214,000 | -4.5% |
3 Bed | $292,000 | -3.9% |
4 Bed | $307,000 | -3.5% |
| 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 $1,860, with a year-over-year rent change of -10.1%. Per bedroom, the median rent as of July '25 in Lake Wales, FL is studios: $1,120, 1-bedrooms: $1,280, 2-bedrooms: $1,780, 3-bedrooms: $2,090, 4-bedrooms: $2,000. The most common rental property sizes in Lake Wales, FL are 2-bedroom and 3-bedroom, accounting for 47.0% and 24.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,900 | $1,860 |
| Studio Rent | $1,050 | $1,120 |
| 1 Bed Rent | $1,260 | $1,280 |
| 2 Bed Rent | $1,700 | $1,780 |
| 3 Bed Rent | $1,900 | $2,090 |
| 4 Bed Rent | $2,000 | $2,000 |
% 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 83. This is a increase of 27.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $317,000 | -2.0% |
Listing Count | 107 | 45.0% |
| Listings as % of Homes | 0.7% | 45.0% |
Days on Market | 83 | 27.0% |
Demographics — Lake Wales, FL
As of the latest ACS Survey released in 2023, Lake Wales, FL has a population of 10,800, which has increased by 4.5% over the past 5 years. Lake Wales, FL is a moderately popular place for families, as children make up 17.1% of the population. The area has a poorly educated workforce, with 23.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 10,800 | 4.5% |
% Under 18 | 17.1% | -5.5% |
% Seniors | 32.8% | 1.5% |
% WFH | 7.4% | 155.2% |
% w/ College Degree | 23.4% | 74.6% |
As of the latest ACS Survey released in 2023, Lake Wales, FL is a predominantly white area, with 61.2% of the population identifying as white. The white population has shrunk by 13.9% in the last 5 years. The second most common race or ethnicity in Lake Wales, FL is hispanic, making up 25.1% of the population. Foreign-born residents account for 9.9% of the population in Lake Wales, FL, and this percentage has increased by 41.4% 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 | 61.2% | -13.9% |
% Black | 11.6% | -18.3% |
% Hispanic | 25.1% | 81.9% |
% Asian | 0.4% | 0.0% |
% Foreign Born | 9.9% | 41.4% |
Mortgage and Risk — Lake Wales, FL
According to HUD data as of 2023, there were 81 mortgage originations in Lake Wales, FL, of which 51.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 48.0% above 90% LTV (very high). This implies large mortgage risk in Lake Wales, FL. Investor activity is low, as 2.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 81 |
% Conventional Loans | 51.0% |
% Government Loans | 49.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 15.0% |
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 1.1%. 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. In Lake Wales, FL, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 12 |
Total Units Section 8 | 12 |
% Rentals under Section 8 | 1.1% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$300 | $1,260 | $960 |
| 2 Bedroom | -$530 | $1,700 | $1,170 |
| 3 Bedroom | -$330 | $1,900 | $1,570 |
| 4 Bedroom | -$40 | $2,000 | $1,960 |
Affordability — Lake Wales, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.7 |
| Median Home Price | $277,000 |
| Median Household Income | $61,900 |