The typical owner-occupied home in Lake Wales is worth about $239,300, 33% below the Florida median of $359,000 and 28% below the national median of $332,700. Owners pay a median $2,171 a year in property taxes, about 0.91% of their home's value, higher than the Florida rate of 0.76%. The median household earns $56,347 a year, so the median home costs 4.2 times the median income (4.8 times for Florida). 59% of occupied homes here are lived in by their owners, and 56% of those owners still have a mortgage.
Lake Wales at a glance
| Lake Wales | Florida | U.S. | |
|---|---|---|---|
| Median home value | $239,300 | $359,000 | $332,700 |
| Median property tax paid per year | $2,171 | $2,730 | $3,119 |
| Property tax as a share of value | 0.91% | 0.76% | 0.94% |
| Median household income | $56,347 | $74,568 | $80,734 |
| Homes lived in by their owners | 59% | 68% | 65% |
| Owner homes with a mortgage | 56% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,504 | $1,959 | $1,963 |
| Those costs as a share of the owners' income | 22.9% | 23.6% | 21.0% |
| Median rent | $1,110 | $1,669 | $1,413 |
| Rent as a share of renters' income | 40.6% | 35.2% | 30.6% |
| Median year homes were built | 1991 | 1988 | 1980 |
| Vacant homes | 15.8% | 14.7% | 10.1% |
| Population | 16,785 | 22,416,077 | 334,922,499 |
What a typical home costs per month in Lake Wales
At this week's average 30-year rate of 7.11%, buying the median Lake Wales home of $239,300 with 20% down costs about $1,569 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,968, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $67,243 for the 20%-down payment. That payment is 33% of the median Lake Wales household income of $56,347; at that income and 20% down, the 28% guideline points to a home of about $201,000.
The median rent here is $1,110 a month, so owning the median home costs about $459 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $47,860 |
|---|---|
| Loan amount | $191,440 |
| Principal and interest | $1,288 |
| Property taxes (0.91% a year) | $181 |
| Homeowners insurance (our estimate, 0.5% a year) | $100 |
| PMI | $0 |
| Total per month | $1,569 |
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| Down payment | $8,376 |
|---|---|
| Loan amount | $234,966 |
| Principal and interest | $1,581 |
| Property taxes (0.91% a year) | $181 |
| Homeowners insurance (our estimate, 0.5% a year) | $100 |
| FHA mortgage insurance | $106 |
| Total per month | $1,968 |
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Questions about home buying in Lake Wales
What is the median home value in Lake Wales?
About $239,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lake Wales?
Homeowners pay a median $2,171 a year, which is about 0.91% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Lake Wales?
For the median home with 20% down at 7.11%, the payment is about $1,569 a month. Keeping that under 28% of gross income takes about $67,243 a year.
More about Lake Wales
- Mortgage Refinance in Lake Wales
- Debt Relief in Lake Wales
- Home Equity Loans in Lake Wales
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data