Lake Wales, FL
Population 16,365 · Florida
About Lake Wales, FL
Lake Wales is a mid-sized city located in Florida with a population of 16,365 residents according to the latest US Census Bureau American Community Survey data. The median household income is $55,799 per year, which is 26% below the national median of $75,149. The median age of 41.1 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Lake Wales features a median home value of $225,900, which is 8% below the national median of $244,900. This positions Lake Wales in a moderately priced market relative to the rest of the country. Median monthly rent is $1,060, 9% below the national average of $1,163/month. Of the 7,961 total housing units, 61% are owner-occupied (3,999 units) and 39% are renter-occupied (2,561 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Lake Wales shows an unemployment rate of 6.3%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 24.4%, above the national average of 12.4%. Workers in Lake Wales have an average one-way commute time of 26.4 minutes.
Education & Demographics
22.0% of Lake Wales residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 8.0% White, 0.9% Hispanic or Latino, 15.3% Black or African American, and 5.3% Asian residents, with 9.7% of the population being foreign-born.
Cost of Living in Lake Wales, FL
Compared to national averages, Lake Wales has a median household income of $55,799 (26% below the national median of $75,149). Home values average $225,900, which is 8% below the national median. Monthly rent at $1,060 is 9% below the US average of $1,163. Within Florida, Lake Wales's income is 26% below the state average of $75,893, and home values are 36% below the state median of $353,675.
Why Live in Lake Wales, FL?
Lake Wales offers affordable housing with a median home value of $225,900, below the US average of $244,900, and rent that’s lower than the national average at $1,060/month.
Potential considerations include median household income ($55,799) that falls below the national average. However, Lake Wales’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Lake Wales has a population of 16,365 with a median age of 41.1 years. Compare Lake Wales with other cities to see how it stacks up, or explore all cities in Florida.
Similar Cities Near Lake Wales
Cities in Florida with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Brownsville | 16,391 | $38,460 | $285,100 | Compare |
| Lady Lake | 16,337 | $47,260 | $217,900 | Compare |
| Three Lakes | 16,426 | $91,364 | $434,800 | Compare |
| Palmetto Estates | 16,587 | $82,199 | $412,200 | Compare |
| Azalea Park | 16,110 | $64,585 | $255,000 | Compare |
| Opa-locka | 16,097 | $31,680 | $281,000 | Compare |
| Myrtle Grove | 16,637 | $63,011 | $182,600 | Compare |
| Niceville | 16,043 | $96,611 | $381,700 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Florida
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Lake Wales With Other Cities
Frequently Asked Questions about Lake Wales
What is the population of Lake Wales, FL?
The population of Lake Wales, FL is 16,365 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Florida.
What is the median household income in Lake Wales?
The median household income in Lake Wales, FL is $55,799 per year, which is 26% below the national median of $75,149.
What is the median home value in Lake Wales?
The median home value in Lake Wales, FL is $225,900, which is 8% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake Wales?
The median monthly rent in Lake Wales, FL is $1,060, which is 9% below the national average of $1,163/month.
What is the unemployment rate in Lake Wales?
The unemployment rate in Lake Wales, FL is 6.3%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Lake Wales, FL a good place to live?
Lake Wales offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 16,365 and a median age of 41.1, the city appeals to a broad range of residents.
How educated is Lake Wales, FL?
22.0% of residents in Lake Wales aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Lake Wales?
Key cost-of-living indicators for Lake Wales, FL: median home value is $225,900 (8% below national), median rent is $1,060/month, and median household income is $55,799. The home-value-to-income ratio is 4.0x, a moderate figure by national standards.
What is the poverty rate in Lake Wales?
The poverty rate in Lake Wales, FL is 24.4%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Lake Wales, FL?
Lake Wales's population is 8.0% White, 0.9% Hispanic or Latino, 15.3% Black or African American, 5.3% Asian, and 19.2% two or more races. 9.7% of residents are foreign-born.