Lake Wales, FL Cost Of Living
Cost Of Living In Lake Wales, FL Summary
Cost of living in Lake Wales research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Lake Wales is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Florida, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Lake Wales is 98, with 100 being the average.
The cost of living index in Lake Wales is 1.0x lower than the national average.
Lake Wales ranks as the #128 cheapest in Florida out of 459.
Lake Wales ranks as the #2,372 cheapest out of 6,489 in the US.
The median home value in Lake Wales is $244,807.
The median income in Lake Wales is $55,799.
Table Of Contents
Lake Wales's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Lake Wales, FL?
According to the most recent data on the cost of living, Lake Wales has an overall cost of living index of 98, which is 1.0x lower than the national index of 100.
Compared to Florida, Lake Wales has a cost of living index that's 1.0x higher than Florida's index of 97.
The standard of living in Lake Wales ranks as #128 most affordable out of the 459 places we measured in Florida. By definition, that implies Lake Wales ranks as the #331 most expensive place in the Sunshine State.
For more reading on life in Lake Wales, check out:
In Florida
In America
Lake Wales Cost Of Living Vs. Florida
Six factors go into calculating the cost of living index in Lake Wales. Here is how it fairs on each of the criteria:
The Services index in Lake Wales is 101.
The Groceries index in Lake Wales is 100.
The Health index in Lake Wales is 91.
The Housing index in Lake Wales is 97.
The Transportation index in Lake Wales is 94.
The Utilities index in Lake Wales is 91.
| Living Expense | Lake Wales | Florida | National Average | |
|---|---|---|---|---|
| Overall | 98 | 97 | 100 | |
| Services | 101 | 96 | 100 | |
| Groceries | 100 | 99 | 100 | |
| Health | 91 | 98 | 100 | |
| Housing | 97 | 96 | 100 | |
| Transportation | 94 | 97 | 100 | |
| Utilities | 91 | 95 | 100 | |
Lake Wales, FL Housing Cost Breakdown
Housing swings affordability the most between places in Florida, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Lake Wales is $244,807.
The Median Rent in Lake Wales is $1,060.
The Median Income in Lake Wales is $55,799.
The Home Value To Income in Lake Wales is 4.4x.
The Rent To Monthly Income in Lake Wales is 0.23x.
| Statistic | Lake Wales | Florida | United States |
|---|---|---|---|
| Median Home Value | $244,807 | $377,066 | $303,400 |
| Median Rent | $1,060 | $1,564 | $1,348 |
| Median Income | $55,799 | $71,711 | $78,538 |
| Home Value To Income | 4.4x | 5.3x | 3.9x |
| Rent To Monthly Income | 0.23x | 0.26x | 0.21x |
Median Home Value
Median Rent
Median Income
Lake Wales, FL Costs By Category
Detailed Lake Wales Services Costs Vs. Florida
| Item | Lake Wales | Florida |
|---|---|---|
| Shampoo | $1.48 | $1.28 |
| Movie | $13.54 | $12.13 |
| Bowling | $19.87 | $18 |
| Haircut | $26.53 | $24.26 |
| Beauty Salon | $55.13 | $45.56 |
Detailed Lake Wales Groceries Costs Vs. Florida
| Item | Lake Wales | Florida |
|---|---|---|
| Ground Beef | $6.26 | $5.84 |
| Fried Chicken | $1.4 | $1.57 |
| Milk | $4.58 | $4.67 |
| Potatoes | $5.23 | $4.93 |
| Pizza | $13.13 | $12.09 |
| Beer | $11.07 | $10.41 |
| Toothpaste | $3.84 | $3.7 |
Detailed Lake Wales Health Costs Vs. Florida
| Item | Lake Wales | Florida |
|---|---|---|
| Optometrist | $118.44 | $125.68 |
| Doctor | $137.0 | $135.78 |
| Dentist | $125.36 | $113.29 |
Detailed Lake Wales Transportation Costs Vs. Florida
| Item | Lake Wales | Florida |
|---|---|---|
| Gasoline | $3.39 | $3.46 |
| Tire Balancing | $57.07 | $59.92 |
Detailed Lake Wales Utilities Costs Vs. Florida
| Item | Lake Wales | Florida |
|---|---|---|
| All Electricity | $190.71 | $193.99 |
| Phone | $194.67 | $192.25 |
Lake Wales SnackAbility
/10
Cost Of Living In Cities Around Lake Wales
The cost of living varies in the cities and towns around Lake Wales. Here's a quick look at the cost of living in the most populous nearby places:
Poinciana, FL has a cost of living index of 102, 1.0x Lake Wales.
Winter Haven, FL has a cost of living index of 97, 1.0x Lake Wales.
Bartow, FL has a cost of living index of 95, 1.0x Lake Wales.
| City | Population | Cost Of Living | Vs. Lake Wales |
|---|---|---|---|
| Poinciana, FL | 71,665 | 102 | 1.0x |
| Winter Haven, FL | 52,846 | 97 | 1.0x |
| Bartow, FL | 19,801 | 95 | 1.0x |
| Auburndale, FL | 17,438 | 96 | 1.0x |
| Highland, IL | 10,268 | 92 | 0.9x |
| Cypress Gardens, FL | 10,013 | 99 | 1.0x |
| Dundee, FL | 5,604 | 93 | 0.9x |
