Total monthly cost of ownership
Cost to Own a Home in Lake Wales, Florida
A $226,000 home here costs
$1,971per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $84,500 a year.
A standard mortgage calculator would have told you $1,252. The real number is $719 higher every month, 57% more than the payment most buyers budget for.
Compare Polk County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lake Wales against Polk County and Florida
| Measure | Lake Wales | Polk County |
|---|---|---|
| Median home value | $225,900 | $240,000 |
| Median property tax | $1,924 | $1,769 |
| Effective tax rate | 0.852% | 0.737% |
| Median gross rent | $1,060 | $1,272 |
| Population | 16,365 | 760,961 |
The weather behind that power bill
Lake Wales sits in Polk County, which averages a high of 92.9°F in its hottest month and a low of 51.9°F in its coldest, with 46.12" of precipitation a year and 46% of it in a single three-month stretch. That climate drives 3,929 cooling and 421 heating degree days, which is what sets the $166 electricity line above.
See the full climate breakdown for Polk County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Polk County
Talk to someone who works this market
These are Lake Wales averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Lake Wales every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lake Wales I already own here and may sell
Common questions
How much does it cost to own a home in Lake Wales?
A $226,000 home in Lake Wales, Florida costs approximately $1,971 per month with 20% down at 7.4%. That is $1,252 principal and interest, $160 property tax, $137 homeowners insurance, $234 utilities and $188 set aside for maintenance.
What is the property tax rate in Lake Wales?
Lake Wales has an effective property tax rate of 0.852%, based on a median home value of $225,900 and median real estate taxes of $1,924. That is higher than the Polk County average of 0.737%.
What is the average home price in Lake Wales?
The median owner-occupied home value in Lake Wales, Florida is $225,900, against $240,000 across Polk County.
Is it cheaper to rent or buy in Lake Wales?
Median gross rent in Lake Wales is $1,060 a month, against $1,971 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Lake Wales?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lake Wales, Florida at today's rate takes a household income of roughly $84,500 a year. That covers the full $1,971 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lake Wales, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Florida.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.