Lake Wales cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexLake WalesFloridaNational
Cost of living index90100100
IndexLake WalesFloridaNational
Goods & Services index98101100
Groceries index107105100
Health care index9697100
Housing index6795100
Transportation index103105100
Utilities index91102100
The above illustration supplies generalized information for the Lake Wales, FL cost of living index. Compared to other cities in Florida and cities across the country, the cost of living index in Lake Wales, FL is 90, which is 10% lower than the Florida average and 10% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Lake Wales, FL are 3% lower than the average for Florida and 2% lower than the rest of the country.

Did you know?

  • The cost of living in Lake Wales is 10% lower than the Florida average.
  • The cost of living in Lake Wales is 10% lower than the national average.
  • The cost of housing in Lake Wales is 33% lower than the national average.
  • Florida general sales tax is 18% higher than the national average.
  • Florida state income tax is 100% lower than the national average.

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Compare Lake Wales, FL Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
The salary calculator is meant to help you compare your salary in Lake Wales, FL to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Lake Wales, FL, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Lake Wales, FL salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$49,296$4,108$1,150$1,479
Renters$21,070$1,756$492$632
If you want to find a good determining factor for the cost of living and the general affordability of housing in Lake Wales, FL, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Lake Wales, FL, the median monthly income is $49,296 for those who own their own homes. Under the standard rule, that income level would allow for $1,150 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $21,070, per the median income in the area. That would allow for renters to spend up to $492 on monthly rental expenses.

Florida Sales Tax

StateGeneral Sales TaxWith Max Surtax
Florida6%7.5%

Florida Income Tax

StateIncome Tax (Low)Income Tax (High)
Florida0%0%
The Florida sales tax and Florida income tax rates should definitely be considered when determining the overall cost of living in Lake Wales, FL. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Florida sales tax is 6% and the maximum surtax is 7.5%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Florida income tax rates range from 0% to 0%.

Goods & Services

ItemLake WalesNational avg.Difference
Haircut $13.83$14.595.2%
Beauty Salon $41.14$34.6818.6%
Toothpaste $3.11$2.4725.7%
Shampoo $0.94$1.028.0%
Movie $10.40$9.875.4%
Bowling $4.78$4.398.8%

Groceries

ItemLake WalesNational avg.Difference
Ground Beef $4.76$4.486.3%
Fried Chicken $1.49$1.461.8%
Milk $2.76$2.3617.1%
Potatoes $3.61$3.0617.9%
Pizza $10.11$9.249.4%
Beer $8.51$8.631.4%

Health Care

ItemLake WalesNational avg.Difference
Optometrist $65.50$99.7834.4%
Doctor $88.80$105.0315.5%
Dentist $88.80$88.700.1%
Ibuprofen $9.98$9.416.0%
Lipitor $314.74$298.505.4%

Housing

ItemLake WalesNational avg.Difference
Home Price $108,300.00$175,700.0038.4%
Avg. Mortgage Payment $1,021.34$1,081.035.5%
Apartment Rent $735.00$920.0020.1%

Transportation

ItemLake WalesNational avg.Difference
Gasoline $2.14$2.092.5%
Tire Balancing $47.37$45.294.6%

Utilities

ItemLake WalesNational avg.Difference
All Electricity$178.86$170.804.7%
Phone $20.01$28.2629.2%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Wahneta, FL5,00083-17%
Frostproof, FL3,03084-16%
Inwood, FL6,46885-15%
Dundee, FL3,83386-14%
Fort Meade, FL5,74586-14%
Lake Wales, FL14,66590-10%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Tenafly, NJ14,672203103%
Jacksonville, TX14,65480-20%
Somerton, AZ14,67995-5%
Canton, IL14,65084-16%
Ramsey, NJ14,65015252%
Lake Wales, FL14,66590-10%
Source: The Lake Wales, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.