| Index | Lake Wales | Florida | National |
| Cost of living | 101 | 102 | 100 |
| Groceries | 101 | 102 | 100 |
| Health care | 102 | 104 | 100 |
| Housing | 96 | 97 | 100 |
| Transportation | 102 | 103 | 100 |
| Utilities | 109 | 110 | 100 |
| Lifestyle & Entertainment | 101 | 104 | 100 |
| Household Items | 102 | 102 | 100 |
| Education & Childcare | 109 | 106 | 100 |
Understanding the cost of living in Lake Wales can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Lake Wales cost of living index is 101, which is 1% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
The cost of living in Lake Wales aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, household expenses, health care and utility bills are priced at a level consistent with the average in similar urban areas. Lake Wales residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
Is Lake Wales an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Lake Wales is 2.1% lower than the national average, while the average monthly rent prices are 7.8% lower than average. The affordability of any location can also be influenced by median income levels. Lake Wales has a median household income of $71,754, which is 11.8% lower than the national average.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Lake Wales, the healthcare costs are 2.4% higher than the national average.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Lake Wales, the groceries index is 0.5% higher than the national average.
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Lake Wales, the housing index stands at 3.8% lower than the national average.
The Lake Wales cost of living data displayed above uses a U.S. average baseline of 100 to provide a practical way to compare living expenses across cities. Housing estimates incorporate U.S. Census home price and rental data, while all other values are generated using AI-assisted models based on everyday expense expectations, regional pricing trends, climate, transportation patterns, and local economic conditions. These values are designed for directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $94,830 | $7,903 | $2,213 | $2,845 |
| Renters | $45,831 | $3,819 | $1,069 | $1,375 |
| State | General Sales Tax | With Max Surtax |
| Florida | 6% | 7.5% |
| State | Income Tax (Low) | Income Tax (High) |
| Florida | 0% | 0% |
| City | Population | Cost of Living Index | National Avg. |
| Wahneta, FL | 4,120 | 86 | 14.1% |
| Frostproof, FL | 3,285 | 88 | 11.6% |
| Inwood, FL | 7,469 | 90 | 9.9% |
| Fort Meade, FL | 6,360 | 90 | 9.7% |
| Crooked Lake Park, FL | 1,644 | 91 | 9.4% |
| Lake Wales, FL | 16,926 | 101 | 1.1% |
| City | Population | Cost of Living Index | National Avg. |
| Gainesville, TX | 16,922 | 88 | 11.6% |
| Country Club Hills, IL | 16,930 | 98 | 1.7% |
| Douglas, AZ | 16,920 | 89 | 10.7% |
| East Riverdale, MD | 16,911 | 119 | 19.2% |
| Four Corners, OR | 16,909 | 109 | 9.2% |
| Lake Wales, FL | 16,926 | 101 | 1.1% |
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