Market Overview
Home Prices in Lake Wales, FL
The median home value in Lake Wales, FL is $244,759 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 3% compared to a year ago and down 3.1% from two years prior.
Compared to the U.S. national median of $410,000, homes in Lake Wales are priced40% below average. Lake Wales is part of the Lakeland-Winter Haven, FL metro area.
Over the past five years, Lake Wales home values have risen by approximately28.2%, reflecting strong long-term appreciation in this market.
Price History
Lake Wales Home Price Trend
City Comparison
Lake Wales vs. National Median
At $244,759, homes in Lake Wales cost 40% below the national median of $410,000. This makes Lake Wales a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Lake Wales?
20% Down Payment
$48,952
on $244,759
Monthly P&I
$1,277/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,622/mo
incl. taxes & insurance
Income Needed
$64,880
gross annual (30% rule)
10% Down Option
$24,476
+ PMI applies
Loan Amount (20% dn)
$195,807
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Lake Wales, FL?
The median home value in Lake Wales is $244,759 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 3% year-over-year.
How much have home prices changed in Lake Wales?
Over the past year, home values in Lake Wales have decreased by 3%. Over five years, prices have risen approximately 28.2%.
How much do I need to earn to buy a home in Lake Wales?
To comfortably afford the median home price of $244,759 with a 20% down payment ($48,952) at today's rates (6.8%), you'd need a gross annual income of approximately $64,880. This assumes keeping total housing costs at or below 30% of gross income.
How does Lake Wales compare to the national average home price?
The national median home value is approximately $410,000. At $244,759, homes in Lake Wales are 40% below the national average.
What metro area is Lake Wales part of?
Lake Wales is part of the Lakeland-Winter Haven, FL metropolitan area. Home prices and market conditions can vary across the broader metro region.