Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 15,541, 5,427 total housing units (homes and apartments), and a median house value of $111,660, house prices in Lake Wales are solidly below the national average.
Single-family detached homes are the single most common housing type in Lake Wales, accounting for 66.08% of the city's housing units. Other types of housing that are prevalent in Lake Wales include large apartment complexes or high rise apartments ( 16.58%), duplexes, homes converted to apartments or other small apartment buildings ( 10.12%), and a few mobile homes or trailers ( 6.60%).
People in Lake Wales primarily live in small (one, two or no bedroom) single-family detached homes. Lake Wales has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Lake Wales built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lake Wales built between 2000 and later ( 27.22%). A lesser amount of the housing stock also hails from between 1940-1969 ( 26.16%). There's also some housing in Lake Wales built before 1939 ( 10.19%).
Vacant housing appears to be an issue in Lake Wales. Fully 18.92% of the housing stock is classified as vacant. Left unchecked, vacant Lake Wales homes and apartments can be a drag on the real estate market, holding Lake Wales real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Homes have actually lost value in Lake Wales over the last then years, as home values have seen a decline of 19.25% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Lake Wales home appreciation rates at 3.57%, which equates to an annual appreciation rate of 15.08%.
Appreciation rates are so strong in Lake Wales that despite a nationwide downturn in the housing market, Lake Wales real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lake Wales appreciation rates continue to be some of the highest in America, at 23.12%, which is higher than appreciation rates in 99.93% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lake Wales. Lake Wales appreciation rates in the latest quarter were at 3.57%, which equates to an annual appreciation rate of 15.08%.
Importantly, this makes Lake Wales one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Florida, our data show that Lake Wales's latest annual appreciation rate is higher than 90% of the other cities and towns in Florida.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lake Wales differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lake Wales - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lake Wales real estate investment or home purchase decisions.
|$1,121,001 - $1,495,000||0.5|
|$748,001 - $1,121,000||0.4|
|$598,001 - $748,000||0.7|
|$448,001 - $598,000||1.6|
|$299,001 - $448,000||7.3|
|$149,001 - $299,000||31.9|
|$75,001 - $149,000||41.5|
|$0 - $75,000||15.4|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Lake Wales HOMES|
|2000 or Newer||27.2|
|1970 - 1999||36.4|
|1940 - 1969||26.2|
|1939 or Older||10.2|
|TYPE OF Lake Wales HOMES|
|Small Apt. Buildings||10.1|
|SIZE OF Lake Wales HOMES|
|5 or more bedrooms||2.17|