What HUD offices serve Lake Wales, Florida?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Florida Public Housing and Low-Income Apartments Waiting Lists page for openings near Lake Wales.
How many renters live in Lake Wales, Florida?
The City of Lake Wales has people living in households.
There are renters living in renter households in this City. Renters make up 37.32 percent of the population living in Lake Wales.
What is the rental market like in Lake Wales, Florida?
There are an estimated housing units in the Lake Wales area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Lake Wales, Florida, there are 1.04 rental units.
What is the vacancy rate for rentals in Lake Wales?
The rental vacancy rate in Lake Wales is 3 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Lake Wales for each bedroom size?
Occupied Rental Units by Size in Lake Wales
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 76 | 736 | 1,111 | 674 | 95 |
Occupied Rental Units by Size in Lake Wales
A large number of apartments in Lake Wales have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Lake Wales
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,006 to $2,121. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,006 |
| One BR | $1,012 |
| Two BR | $1,250 |
| Three BR | $1,679 |
| Four BR | $2,121 |
2024 Fair Market Rents in Lake Wales, Florida
How many units are rented at Fair Market Rent (FMR) in Lake Wales?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 67 | 88 percent |
| One BR | 641 | 87 percent |
| Two BR | 698 | 63 percent |
Rental Units Below FMR in Lake Wales, Florida
How many affordable rental units are in Lake Wales?
There are a variety of federal affordable housing programs serving households in Lake Wales, Florida including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | |
| Public Housing | |
| Section 8 Project-Based Rental Assistance | |
| USDA Section 515 Rural Rental Housing |
Tracked Units by Federal Program in Lake Wales, Florida
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Lake Wales, Florida
Lake Wales features 456 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Lake Wales, Florida
There are 224 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Wales.
Housing Choice Vouchers in Lake Wales, Florida
On average, Section 8 Housing Choice vouchers pay Lake Wales landlords $700 per month towards rent. The average voucher holder contributes $400 towards rent in Lake Wales.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Wales, Florida for a two-bedroom apartment is between $1,125 and $1,375.
Sourced from federal housing data and AffordableHousingOnline.com research.