Quick facts: Lakeland, FL

Quick Facts

107.5
Cost of Living
above US average
120,071
Population
26.79
Crime Rate per 1000
above US average
$58,290
Median Income
below US average
$44,900
Median House Price
above US average
$1372.96
Average Rent
below US average
14%
Poverty Rate
above US average
4.5%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $58,290.

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Income Needed to Buy

βœ“ Affordable
$14k/year
Based on $44,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($58,290) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$59k/year
Based on $1372.96/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $59k vs median $58,290
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Lakeland, FL

Lakeland, Florida, is a vibrant city located in Polk County, situated between Tampa and Orlando. Known for its picturesque lakes, the city boasts over 38 lakes, including Lake Morton and Lake Hollingsworth, which attract both locals and visitors for recreational activities such as boating, fishing, and walking along scenic trails. Founded in the 19th century, Lakeland has a rich history that is reflected in its charming downtown area, showcasing a mix of historic and modern architecture. The central business district features unique boutiques, cafes, and cultural institutions like the Polk Museum of Art, which offers diverse exhibits and programs. Lakeland is also home to Florida Southern College, renowned for its Frank Lloyd Wright-designed campus. The city hosts numerous events throughout the year, including the popular Mayfaire by-the-Lake arts festival and the Lakeland Christmas Parade. The warm climate allows for year-round outdoor activities, making it a great place for sports enthusiasts. With a growing population and robust economy, Lakeland combines small-town charm with urban conveniences, making it an attractive place to live, work, and explore.

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