It’s not just eggs that have gotten more expensive lately. Lakeland renters are spending a larger share of their paychecks on housing, leaving less money for groceries, gas and other bills.
Between 2021 and 2023, the median rent for a two-bedroom home in Lakeland increased by 24.7%, but the median household income in Lakeland only rose by 3.82%, based on the most recent figures from the U.S. Census Bureau.
Many local residents — including essential workers — are feeling the strain.
- Almost two-thirds of Lakeland renters (61.6%) are considered “cost-burdened,” spending more than 30% of their monthly incomes on housing costs.
- More than a fifth of Lakeland renters (22.7%) are “severely cost-burdened,” spending more than 50% of their income on housing costs.
How much is rent in Lakeland?
The median gross rent in Lakeland was $1,466 per month in 2023, according to the Census Bureau’s latest American Community Survey, released in December.
That might seem low to anyone who has shopped for apartments recently at new complexes such as Prospect Lake Wire or Valencia at the Park.
The census data includes all types of rental housing, from single rooms and aging mobile homes to luxury estates.
Longtime renters typically pay less than those starting new leases.
The graphic below shows the range in Lakeland based on surveys of 19,983 renter households. The margin of error was plus or minus $176.
Two-pronged approach to relief
Housing affordability is a challenge nationwide, but Lakeland’s recent growth has exacerbated the imbalance between high demand and limited supply.
City officials are taking a two-pronged approach to bridge the gap.
More affordable housing construction: “Our main focus is increasing the housing supply, and getting more of a variety of income levels,” said Teresa Maio, assistant director of Lakeland Community & Economic Development.
Multifamily projects often cater to renters earning close to the median household income of $76,400.
“But we know that there’s a real need for the lower levels, to increase that supply level, because that’s what’s squeezing out those who are most in need,” Maio said.
The city leverages state and federal funding to offer financial incentives to developers who create units that lower-wage workers can afford.
Higher wages: The other tack is “working with the business and development community to incentivize and retain higher-wage jobs.”
Lakeland’s economy was founded on the railroad, citrus and phosphate industries. But local officials envision a future science and technology hub in the city’s northeast quadrant, anchored by Florida Polytechnic University.
LkldNow’s Insight Polk independent reporting initiative is made possible by the Community Indicators Project with funding by GiveWell Community Foundation & United Way of Central Florida. All editorial decisions are made by LkldNow.
Cindy Glover is a reporter for LkldNow, a nonprofit newsroom providing independent local news for Lakeland. Read at LkldNow.com.
