For generations, conventional wisdom has held that households should spend no more than 30% of their income on housing. Mortgage lenders use it as a qualification ratio and landlords often require proof that applicants earn triple the monthly rent.
But for many Lakeland renters, staying under 30% is nearly impossible, especially young people entering the housing market for the first time.
Often, one income isn’t enough
The median gross rent for a two-bedroom home in Lakeland was $1,399 in 2023, according to the most recent figures from the U.S. Census Bureau. That figure includes all types of housing.
The reality at local apartment complexes is often substantially higher.
For $1,399 to be 30% of a renter’s income, they would have to earn at least $26.90 an hour or $55,960 a year. Many local jobs pay less than that.
The graphic below shows a range of typical wages in Lakeland based on job postings by major employers, 2025 data from ZipRecruiter and 2023 data from the U.S. Bureau of Labor Statistics.
Rents have risen faster than wages
Lakeland’s rental market cooled slightly in 2024, with indexes showing a modest 2.27% increase in average rents over 2023. But the two preceding years had increases of 14.02% and 9.36% respectively, according to census data.
Increasing housing costs have put financial stress on many local renters whose wages haven’t kept up.
Some have sacrificed other types of spending, taken on roommates or moved back in with parents. In extreme cases, renters have faced eviction and become homeless.
“The biggest population [of homeless individuals] that we’re seeing grow — and it’s really sad — is the elderly. Because their incomes are not going up, but the rent is,” said Bridget Engleman, executive director of the Homeless Coalition of Polk County.
In Florida, there is no legal limit or cap on how much landlords can raise rent each year, as long as they give reasonable notice and wait until the end of the lease term.
How to get help
If you are sleeping outside, staying in your car, living in a motel, facing eviction or “doubled up” with family or friends, the Homeless Coalition of Polk County might be able to help.
- Visit polkhomeless.org
- Call (863) 687-8386
- Email prevention@polkhomeless.org
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.
