Cost of Living in Lake Alfred, FL

With a cost of living index of 94, Lake Alfred, FL is slightly more affordable than average. Living here is 6% cheaper than the national average and 17% below the Florida state average of 110. Lake Alfred is a smaller community of 6,803 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Lake Alfred's cost of living. The median monthly rent is $1,348 (2% above the US median of $1,319), and the median home value sits at $226,800 (26% below the national median of $304,900). At current prices, the median home costs roughly 3.3x the median household income — a moderately affordable ratio by today's standards.

The median household income in Lake Alfred is $68,854, which is 8% lower than the national median of $75,149. Residents spend roughly 23% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Lake Alfred. The area sees an average annual temperature of 74.6°F, with summers averaging 84°F and winters around 64°F. Annual rainfall totals 46.1 inches spread over roughly 128 days.

Everyday prices in the Lakeland-Winter Haven, FL (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.