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Let’s Talk Numbers: Is Lakeland, Florida, Expensive to Live in?
One of the biggest considerations for those who want to move to Florida is the cost of living. When we receive inquiries of this type, we often direct them to a little city that has been getting a lot of attention: Lakeland.
But what’s the bottom line? Is Lakeland, Florida, expensive to live in?
In this article, we'll explore the cost of living in Lakeland, its appeal as a place to live, and whether you should consider moving to this charming city.
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Is Lakeland, Florida, a nice place to live?
Lakeland is a hidden gem in Central Florida. It offers a small-town feel with the amenities of a larger city. Its historic downtown area, lined with unique shops and restaurants, adds to its charm.
Situated almost exactly halfway between Tampa and Orlando, the “Swan City” combines cultural richness, outdoor activities, and a strong sense of community, making it an attractive place to live for diverse individuals and families.
Lakeland features include:
- Plenty of nature: The numerous lakes and parks provide ample outdoor activities, creating a peaceful, family-friendly community.
- Community spirit: Lakeland is also well-known for its strong community—residents often participate in local events, festivals, and markets, creating a friendly and inclusive environment.
- Premier schools: The city's educational institutions, like Florida Southern College and Southeastern University, are highly respected, and the local school system is well-regarded.
- City charm: Lakeland has a rich history, a lively arts scene, and easy access to nature, offering its residents a high quality of life.
Should you move to Lakeland, Florida?
Lakeland has experienced significant growth in recent years, particularly in healthcare, education, manufacturing, and retail.
Major employers such as Publix Super Markets, GEICO, and Lakeland Regional Health provide many job opportunities.
With a stable economy and a low cost of living, Lakeland is an attractive option for every type of Florida homebuyer.
Its convenient access to Tampa, Orlando, beaches, and other attractions makes it a strong contender for those considering a move to Florida.
The cost of living in Lakeland, Florida
What’s it going to run you to live in this neighborhood? Factor in the following as you plan your move.
Housing
Lakeland offers a relatively affordable housing market compared to larger Florida cities.
The median home price in Lakeland is around $325,000, lower than the state average and significantly less than nearby cities like Tampa and Orlando.
Residents can find options, including single-family homes and condos, to suit their budget and preferences.
Utilities
Utility costs in Lakeland are comparable to national averages. Residents typically pay around $200 monthly for electricity, water, and garbage services.
The city's mild winters help keep heating costs low, while air conditioning can lead to higher electricity bills during the hot summer.
Groceries and dining
Grocery costs in Lakeland are generally consistent with national averages, with slight variations based on shopping habits.
Dining out is affordable, with meals at mid-range restaurants averaging $10 to $25 per person.
Transportation
Transportation costs are relatively low, especially for vehicle owners. Lakeland gas prices are typically close to the national average, and the city's layout makes driving convenient.
While public transportation is limited, the absence of state income tax helps residents offset some transportation costs.
Healthcare
Healthcare costs in Lakeland are slightly below the national average. The city has several quality healthcare providers, including Lakeland Regional Health, one of the region's largest hospitals.
Education and childcare
Lakeland's public schools are part of the Polk County School District, known for its commitment to quality education. The city also offers several private schools and childcare facilities.
Costs for education and childcare are generally in line with state averages, making Lakeland an attractive option for families.
How to get a mortgage in Lakeland, Florida
If you’re considering moving to Lakeland and purchasing a home, securing a mortgage is a critical step.
MIDFLORIDA has mortgage options for financing your home with a loan that fits your needs.
- Assess your finances: Check your credit score, calculate your debt-to-income ratio, and determine how much you can spend on a home.
- Gather necessary documents: Prepare all necessary documents for your mortgage application, including proof of income, tax returns, bank statements, and identification. Having these documents ready will streamline the application process.
- Explore mortgage options: Each loan has advantages, so it's important to choose the one that best suits your financial goals and circumstances. The most common mortgage is a 30-year conventional. However, MIDFLORIDA offers everything from Conventional to Construction and Jumbo loans.
- Get pre-approved: A pre-approval letter is a simple way to show sellers that you're serious about buying and have the funds to back it up. It also helps you determine how much home you can afford, allowing you to focus your search more effectively.
Start your application with MIDFLORIDA
Lakeland, Florida, offers an attractive combination of affordability, quality of life, and economic opportunities, making it a great place to live.
With its reasonable housing costs, low living expenses, and central location, Lakeland is an ideal destination for those looking to enjoy the benefits of Florida living without the high costs of larger cities.
Once you’re ready, start your mortgage application with MIDFLORIDA. We can help you navigate the entire process from application to closing.
Start your application with MIDFLORIDA to begin your journey and take the first step toward owning a home in Lakeland.
