South Lakeland home values
South Lakeland at a glance
- Zillow’s Home Value Index puts the typical home at $183,100 (Aug 2026), −3.9% over the past 12 months and +16% over five years.
- The Census median home value is $42,700 — 82% below Lakeland overall and 87% below the U.S. median.
- Median household income is $36,445, so homes cost 1.2× local income.
- Median rent is $1,078/month (a 30.3% gross rental yield).
- Its ZIP ranks 7th of 7 Lakeland ZIP codes by home value.
- These figures are for ZIP 33815, which South Lakeland shares with Downtown Lakeland.
South Lakeland home value trend
Over the 12 months to Aug 2026, typical home values in South Lakeland fell 3.9%, to about $183,100. That is 2.3 percentage points slower than Lakeland (−1.6%). Values are 14.5% below their peak of $214,200 in Jun 2024. Over five years the typical home gained $25,400 in value (+16%).
Year-by-year values
| Month | Typical value | Change vs year before |
|---|---|---|
| Aug 2026 | $183,100 | −3.9% |
| Aug 2025 | $190,600 | −10.8% |
| Aug 2024 | $213,700 | +3.5% |
| Aug 2023 | $206,400 | +0.7% |
| Aug 2022 | $205,100 | +30.0% |
| Aug 2021 | $157,700 | +28.3% |
| Aug 2020 | $122,900 | +17.4% |
| Aug 2019 | $104,700 | +20.9% |
| Aug 2018 | $86,600 | +15.2% |
| Aug 2017 | $75,200 | +23.1% |
| Aug 2016 | $61,100 | — |
Source: Zillow Home Value Index (ZHVI), typical value of mid-tier homes, smoothed & seasonally adjusted. Areas with several ZIPs: population-weighted.
South Lakeland home value score
from local value, rent & income
In ZIP 33815, rents are strong relative to prices (a high gross yield), and homes are affordable against local incomes.
How the Value Score is built
Computed figures
A transparent value snapshot — computed from U.S. Census ACS (2023) for this ZIP: home value, gross rent and household income. It is not a market-timing or appreciation forecast.
South Lakeland vs Lakeland, Florida and the U.S.
| South Lakeland | Lakeland | Florida | U.S. | |
|---|---|---|---|---|
| Typical value (Zillow, Aug 2026) | $183,100 | $297,400 | $410,200 | — |
| 1-year change | −3.9% | −1.6% | −1.2% | — |
| 5-year change | +16% | +20% | +22% | — |
| Median home value (Census) | $42,700 | $233,200 | $357,600 | $340,200 |
| Median household income | $36,445 | $70,600 | $75,700 | $78,500 |
| Median gross rent | $1,078/mo | $1,335/mo | $1,666/mo | $1,406/mo |
| Price-to-income ratio | 1.2× | 3.3× | 4.7× | 4.3× |
| Gross rental yield | 30.3% | 6.9% | 5.6% | 5.0% |
| Rent as share of income | 35% | 23% | 26% | 21% |
| Mortgage payment* | $216/mo | $1,179/mo | $1,808/mo | $1,720/mo |
Census figures: U.S. Census Bureau ACS 5-year estimates; areas spanning several ZIPs use population-weighted averages of ZIP medians, and city/state columns cover the ZIPs of the places listed on this site. Zillow: ZHVI. *Principal & interest on the Census median value, 20% down, 6.5% fixed, 30 years.
What it costs to buy a home in South Lakeland
At today’s typical value of $183,100 (Zillow, Aug 2026), a buyer putting 20% down ($36,620) and financing the rest at 6.5% over 30 years would pay about $926 a month in principal and interest — 30% of the median household income here. That is above the common 28% guideline but under 36%, so budgets are stretched but workable for a median earner. The median rent is $1,078/month, so owning is roughly 14% cheaper per month than renting, even before counting equity.
Estimate only: excludes property tax, insurance, HOA and PMI, which vary by property. Incomes and rents are the latest Census (ACS 2023) figures. Run your own numbers in the estimator below.
What this means for buyers, sellers and investors in South Lakeland
Buyers
Homes cost about 1.2× the local median income — affordable by national standards, so first-time buyers have a realistic path in. Prices have eased 3.9% over the past year, which gives buyers more room to negotiate.
Sellers
Values are down 3.9% on the year, so price to today’s market rather than last year’s peak — and get a home-specific estimate: condition and size move the number more than the area average.
Investors
A gross rental yield of 30.3% is strong — rents are high relative to prices, which favours cash-flow investors.
Other neighborhoods in Lakeland
| Name | Home value | 1-yr | Income | Rent | Price / income |
|---|---|---|---|---|---|
| Beacon Hill ZIP 33803 · shared | $236K | −1.9% | $63K | $1,337 | 3.7× |
| Christina | $330K | −0.3% | $97K | $1,637 | 3.4× |
| Cleveland Heights ZIP 33803 · shared | $236K | −1.9% | $63K | $1,337 | 3.7× |
| Dixieland ZIP 33803 · shared | $236K | −1.9% | $63K | $1,337 | 3.7× |
| Downtown Lakeland ZIP 33815 · shared | $43K | −3.9% | $36K | $1,078 | 1.2× |
| Gibsonia | $245K | −1.2% | $70K | $1,407 | 3.5× |
| Grasslands ZIP 33803 · shared | $236K | −1.9% | $63K | $1,337 | 3.7× |
| Highland City | $335K | −0.2% | $101K | $1,520 | 3.3× |
| Kathleen ZIP 33805 · shared | $174K | −3.5% | $56K | $1,179 | 3.1× |
| Lake Hollingsworth ZIP 33803 · shared | $236K | −1.9% | $63K | $1,337 | 3.7× |
| Lake Morton city data | $139K | −1.1% | $49K | $1,100 | 2.8× |
| Medulla | $290K | −2.1% | $86K | $1,256 | 3.4× |
| North Lakeland ZIP 33805 · shared | $174K | −3.5% | $56K | $1,179 | 3.1× |
| South Lakeland ZIP 33815 · shared | $43K | −3.9% | $36K | $1,078 | 1.2× |
| Winston ZIP 33803 · shared | $236K | −1.9% | $63K | $1,337 | 3.7× |
Home value, income and rent: Census ACS medians; 1-yr: Zillow ZHVI change over 12 months. Tap a column heading to sort.
South Lakeland real estate FAQ
Are home prices going up in South Lakeland?
What is the typical home value in South Lakeland?
Is South Lakeland affordable?
How much is rent in South Lakeland?
Is South Lakeland good for rental property investment?
What’s your South Lakeland home worth?
Estimates are informational only and are not an appraisal.
About this data
Data last updated: September 2026.
Current values and trends use the Zillow Home Value Index (ZHVI) — the typical value of mid-tier homes, smoothed and seasonally adjusted — through Aug 2026. It is refreshed monthly.
Median values, incomes, rents, housing stock and commutes come from the U.S. Census Bureau’s American Community Survey (ACS) 5-year estimates at ZIP Code Tabulation Area level. City and state figures are population-weighted averages of their ZIPs.
The Value Score (0–10) blends gross rental yield and price-to-income affordability. It is a value snapshot, not a forecast.
Mortgage figures assume 20% down and a 6.5% fixed 30-year loan, principal and interest only.
These are area-level statistics, not an appraisal of any individual property, and not financial advice.
Sources: U.S. Census ACS · Zillow ZHVI.