Wallace, FL
Population 3,965 · Florida
About Wallace, FL
Wallace is a small town located in Florida with a population of 3,965 residents according to the latest US Census Bureau American Community Survey data. The median household income is $115,216 per year, which is 53% above the national median of $75,149. The median age of 35.9 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Wallace features a median home value of $377,600, which is 54% above the national median of $244,900. This places Wallace in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,394, 20% above the national average of $1,163/month. Of the 1,353 total housing units, 94% are owner-occupied (1,271 units) and 6% are renter-occupied (82 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Wallace shows an unemployment rate of 0.1%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 7.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Wallace have an average one-way commute time of 42.3 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
48.6% of Wallace residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 0.4% White, 0.6% Hispanic or Latino, 0.3% Black or African American, and 0.8% Asian residents, with 6.6% of the population being foreign-born.
How Wallace Ranks in Florida
Cost of Living in Wallace, FL
Compared to national averages, Wallace has a median household income of $115,216 (53% above the national median of $75,149). Home values average $377,600, which is 54% above the national median. Monthly rent at $1,394 is 20% above the US average of $1,163. Within Florida, Wallace's income is 52% above the state average of $75,893, and home values are 7% above the state median of $353,675.
Why Live in Wallace, FL?
Wallace offers a strong local economy with a median household income of $115,216, well above the national average, and a strong job market with an unemployment rate of just 0.1%, and a well-educated community where 48.6% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 7.1%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $377,600. However, Wallace’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Wallace has a population of 3,965 with a median age of 35.9 years. Compare Wallace with other cities to see how it stacks up, or explore all cities in Florida.
Similar Cities Near Wallace
Cities in Florida with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Tangerine | 3,967 | $104,730 | $410,600 | Compare |
| Madeira Beach | 3,937 | $79,798 | $696,400 | Compare |
| Flagler Estates | 3,934 | $73,016 | $188,000 | Compare |
| Pea Ridge | 3,934 | $60,350 | $217,200 | Compare |
| Pine Manor | 3,929 | $45,610 | $270,600 | Compare |
| West Bradenton | 4,017 | $110,072 | $384,100 | Compare |
| Mary Esther | 4,034 | $76,510 | $255,300 | Compare |
| Tierra Verde | 4,051 | $148,785 | $767,900 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Florida
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Wallace With Other Cities
Frequently Asked Questions about Wallace
What is the population of Wallace, FL?
The population of Wallace, FL is 3,965 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Florida.
What is the median household income in Wallace?
The median household income in Wallace, FL is $115,216 per year, which is 53% above the national median of $75,149.
What is the median home value in Wallace?
The median home value in Wallace, FL is $377,600, which is 54% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Wallace?
The median monthly rent in Wallace, FL is $1,394, which is 20% above the national average of $1,163/month.
What is the unemployment rate in Wallace?
The unemployment rate in Wallace, FL is 0.1%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Wallace, FL a good place to live?
Wallace offers above-average incomes, a competitive housing market, and a strong job market. With a population of 3,965 and a median age of 35.9, the city appeals to a broad range of residents.
How educated is Wallace, FL?
48.6% of residents in Wallace aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Wallace?
Key cost-of-living indicators for Wallace, FL: median home value is $377,600 (54% above national), median rent is $1,394/month, and median household income is $115,216. The home-value-to-income ratio is 3.3x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Wallace?
The poverty rate in Wallace, FL is 7.1%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Wallace, FL?
Wallace's population is 0.4% White, 0.6% Hispanic or Latino, 0.3% Black or African American, 0.8% Asian, and 2.3% two or more races. 6.6% of residents are foreign-born.