Wallace, IN
Population 136 · Indiana
About Wallace, IN
Wallace is a small community located in Indiana with a population of 136 residents according to the latest US Census Bureau American Community Survey data. The median household income is $65,625 per year, which is 13% below the national median of $75,149. The median age of 23.6 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Wallace features a median home value of $92,500, which is 62% below the national median of $244,900. This makes Wallace one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $0, 100% below the national average of $1,163/month. Of the 41 total housing units, 100% are owner-occupied (41 units) and 0% are renter-occupied (0 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Wallace shows an unemployment rate of 1.3%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 1.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Wallace have an average one-way commute time of 37.4 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
12.9% of Wallace residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.0% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Wallace, IN
Compared to national averages, Wallace has a median household income of $65,625 (13% below the national median of $75,149). Home values average $92,500, which is 62% below the national median. Monthly rent at $0 is 100% below the US average of $1,163. Within Indiana, Wallace's income is 5% below the state average of $69,330, and home values are 43% below the state median of $163,409.
Why Live in Wallace, IN?
Wallace offers affordable housing with a median home value of $92,500, below the US average of $244,900, and rent that’s lower than the national average at $0/month, and a strong job market with an unemployment rate of just 1.3%. Additionally, the city features a low poverty rate of 1.5%, better than the national average.
Potential considerations include median household income ($65,625) that falls below the national average. However, Wallace’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Wallace has a population of 136 with a median age of 23.6 years. Compare Wallace with other cities to see how it stacks up, or explore all cities in Indiana.
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Other Cities in Indiana
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Wallace
What is the population of Wallace, IN?
The population of Wallace, IN is 136 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Indiana.
What is the median household income in Wallace?
The median household income in Wallace, IN is $65,625 per year, which is 13% below the national median of $75,149.
What is the median home value in Wallace?
The median home value in Wallace, IN is $92,500, which is 62% below 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, IN is $0, which is 100% below the national average of $1,163/month.
What is the unemployment rate in Wallace?
The unemployment rate in Wallace, IN is 1.3%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Wallace, IN a good place to live?
Wallace offers a moderate cost of living, affordable housing, and a strong job market. With a population of 136 and a median age of 23.6, the city appeals to young professionals and families.
How educated is Wallace, IN?
12.9% of residents in Wallace aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Wallace?
Key cost-of-living indicators for Wallace, IN: median home value is $92,500 (62% below national), median rent is $0/month, and median household income is $65,625. The home-value-to-income ratio is 1.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Wallace?
The poverty rate in Wallace, IN is 1.5%, 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, IN?
Wallace's population is 0.0% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.0% of residents are foreign-born.