Wake Forest, NC
Population 51,199 · North Carolina
About Wake Forest, NC
Wake Forest is a mid-sized city located in North Carolina with a population of 51,199 residents according to the latest US Census Bureau American Community Survey data. The median household income is $120,777 per year, which is 61% above the national median of $75,149. The median age of 38.8 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Wake Forest features a median home value of $435,000, which is 78% above the national median of $244,900. This places Wake Forest in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,458, 25% above the national average of $1,163/month. Of the 18,824 total housing units, 75% are owner-occupied (13,342 units) and 25% are renter-occupied (4,521 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Wake Forest shows an unemployment rate of 4.5%, which is near the national rate of 3.7%. The poverty rate stands at 2.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Wake Forest have an average one-way commute time of 30.9 minutes.
Education & Demographics
57.8% of Wake Forest 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 2.5% White, 1.4% Hispanic or Latino, 2.3% Black or African American, and 2.4% Asian residents, with 7.8% of the population being foreign-born.
How Wake Forest Ranks in North Carolina
Cost of Living in Wake Forest, NC
Compared to national averages, Wake Forest has a median household income of $120,777 (61% above the national median of $75,149). Home values average $435,000, which is 78% above the national median. Monthly rent at $1,458 is 25% above the US average of $1,163. Within North Carolina, Wake Forest's income is 87% above the state average of $64,468, and home values are 90% above the state median of $228,922.
Why Live in Wake Forest, NC?
Wake Forest offers a strong local economy with a median household income of $120,777, well above the national average, and a well-educated community where 57.8% of residents hold a bachelor’s degree or higher, and a low poverty rate of 2.9%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $435,000. However, as a mid-sized city, Wake Forest provides access to a wide range of amenities and services.
Wake Forest has a population of 51,199 with a median age of 38.8 years. Compare Wake Forest with other cities to see how it stacks up, or explore all cities in North Carolina.
Similar Cities Near Wake Forest
Cities in North Carolina with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Mooresville | 51,447 | $88,592 | $348,500 | Compare |
| Rocky Mount | 54,175 | $52,927 | $148,300 | Compare |
| Wilson | 47,740 | $47,294 | $192,000 | Compare |
| Kannapolis | 56,470 | $70,691 | $245,500 | Compare |
| Burlington | 58,599 | $54,941 | $188,700 | Compare |
| Hickory | 43,747 | $63,361 | $248,300 | Compare |
| Holly Springs | 43,429 | $132,435 | $485,500 | Compare |
| Chapel Hill | 59,889 | $85,825 | $576,500 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in North Carolina
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Wake Forest With Other Cities
Frequently Asked Questions about Wake Forest
What is the population of Wake Forest, NC?
The population of Wake Forest, NC is 51,199 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in North Carolina.
What is the median household income in Wake Forest?
The median household income in Wake Forest, NC is $120,777 per year, which is 61% above the national median of $75,149.
What is the median home value in Wake Forest?
The median home value in Wake Forest, NC is $435,000, which is 78% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Wake Forest?
The median monthly rent in Wake Forest, NC is $1,458, which is 25% above the national average of $1,163/month.
What is the unemployment rate in Wake Forest?
The unemployment rate in Wake Forest, NC is 4.5%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Wake Forest, NC a good place to live?
Wake Forest offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 51,199 and a median age of 38.8, the city appeals to a broad range of residents.
How educated is Wake Forest, NC?
57.8% of residents in Wake Forest 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 Wake Forest?
Key cost-of-living indicators for Wake Forest, NC: median home value is $435,000 (78% above national), median rent is $1,458/month, and median household income is $120,777. The home-value-to-income ratio is 3.6x, a moderate figure by national standards.
What is the poverty rate in Wake Forest?
The poverty rate in Wake Forest, NC is 2.9%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Wake Forest, NC?
Wake Forest's population is 2.5% White, 1.4% Hispanic or Latino, 2.3% Black or African American, 2.4% Asian, and 19.7% two or more races. 7.8% of residents are foreign-born.