Wallace, NC
Population 3,438 · North Carolina
About Wallace, NC
Wallace is a small town located in North Carolina with a population of 3,438 residents according to the latest US Census Bureau American Community Survey data. The median household income is $49,358 per year, which is 34% below the national median of $75,149. The median age of 44.3 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Wallace features a median home value of $192,800, which is 21% below the national median of $244,900. This positions Wallace in a moderately priced market relative to the rest of the country. Median monthly rent is $833, 28% below the national average of $1,163/month. Of the 1,859 total housing units, 50% are owner-occupied (827 units) and 50% are renter-occupied (813 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Wallace shows an unemployment rate of 6.2%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 20.3%, above the national average of 12.4%. Workers in Wallace have an average one-way commute time of 20.2 minutes.
Education & Demographics
14.6% 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, 1.0% Hispanic or Latino, 4.3% Black or African American, and 11.2% Asian residents, with 9.3% of the population being foreign-born.
Cost of Living in Wallace, NC
Compared to national averages, Wallace has a median household income of $49,358 (34% below the national median of $75,149). Home values average $192,800, which is 21% below the national median. Monthly rent at $833 is 28% below the US average of $1,163. Within North Carolina, Wallace's income is 23% below the state average of $64,468, and home values are 16% below the state median of $228,922.
Why Live in Wallace, NC?
Wallace offers affordable housing with a median home value of $192,800, below the US average of $244,900, and rent that’s lower than the national average at $833/month, and short commute times averaging just 20.2 minutes.
Potential considerations include median household income ($49,358) 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 3,438 with a median age of 44.3 years. Compare Wallace with other cities to see how it stacks up, or explore all cities in North Carolina.
Similar Cities Near Wallace
Cities in North Carolina with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Rural Hall | 3,421 | $50,665 | $183,800 | Compare |
| Windsor | 3,417 | $38,631 | $111,400 | Compare |
| Enochville | 3,392 | $65,328 | $225,200 | Compare |
| Red Oak | 3,372 | $81,464 | $236,200 | Compare |
| Elroy | 3,507 | $54,375 | $120,500 | Compare |
| Lake Park | 3,365 | $76,366 | $296,400 | Compare |
| Mountain Home | 3,518 | $68,750 | $353,200 | Compare |
| River Road | 3,518 | $47,978 | $187,700 | 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 Wallace With Other Cities
Frequently Asked Questions about Wallace
What is the population of Wallace, NC?
The population of Wallace, NC is 3,438 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in North Carolina.
What is the median household income in Wallace?
The median household income in Wallace, NC is $49,358 per year, which is 34% below the national median of $75,149.
What is the median home value in Wallace?
The median home value in Wallace, NC is $192,800, which is 21% 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, NC is $833, which is 28% below the national average of $1,163/month.
What is the unemployment rate in Wallace?
The unemployment rate in Wallace, NC is 6.2%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Wallace, NC a good place to live?
Wallace offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 3,438 and a median age of 44.3, the city appeals to a broad range of residents.
How educated is Wallace, NC?
14.6% 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, NC: median home value is $192,800 (21% below national), median rent is $833/month, and median household income is $49,358. The home-value-to-income ratio is 3.9x, a moderate figure by national standards.
What is the poverty rate in Wallace?
The poverty rate in Wallace, NC is 20.3%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Wallace, NC?
Wallace's population is 0.0% White, 1.0% Hispanic or Latino, 4.3% Black or African American, 11.2% Asian, and 26.7% two or more races. 9.3% of residents are foreign-born.