Wakefield, VA
Population 1,082 · Virginia
About Wakefield, VA
Wakefield is a small town located in Virginia with a population of 1,082 residents according to the latest US Census Bureau American Community Survey data. The median household income is $56,250 per year, which is 25% below the national median of $75,149. The median age of 40.4 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Wakefield features a median home value of $155,600, which is 36% below the national median of $244,900. This positions Wakefield in a moderately priced market relative to the rest of the country. Median monthly rent is $959, 18% below the national average of $1,163/month. Of the 472 total housing units, 72% are owner-occupied (274 units) and 28% are renter-occupied (104 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Wakefield shows an unemployment rate of 3.6%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 7.7%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Wakefield have an average one-way commute time of 40 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
20.0% of Wakefield 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, 1.6% Hispanic or Latino, 0.0% Black or African American, and 0.5% Asian residents, with 1.4% of the population being foreign-born.
Cost of Living in Wakefield, VA
Compared to national averages, Wakefield has a median household income of $56,250 (25% below the national median of $75,149). Home values average $155,600, which is 36% below the national median. Monthly rent at $959 is 18% below the US average of $1,163. Within Virginia, Wakefield's income is 36% below the state average of $87,957, and home values are 52% below the state median of $327,514.
Why Live in Wakefield, VA?
Wakefield offers affordable housing with a median home value of $155,600, below the US average of $244,900, and rent that’s lower than the national average at $959/month, and a strong job market with an unemployment rate of just 3.6%. Additionally, the city features a low poverty rate of 7.7%, better than the national average.
Potential considerations include median household income ($56,250) that falls below the national average. However, Wakefield’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Wakefield has a population of 1,082 with a median age of 40.4 years. Compare Wakefield with other cities to see how it stacks up, or explore all cities in Virginia.
Similar Cities Near Wakefield
Cities in Virginia with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Ridgeway | 1,082 | $60,938 | $147,400 | Compare |
| Arrington | 1,084 | $47,000 | $144,300 | Compare |
| Rushmere | 1,087 | $76,429 | $331,700 | Compare |
| Occoquan | 1,089 | $142,083 | $482,900 | Compare |
| Plum Creek | 1,067 | $38,915 | $110,900 | Compare |
| Craigsville | 1,052 | $40,080 | $142,400 | Compare |
| St. Paul | 1,046 | $29,554 | $178,800 | Compare |
| Castlewood | 1,120 | $58,958 | $163,300 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Virginia
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Wakefield With Other Cities
Frequently Asked Questions about Wakefield
What is the population of Wakefield, VA?
The population of Wakefield, VA is 1,082 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Virginia.
What is the median household income in Wakefield?
The median household income in Wakefield, VA is $56,250 per year, which is 25% below the national median of $75,149.
What is the median home value in Wakefield?
The median home value in Wakefield, VA is $155,600, which is 36% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Wakefield?
The median monthly rent in Wakefield, VA is $959, which is 18% below the national average of $1,163/month.
What is the unemployment rate in Wakefield?
The unemployment rate in Wakefield, VA is 3.6%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Wakefield, VA a good place to live?
Wakefield offers a moderate cost of living, affordable housing, and a strong job market. With a population of 1,082 and a median age of 40.4, the city appeals to a broad range of residents.
How educated is Wakefield, VA?
20.0% of residents in Wakefield 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 Wakefield?
Key cost-of-living indicators for Wakefield, VA: median home value is $155,600 (36% below national), median rent is $959/month, and median household income is $56,250. The home-value-to-income ratio is 2.8x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Wakefield?
The poverty rate in Wakefield, VA is 7.7%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Wakefield, VA?
Wakefield's population is 0.0% White, 1.6% Hispanic or Latino, 0.0% Black or African American, 0.5% Asian, and 64.6% two or more races. 1.4% of residents are foreign-born.