Wallace, WV
Population 251 · West Virginia
About Wallace, WV
Wallace is a small community located in West Virginia with a population of 251 residents according to the latest US Census Bureau American Community Survey data. The median household income is $0 per year, which is 100% below the national median of $75,149. The median age of 60.6 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 $58,100, which is 76% 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 143 total housing units, 94% are owner-occupied (101 units) and 6% are renter-occupied (6 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Wallace shows an unemployment rate of 0.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 21.1%, above the national average of 12.4%. Workers in Wallace have an average one-way commute time of 56.3 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
5.2% 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 13.1% White, 5.2% Hispanic or Latino, 2.4% Black or African American, and 0.0% Asian residents, with 2.0% of the population being foreign-born.
How Wallace Ranks in West Virginia
Cost of Living in Wallace, WV
Compared to national averages, Wallace has a median household income of $0 (100% below the national median of $75,149). Home values average $58,100, which is 76% below the national median. Monthly rent at $0 is 100% below the US average of $1,163. Within West Virginia, Wallace's income is 100% below the state average of $54,014, and home values are 55% below the state median of $128,301.
Why Live in Wallace, WV?
Wallace offers affordable housing with a median home value of $58,100, 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 0.0%.
Potential considerations include median household income ($0) 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 251 with a median age of 60.6 years. Compare Wallace with other cities to see how it stacks up, or explore all cities in West Virginia.
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Economy & Education
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Other Cities in West Virginia
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, WV?
The population of Wallace, WV is 251 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in West Virginia.
What is the median household income in Wallace?
The median household income in Wallace, WV is $0 per year, which is 100% below the national median of $75,149.
What is the median home value in Wallace?
The median home value in Wallace, WV is $58,100, which is 76% 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, WV 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, WV is 0.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Wallace, WV a good place to live?
Wallace offers a moderate cost of living, affordable housing, and a strong job market. With a population of 251 and a median age of 60.6, the city appeals to established professionals and retirees.
How educated is Wallace, WV?
5.2% 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, WV: median home value is $58,100 (76% below national), median rent is $0/month, and median household income is $0. The home-value-to-income ratio is Infinityx, which suggests housing may be stretched relative to local earnings.
What is the poverty rate in Wallace?
The poverty rate in Wallace, WV is 21.1%, 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, WV?
Wallace's population is 13.1% White, 5.2% Hispanic or Latino, 2.4% Black or African American, 0.0% Asian, and 2.0% two or more races. 2.0% of residents are foreign-born.