Living in Wallace, Florida
Cost of living, income, home prices, rent and demographics of Wallace · Census data 2020–2024
Wallace has 4,202 residents with a median age of 40.3. The median household income is $116,496 (56% higher than the Florida median), the median home value is $400,700, the median rent is $1,411/month.
Wallace at a glance
- Population
- 4,202
- Median age
- 40.3State: 42.6
- Median household income
- $116,496State: $74,568
- Median home value
- $400,700State: $359,000
- Median rent
- $1,411/moState: $1,669
- Homeowners
- 92.4%
- Bachelor's degree or higher
- 44.9%
- Average commute
- 44 min
Is Wallace a good place to live?
Pros: Median household income 56% higher than the Florida median; unemployment of 1.4%; a poverty rate of 5.7%.
Cons: Home values 12% higher than the state median; an average commute of 44 minutes.
The weather is best in March to May and October.
Cost of living in Wallace
Housing is the biggest part of the cost of living. In Wallace the median home value is $400,700, 20% higher than the U.S. median. Renters pay a median of $1,411 per month, which is 28.2% of household income. Homeowners with a mortgage pay $2,021 a month in housing costs.
Wallace median household income
The median household income in Wallace is $116,496 and the income per person is $54,069. 5.7% of residents live below the poverty line (Florida: 12.6%).
Housing in Wallace: homes for sale and rent
- Housing units
- 1,550
- Owner-occupied
- 92.4%
- Renter-occupied
- 7.6%
- Vacant
- 3.3%Includes seasonal homes
- Median year built
- 2011
- Average household size
- 2.79
Wallace demographics
- Population
- 4,202
- Median age
- 40.3
- Under 18
- 25.1%
- 65 and older
- 20.1%
- Households
- 1,499
- Foreign-born
- 6.9%
- Veterans
- 18.1%Adults 18+
Hispanic or Latino can be of any race. Population history of Wallace ›
Education in Wallace
44.9% of adults 25 and older in Wallace have a bachelor's degree or higher (Florida: 34.1%), and 16% have a graduate or professional degree.
Jobs and commute in Wallace
- Unemployment rate
- 1.4%State: 4.8%
- Average commute
- 44 minState: 28 min
- Work from home
- 15%
- Drive alone
- 81.5%
- Public transit
- 0%
- Walk to work
- 0.5%
- Homes with broadband
- 96.4%
Wallace vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Wallace | 4,202 | $116,496 | $400,700 | $1,411 |
| Pace | 26,282 | $80,701 | $293,800 | $1,282 |
| Pea Ridge | 3,560 | $59,628 | $220,800 | $1,252 |
| Molino | 1,447 | $74,753 | $225,200 | $529 |
| Gonzalez | 14,458 | $82,062 | $278,300 | $1,250 |
| Point Baker | 3,976 | $64,769 | $213,000 | $1,145 |
| Chumuckla | 681 | $109,708 | $293,200 | $747 |
| Mulat | 307 | $151,042 | $415,700 | — |
| Milton | 10,733 | $76,301 | $233,100 | $1,455 |
More for people moving to Wallace
Wallace ZIP code ›Weather and climate ›Living in Wallace: FAQ
What is the median household income in Wallace, FL?
The median household income in Wallace is $116,496, 56% higher than the Florida median of $74,568 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Wallace?
The median home value in Wallace is $400,700, compared with $359,000 in Florida.
How much is rent in Wallace?
The median gross rent in Wallace is $1,411 per month, about 28.2% of household income.
Is Wallace, FL a good place to live?
Pluses: median household income 56% higher than the Florida median; unemployment of 1.4%; a poverty rate of 5.7%. Minuses: home values 12% higher than the state median; an average commute of 44 minutes.
What is the median age in Wallace?
The median age in Wallace is 40.3 years (Florida: 42.6).
How long is the commute in Wallace?
The average commute to work in Wallace is 44 minutes; 15% of workers work from home.
What is the unemployment rate in Wallace?
The unemployment rate in Wallace is 1.4% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Wallace?
44.9% of adults in Wallace have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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