Living in Wallace, Indiana
Cost of living, income, home prices, rent and demographics of Wallace · Census data 2020–2024
Wallace has 140 residents with a median age of 24. The median household income is $75,500 (5% higher than the Indiana median), the median home value is $103,400.
Wallace is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Wallace at a glance
- Population
- 140
- Median age
- 24State: 38.1
- Median household income
- $75,500State: $71,957
- Median home value
- $103,400State: $218,200
- Homeowners
- 92.5%
- Bachelor's degree or higher
- 18.5%
- Average commute
- 46 min
Is Wallace a good place to live?
Pros: Median household income 5% higher than the Indiana median; home values 53% lower than the state median; unemployment of 1.3%; a poverty rate of 2.1%.
Cons: An average commute of 46 minutes.
The weather is best in May–June and August–September.
Cost of living in Wallace
Housing is the biggest part of the cost of living. In Wallace the median home value is $103,400, 69% lower than the U.S. median. Renters pay a median of — per month. Homeowners with a mortgage pay $1,091 a month in housing costs.
Wallace median household income
The median household income in Wallace is $75,500 and the income per person is $29,041. 2.1% of residents live below the poverty line (Indiana: 12.3%).
Housing in Wallace: homes for sale and rent
- Housing units
- 44
- Owner-occupied
- 92.5%
- Renter-occupied
- 7.5%
- Vacant
- 9.1%Includes seasonal homes
- Median year built
- 1938
- Average household size
- 3.50
Wallace demographics
- Population
- 140
- Median age
- 24
- Under 18
- 33.6%
- 65 and older
- 9.3%
- Households
- 40
- Foreign-born
- 0%
- Veterans
- 3.2%Adults 18+
Hispanic or Latino can be of any race. Population history of Wallace ›
Education in Wallace
18.5% of adults 25 and older in Wallace have a bachelor's degree or higher (Indiana: 29.5%), and 4.6% have a graduate or professional degree.
Jobs and commute in Wallace
- Unemployment rate
- 1.3%State: 4.3%
- Average commute
- 46 minState: 24 min
- Work from home
- 4.2%
- Drive alone
- 83.3%
- Public transit
- 0%
- Walk to work
- 1.4%
- Homes with broadband
- 80%
Wallace vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Wallace | 140 | $75,500 | $103,400 | — |
| Kingman | 693 | $33,393 | $112,500 | $770 |
| Waynetown | 805 | $60,583 | $128,700 | $1,013 |
| Lake Holiday Hideaway | 284 | $70,075 | $107,300 | — |
| Hillsboro | 656 | $70,769 | $109,200 | $1,020 |
| Waveland | 475 | $52,292 | $108,600 | $850 |
| Marshall | 266 | $65,625 | $85,000 | $788 |
| Lake Holiday | 845 | $109,306 | $291,100 | — |
| Veedersburg | 1,990 | $58,145 | $103,600 | $699 |
More for people moving to Wallace
Wallace ZIP code ›Weather and climate ›Living in Wallace: FAQ
What is the median household income in Wallace, IN?
The median household income in Wallace is $75,500, 5% higher than the Indiana median of $71,957 (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 $103,400, compared with $218,200 in Indiana.
Is Wallace, IN a good place to live?
Pluses: median household income 5% higher than the Indiana median; home values 53% lower than the state median; unemployment of 1.3%; a poverty rate of 2.1%. Minuses: an average commute of 46 minutes.
What is the median age in Wallace?
The median age in Wallace is 24 years (Indiana: 38.1).
How long is the commute in Wallace?
The average commute to work in Wallace is 46 minutes; 4.2% of workers work from home.
What is the unemployment rate in Wallace?
The unemployment rate in Wallace is 1.3% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Wallace?
18.5% 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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