Wallace, IN demographics:
population, income, and more

Total population
140
2.9% year-over-year change
Median household income
$75,500/yr
15.1% year-over-year change
Housing units
44
7.3% year-over-year change

Wallace population

How many people live in Wallace

Wallace is home to 140 residents, according to the most recent Census data. Gender-wise, 62.1% of Wallace locals are male, and 37.9% are female.

Total population
140
2.9% year-over-year change
Gender ratio
Male
62.1%
87
Female
37.9%
53
Value Percent YoY change
Male 87 62.1% 14.5%
Female 53 37.9% -11.7%
A higher population often means more rental variety and livelier areas. The gender balance—how many men live here compared to women—can reveal a lot about the community and the lifestyles of its residents. Use this info to get a sense of the area's pace and personality.

Age demographics

The median age in Wallace is 24, with the population distributed as follows: about 33.6% are children under 15, then 20% are in the 15 to 24 age group. Adults between 25 and 44 make up 24.3% of the population, while another 12.9% fall into the 45 to 64 bracket. Finally, around 9.3% are 65 or older.

Median age
24
Age breakdown
Under 15
33.6%
15 to 24
20%
25 to 44
24.3%
45 to 64
12.9%
Over 65
9.3%
Value Percent YoY change
Under 15 47 33.6% 9.3%
15 to 24 28 20% -9.7%
25 to 44 34 24.3% 17.2%
45 to 64 18 12.9% -5.3%
Over 65 13 9.3% -7.1%
The age composition helps you get insight into who lives in the area. A younger population might mean a more active, fast-paced vibe, while an older one could suggest a quieter, slower lifestyle. If there's a balanced makeup, you’re likely to find a variety of services, housing types, and community spaces that cater to different life stages.

Racial makeup

In Wallace, 95% of the population are US-born citizens, while 5% have gained naturalized citizenship.

Citizenship
U.S.-born citizens
95%
Non-U.S.-born citizens
5%
Non-citizens
0%
Value Percent YoY change
U.S.-born citizens 133 95% 1.5%
Non-U.S.-born citizens 7 5% 40.0%
Racial breakdown
White
100%
Black or African American
0%
American Indian and Alaska Native
0%
Asian
0%
Native Hawaiian and other Pacific Islander
0%
Two or more races
0%
Other
0%
Value Percent
White 140 100%

Households in Wallace

A peek inside Wallace households

Wallace has 40 households, with an average of 4 members in each. Of these, 70% are families, while the remaining 30% are made up of individuals living alone or with non-relatives, such as roommates.

Households stats

Total households
40
-2.4% year-over-year change
Average people per household
4
Non-family households
12
Family households
28
Value Percent YoY change
Non-family households 12 30% 9.1%
Family households 28 70% -6.7%
The mix between family and non-family households gives a glimpse into daily life. A higher percentage of families might mean more parks and schools, while more non-family setups can mean flexible housing and diverse living styles. For renters, this can signal what kinds of homes are common and can help you figure out if the area matches your lifestyle.

Housing in Wallace

The housing landscape of Wallace

Wallace's housing consists of 44 units, with 95.4% being detached single-family homes ideal for those wanting space. Attached options, including duplexes and townhouses, make up 2.3% and offer a more compact, shared living style. Then there are the multifamily buildings in the area, and for those seeking flexibility, non-traditional options like mobile homes account for 2.3% of the housing landscape.

Housing units
44
7.3% year-over-year change
Housing types
Value Percent
1 unit, detached 42 95.4%
1 unit, attached 1 2.3%
Mobile home 1 2.3%
Homes built since 2020
0
% year-over-year change

The age of buildings in Wallace

In Wallace, the median construction year is 1938. Most development happened in the second half of the 20th century.

Construction year breakdown by decade
Value Percent YoY change
Built in 1939 or earlier 27 61.4% 12.5%
Built between 1950 and 1959 10 22.7% 0.0%
Built between 1970 and 1979 3 6.8% 0.0%
Built between 1980 and 1989 1 2.3% 0.0%
Built between 1990 and 1999 2 4.6% 0.0%
Built between 2000 and 2009 1 2.3% 0.0%
As a renter, knowing when homes were built helps you understand the potential condition and design of rental units. Newer builds may have more contemporary layouts, while older homes can offer character or larger lots, depending on the area.

Wallace occupancy rates

Out of the 40 occupied housing units in Wallace, 92.5% are owner-occupied, while 7.5% are lived in by tenants. Meanwhile, 9.1% of all homes on the local market sit vacant.

Occupied housing units
40
-2.4% year-over-year change
Occupancy breakdown
Renter occupied
3
Owner occupied
37
Value Percent YoY
change
Renter occupied 3 7.5% N/A
Owner occupied 37 92.5% -9.8%
Unoccupied housing units
9.1%
Unoccupied housing units refer to homes that are currently without residents—whether they're waiting for renters or owners, used seasonally, or simply unclaimed. A higher share of empty homes may mean more housing availability, while a low number can reflect a tighter market with more competition. This, along with the renter-vs.-owner mix, helps paint a clearer picture of what types of housing and services are likely to be available in the area.

Wallace housing costs

Median housing costs per month
$850/month
This figure sums up typical monthly housing costs for all households in the area. If you own, it includes mortgage payments in addition to property taxes, insurance and HOA fees. If you rent, it accounts for rent plus extras like utilities. It’s useful for seeing how local living expenses stack up compared to other places.

Education in Wallace

Wallace education at a glance

About 41.9% of the population in Wallace went to high school, while 21.5% pursued college studies. Another 21.5% earned an associate degree and 9.7% hold a bachelor’s. Meanwhile, 3.2% went even further, earning a master’s or doctorate.

Education level
Value Percent YoY change
No high school 2 2.2% 0.0%
High school diploma 39 41.9% -25.0%
College diploma 20 21.5% 17.6%
Associate degree 20 21.5% 42.9%
Bachelor's degree 9 9.7% 50.0%
Graduate degree 3 3.2% 50.0%
A community’s education mix can offer insights into the local economy and housing market. Higher levels of education often align with more job opportunities and stable incomes, which can increase demand for homes and influence both rent prices and rental availability.

Income in Wallace

How much people earn in Wallace

The average annual household income in Wallace was $101,780 in 2024, the most recent annual data available, according to the U.S. Census Bureau. This marked a +12.5% change from the previous year. At the same time, the median income stood at $75,500, reflecting a +15% shift over the same period.

Average household income in Wallace
$101,780/year
12.5% year-over-year change
Median household income in Wallace
$75,500/year
15.1% year-over-year change

Wallace income by age

In Wallace, households led by residents aged 25 to 44 — usually in the early to mid stages of their careers — have a median income of $215,278. Those with someone between 45 and 64 in charge, often well established professionally, earn $54,375 overall. Overall, 97.8% of the locals in this community live above the poverty line.

Income breakdown by age
Value YoY change
25 - 44 $215,278 N/A
45 - 64 $54,375 -3.7%
Over 65 $21,667 -15.4%
Above poverty level
131
Below poverty level
3
Value Percent YoY
change
Above poverty level 131 97.8% 1.6%
Below poverty level 3 2.2% 50.0%

Employment in Wallace

Workforce and job types in Wallace

The job market in Wallace is powered by 74 working residents, spread across a range of industries and roles. 33.8% of the working population are employed in professional or administrative positions, while 66.2% are in hands-on or service-based jobs.

Workforce demographics

Working population
74
-1.3% year-over-year change
White collar
25
Blue collar
49
Value Percent YoY change
White collar 25 33.8% -34.2%
Blue collar 49 66.2% 32.4%
Employer type
Self employees
8.1%
Private companies
79.7%
Governmental workers
0%
Not for profit companies
12.2%
Value Percent YoY change
Self employees 6 8.1% 0.0%
Private companies 59 79.7% -4.8%
Not for profit companies 9 12.2% 28.6%
Unemployment rate
1.3%
0.0% year-over-year change

Available workforce

The unemployment rate in Wallace stands at 1.3%, representing the share of the workforce currently without a job and actively looking for one.

For renters, the unemployment rate helps paint a picture of job security and financial stability in the area. Rates around 4% to 5% are considered typical. A lower-than-average rate might suggest strong job prospects and a thriving local economy, while a higher rate could hint at fewer opportunities—both useful to consider when planning a move.

Transportation in Wallace

How people get around in Wallace

Commuting methods vary: 94.4% of residents travel by personal vehicle and 1.4% prefer to walk, while the remaining share relies on public transit or on two wheelers to get from A to B.

Means of transportation
Value Percent YoY change
Car 68 94.4% -1.4%
Walk 1 1.4% 0.0%
Understanding how locals get to work can help you plan your own routine. High car usage might mean you’ll need a vehicle, while strong public transit or walkability could save you the hassle. Commute times also play a big role in quality of life—shorter trips can give you more time for the things you enjoy.

What is the median and average household income in Wallace by zipcode?

Zipcode Population Number of households Median income Average income
47949 1,555 562 $76,429 $84,490

Explore more communities

FAQs about Wallace demographics 

What is the total population of Wallace?

Wallace has a total population of 140 residents, according to the latest release from the U.S. Census Bureau: the 2019-2023 American Community Survey (ACS) 5-year estimates. This figure changed by +2.9% compared to a year ago.

What is the gender ratio in Wallace?

The gender ratio in Wallace is as follows:
  • 62.1% males (87 residents)
  • 37.9% females (53 residents)

What is the median age in Wallace?

The median age in Wallace is 24.

What is the age distribution of the population in Wallace?

The age distribution in Wallace is as follows:
  • Under 15: 33.6% (47 residents)
  • Ages 15-24: 20% (28 residents)
  • Ages 25-44: 24.3% (34 residents)
  • Ages 45-64: 12.9% (18 residents)
  • Over 65: 9.3% (13 residents)

What is the racial and ethnic makeup of Wallace?

The racial and ethnic makeup of Wallace is as follows:
  • White: 100% (140 residents)
  • Black or African American: 0% (0 residents)
  • American Indian and Alaska Native: 0% (0 residents)
  • Asian: 0% (0 residents)
  • Native Hawaiian and Other Pacific Islander: 0% (0 residents)
  • Two or More Races: 0% (0 residents)
  • Other: 0% (0 residents)

What percentage of the population in Wallace are U.S.-born citizens?

U.S.-born citizens represent 95% of the population in Wallace.

How many housing units are there in Wallace?

There are 44 housing units in Wallace, reflecting a +7.3% change compared to the previous year, according to the latest data from the U.S. Census Bureau.

How many households are in Wallace and what is the average household size?

Wallace has a total of 40 households, with an average of 4 people in each.

What is the median household income in Wallace?

Wallace has a median household income of $75,500, representing a +15.1% shift from the previous year, according to the U.S. Census Bureau.

What is the employment rate and job market overview for Wallace?

The employment rate is 98.7% in Wallace, with a workforce of 74 residents. Here’s a detailed breakdown of the local job market:

Job types:
  • White-collar workers: 33.8% (25 residents)
  • Blue-collar workers: 66.2% (49 residents)

Places of employment:
  • Self-employed: 8.1% (6 residents)
  • Private companies: 79.7% (59 residents)
  • Governmental workers: 0% (0 residents)
  • Not-for-profit companies: 12.2% (9 residents)

Data source & methodology

The demographic data on this page was sourced from the latest U.S. Census Bureau release—the 2019–2023 American Community Survey (ACS) 5-year estimates.

The information, issued annually, is compiled and published by the Point2Homes Research Team as soon as new data becomes available.

No representation, guarantee, or warranty is made concerning the accuracy or completeness of modified or aggregated information for particular areas.

Page last updated: September 2025