Wallace, Florida Demographics & Population 2026
During the 2020–2024 ACS period, Wallace, Florida had a total population of 4,202, the 524th largest community in Florida, with a median household income of $116,496, which is 56% higher than the state average. The poverty rate is 5.7%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Household income is 56% above the state average — one of the wealthiest communities in Florida.
- Near full employment with an unemployment rate of just 1.4%.
Wallace Quick Facts
How Wallace Changed
Change from the 2019–2023 ACS period to 2020–2024. These are rolling five-year estimates, not year-over-year measurements.
| Metric | 2019–2023 | 2020–2024 | Change |
|---|---|---|---|
| Population | 3,965 | 4,202 | +6.0% |
| Median household income | $115,216 | $116,496 | +1.1% |
| Median home value | $377,600 | $400,700 | +6.1% |
How Wallace Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Detailed income brackets
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
Diversity Index
Moderate diversity with one or two groups making up the majority.
State average: 65 | National average: 61
Education
Educational Attainment (Adults 25+)
Wallace Rankings in Florida
Explore Florida Rankings
Other Cities in Santa Rosa County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Navarre | 39,838 | $105,265 | 5.8% | $375,700 |
| Pace | 26,282 | $80,701 | 12.2% | $293,800 |
| Midway (Santa Rosa County) | 21,317 | $96,041 | 6.9% | $381,600 |
| East Milton | 14,783 | $64,904 | 12.5% | $212,900 |
| Milton | 10,733 | $76,301 | 8.1% | $233,100 |
| Gulf Breeze | 6,660 | $104,050 | 6.0% | $505,600 |
| Bagdad | 4,466 | $82,034 | 4.5% | $227,900 |
| Point Baker | 3,976 | $64,769 | 26.1% | $213,000 |
| Tiger Point | 3,628 | $118,967 | 3.2% | $427,900 |
| Pea Ridge | 3,560 | $59,628 | 8.1% | $220,800 |
Cities Similar to Wallace
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Big Pine Key | 4,258 | $110,134 | $637,000 | 30.5% | 10.7% |
| Buckingham | 4,311 | $112,568 | $431,100 | 25.9% | 8.7% |
| West Bradenton | 3,991 | $116,272 | $425,100 | 34.3% | 10.2% |
| Belleair | 4,428 | $117,083 | $633,300 | 58.2% | 5.8% |
| Westlake | 4,237 | $131,925 | $649,700 | 56.5% | 3.2% |
Population Overview
Wallace is a small community located in Florida, within Santa Rosa County. The total population is 4,202. It ranks as the 524th most populous out of 955 Census-designated places in Florida.
Age Demographics
The median age in Wallace is 40.3 years. This is 5% lower than the state median of 42.6 years.
Economy, Income & Housing
The median household income in Wallace is $116,496. This is 56% higher than the state median of $74,568. It is also 44% higher than the national median of $80,734. The poverty rate stands at 5.7%. This is 55% lower than the state poverty rate of 12.6%. The unemployment rate is 1.4%. This is 71% lower than the state rate of 4.8%. The median home value is $400,700. Housing costs are 12% higher than the state median of $359,000. The home-value-to-income ratio is 3.4x. 92.4% of occupied housing units are owner-occupied. This homeownership rate is 37% higher than the state average of 67.6%.
Race & Ethnicity
The largest racial or ethnic group in Wallace is White (non-Hispanic), making up 71.6% of the population. Asian residents account for 5.9%. The Black or African American population (3.1%) is well below the state average of 14.6%. The Hispanic or Latino population (2.5%) is well below the state average of 27.4%. The Asian population is significantly higher than the state average (5.9% vs 2.9%).
Education
44.9% of residents aged 25 and older hold a bachelor's degree or higher. This is 31% higher than the state rate of 34.2%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 98.9%. Notably, 16.0% of adults hold a graduate or professional degree, indicating a highly educated workforce.
Data Sources & Methodology
All demographic data for Wallace, Florida is sourced from the U.S. Census Bureau's American Community Survey (ACS) 2020–2024 5-Year Estimates. The ACS collects data from approximately 3.5 million households annually and pools five years of responses so that even small communities can be measured, though the margin of error widens as the population falls. Comparisons are made against Florida state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 955 Census-designated places in Florida. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.
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Frequently Asked Questions
What is the population of Wallace, Florida?
Wallace, Florida has a population of 4,202 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Wallace, FL?
The median household income in Wallace is $116,496, which is 44% higher than the national median of $80,734.
What is the poverty rate in Wallace, FL?
The poverty rate in Wallace is 5.7%. This means approximately 238 residents live below the federal poverty line.
What is the racial makeup of Wallace, Florida?
Wallace's population is 71.6% White, 3.1% Black, 2.5% Hispanic/Latino, and 5.9% Asian.
What is the median home value in Wallace, FL?
The median home value in Wallace is $400,700. The home-value-to-income ratio is 3.4x.
How educated is Wallace, Florida?
44.9% of adults (25+) in Wallace hold a bachelor's degree or higher, and 16.0% hold a graduate or professional degree.