Wallace, Indiana Demographics & Population 2026

A note before these figures: with a population of 140, Wallace's ACS estimates come from a small number of survey responses and carry wide margins of error. Individual percentages below — particularly rates that round to 0% or 100% — are approximations, not precise measurements. See data.census.gov for the published margins of error.

Population Overview

Wallace is a small community located in Indiana, within Fountain County. The total population is 140. It ranks as the 797th most populous out of 967 Census-designated places in Indiana.

Age Demographics

The median age in Wallace is 24.0 years. This is 37% lower than the state median of 38.1 years. With 33.6% of the population under 18, Wallace has a notably young demographic profile, suggesting a family-oriented community.

Economy, Income & Housing

The median household income in Wallace is $75,500. This is 5% higher than the state median of $71,957. It is also 6% lower than the national median of $80,734. The poverty rate stands at 2.1%. This is 83% lower than the state poverty rate of 12.3%. This exceptionally low poverty rate indicates strong economic prosperity across the community. The unemployment rate is 1.3%. This is 69% lower than the state rate of 4.3%. The median home value is $103,400. Housing costs are 53% lower than the state median of $218,200. With a home-value-to-income ratio of just 1.4x, Wallace is one of the most affordable housing markets in the area. 92.5% of occupied housing units are owner-occupied. This homeownership rate is 31% higher than the state average of 70.5%.

Race & Ethnicity

Every resident counted in Wallace was recorded as White (non-Hispanic). A figure of exactly 100.0% reflects a survey sample too small to capture the community's full composition rather than a precise measurement.

Education

18.5% of residents aged 25 and older hold a bachelor's degree or higher. This is 37% lower than the state rate of 29.5%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 96.9%.

Data Sources & Methodology

All demographic data for Wallace, Indiana 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 Indiana state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 967 Census-designated places in Indiana. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.