The typical owner-occupied home in Wallace is worth about $232,700, 44% below the Idaho median of $418,600 and 30% below the national median of $332,700. Owners pay a median $1,468 a year in property taxes, about 0.63% of their home's value, higher than the Idaho rate of 0.49%. The median household earns $51,492 a year, so the median home costs 4.5 times the median income (5.4 times for Idaho). 58% of occupied homes here are lived in by their owners, and 46% of those owners still have a mortgage.
Wallace at a glance
| Wallace | Idaho | U.S. | |
|---|---|---|---|
| Median home value | $232,700 | $418,600 | $332,700 |
| Median property tax paid per year | $1,468 | $2,038 | $3,119 |
| Property tax as a share of value | 0.63% | 0.49% | 0.94% |
| Median household income | $51,492 | $77,800 | $80,734 |
| Homes lived in by their owners | 58% | 72% | 65% |
| Owner homes with a mortgage | 46% | 62% | 61% |
| Median monthly costs, owners with a mortgage | $1,511 | $1,687 | $1,963 |
| Those costs as a share of the owners' income | 21.9% | 20.7% | 21.0% |
| Median rent | $727 | $1,238 | $1,413 |
| Rent as a share of renters' income | 30.1% | 28.7% | 30.6% |
| Median year homes were built | 1938 | 1991 | 1980 |
| Vacant homes | 33.4% | 10.3% | 10.1% |
| Population | 1,027 | 1,934,262 | 334,922,499 |
What a typical home costs per month in Wallace
At this week's average 30-year rate of 7.11%, buying the median Wallace home of $232,700 with 20% down costs about $1,471 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,859, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $63,062 for the 20%-down payment. That payment is 34% of the median Wallace household income of $51,492; at that income and 20% down, the 28% guideline points to a home of about $190,000.
The median rent here is $727 a month, so owning the median home costs about $744 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $46,540 |
|---|---|
| Loan amount | $186,160 |
| Principal and interest | $1,252 |
| Property taxes (0.63% a year) | $122 |
| Homeowners insurance (our estimate, 0.5% a year) | $97 |
| PMI | $0 |
| Total per month | $1,471 |
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| Down payment | $8,144 |
|---|---|
| Loan amount | $228,485 |
| Principal and interest | $1,537 |
| Property taxes (0.63% a year) | $122 |
| Homeowners insurance (our estimate, 0.5% a year) | $97 |
| FHA mortgage insurance | $103 |
| Total per month | $1,859 |
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Questions about home buying in Wallace
What is the median home value in Wallace?
About $232,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Wallace?
Homeowners pay a median $1,468 a year, which is about 0.63% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Wallace?
For the median home with 20% down at 7.11%, the payment is about $1,471 a month. Keeping that under 28% of gross income takes about $63,062 a year.
More about Wallace
- Mortgage Refinance in Wallace
- Debt Relief in Wallace
- Home Equity Loans in Wallace
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data