The typical owner-occupied home in Wallace is worth about $48,800, 70% below the West Virginia median of $162,600 and 85% below the national median of $332,700. Owners pay a median $527 a year in property taxes, about 1.08% of their home's value, higher than the West Virginia rate of 0.53%. The median household earns $33,403 a year, so the median home costs 1.5 times the median income (2.7 times for West Virginia). 90% of occupied homes here are lived in by their owners, and 16% of those owners still have a mortgage.
Wallace at a glance
| Wallace | West Virginia | U.S. | |
|---|---|---|---|
| Median home value | $48,800 | $162,600 | $332,700 |
| Median property tax paid per year | $527 | $865 | $3,119 |
| Property tax as a share of value | 1.08% | 0.53% | 0.94% |
| Median household income | $33,403 | $59,608 | $80,734 |
| Homes lived in by their owners | 90% | 75% | 65% |
| Owner homes with a mortgage | 16% | 46% | 61% |
| Median monthly costs, owners with a mortgage | $733 | $1,255 | $1,963 |
| Those costs as a share of the owners' income | 18.3% | 17.3% | 21.0% |
| Median rent | – | $872 | $1,413 |
| Median year homes were built | 1971 | 1976 | 1980 |
| Vacant homes | 13.7% | 15.4% | 10.1% |
| Population | 277 | 1,778,373 | 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 $48,800 with 20% down costs about $327 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $408, 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 $14,009 for the 20%-down payment. That payment is 12% of the median Wallace household income of $33,403; at that income and 20% down, the 28% guideline points to a home of about $116,000.
| Down payment | $9,760 |
|---|---|
| Loan amount | $39,040 |
| Principal and interest | $263 |
| Property taxes (1.08% a year) | $44 |
| Homeowners insurance (our estimate, 0.5% a year) | $20 |
| PMI | $0 |
| Total per month | $327 |
Change the numbers in the calculator
| Down payment | $1,708 |
|---|---|
| Loan amount | $47,916 |
| Principal and interest | $322 |
| Property taxes (1.08% a year) | $44 |
| Homeowners insurance (our estimate, 0.5% a year) | $20 |
| FHA mortgage insurance | $22 |
| Total per month | $408 |
Change the numbers in the calculator
Questions about home buying in Wallace
What is the median home value in Wallace?
About $48,800 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 $527 a year, which is about 1.08% 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 $327 a month. Keeping that under 28% of gross income takes about $14,009 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