Quick facts: Wallace, SC

Quick Facts

102.3
Cost of Living
above US average
662
Population
15.11
Crime Rate per 1000
below US average
$19,423
Median Income
below US average
$88,900
Median House Price
above US average
$1620
Average Rent
above US average
22%
Poverty Rate
above US average
4.0%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $19,423.

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Income Needed to Buy

βœ— Stretch
$28k/year
Based on $88,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $28k vs median $19,423
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Income Needed to Rent

⚠ Stretch
$69k/year
Based on $1620/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $69k vs median $19,423
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Wallace, SC

Wallace is a small town located in Marlboro County, South Carolina. Nestled in the northeastern part of the state, it boasts a rich history and a close-knit community charm. The town is named after the nearby Wallace Community Baptist Church, which reflects the area's strong ties to its religious and historical roots. Wallace is characterized by its serene rural landscapes, featuring lush fields and a peaceful atmosphere. The town is primarily residential, fostering a sense of community among its residents. Despite its small size, Wallace is conveniently located near larger towns and cities, offering access to various amenities and services. Recreational opportunities abound in the surrounding areas, with parks and outdoor activities being popular among locals. The town’s proximity to larger metropolitan areas enhances its appeal, as residents can enjoy both the tranquility of small-town living and the conveniences of city life. Wallace embodies the spirit of southern hospitality, making it an inviting place for residents and visitors alike. Overall, it is a delightful spot for those seeking a slower pace of life infused with a sense of community.

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