Wake Forest, NC Local Data & Statistics

State: NC

Total population: 52,844 Household income: $123,802 Rent: $1,596

Overview

Total population

52,844

Rent

$1,596

Year built

2009

Household income

$123,802

Per capita income

$51,709

Poverty rate

4.5%

Unemployment rate

3.0%

Household size

2.8 persons

Rent over 30% of income

44.7%

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Data are sourced from the American Community Survey (ACS) 5-Year Estimates, 2024 release — the latest dataset currently available, with the exception of the unemployment rate, which is sourced from the Bureau of Labor Statistics (BLS). ACS 5-year estimates are published annually, about 6–12 months after the end of each reference year.

Demographics

State

North Carolina

Total population

52,844

Adults over 25

35,271

Total households

18,403

Household size

2.8 persons

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Income & Poverty

Household income

$123,802

Per capita income

$51,709

Poverty rate

4.5%

Unemployment rate

3.0%

Rent over 30% of income

44.7%

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Housing

Rent

$1,596

Year built

2009

Households that rent

26%

Households that own

74%

Rooms per home (all homes)

6.8

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Race

White

65.6%

Black

19.7%

Asian

2.9%

Two or more races

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Ethnicity

Hispanic or Latino

Not Hispanic or Latino

91%

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Commute

Commute rate

71.3%

Commute time to work

31 mins

Work from home

28.7%

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Education

Less than high school

18.8%

High school graduate or GED

12.6%

Some college or associate degree

9.1%

Bachelor’s degree or higher

59.5%

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Comparison of Wake Forest, NC with: North Carolina United States

Wake Forest, NC

Total population52,844

Rent$1,596

Year built2009

Household income$123,802

Per capita income$51,709

Poverty rate4.5%

Unemployment rate3.0%

North Carolina State

Total population10,730,404

Rent$1,228

Year built1991

Household income$72,388

Per capita income$41,385

Poverty rate13%

Unemployment rate3.6%

United States

Total population334,922,499

Rent$1,413

Year built1980

Household income$80,734

Per capita income$44,673

Poverty rate12.5%

Unemployment rate4%

Metric	TownWake Forest, NC	StateNorth Carolina	CountryUnited States
Total population	52,844	10,730,404	334,922,499
Rent	$1,596	$1,228	$1,413
Year built	2009	1991	1980
Household income	$123,802	$72,388	$80,734
Per capita income	$51,709	$41,385	$44,673
Poverty rate	4.5%	13%	12.5%
Unemployment rate	3.0%	3.6%	4%

View the complete comparison of Wake Forest, NC, North Carolina and United States →

Summary for Wake Forest, NC

Wake Forest is located in North Carolina.

Rent & Income

In Wake Forest, the typical monthly rent is $1,596 and the typical household income is $123,802. Rent here is higher than in both North Carolina and the U.S., and household income is also higher than in both. The estimated poverty rate is 4.5%, which is lower than in both North Carolina and national.

Housing & Affordability

This area is primarily owner-occupied, with renters accounting for about 26% of households. About 44.7% of renters spend more than 30% of their income on housing, indicating high cost burden.

Education & Employment

Educational attainment is very high, with about 59.5% of adults holding a bachelor’s degree or higher. The local unemployment rate is 3.0%, which is lower than both North Carolina and the national rate.

Wake Forest, NC — Rent vs Household Income

Wake Forest, NC — Poverty vs Unemployment

How Wake Forest, NC compares in North Carolina (22 places)

Metric	This place	Rank	Starts from	Statewide range
Rent	$1,596	16 / 22	from lower rent	$957 – $1,902
Household income	$123,802	3 / 22	from higher income	$49,748 – $144,135
Poverty rate	4.5%	3 / 22	from lower poverty	2.2% – 24.6%
Unemployment rate	3%	6 / 22	from lower unemployment	2.5% – 7.2%

Rankings are calculated among cities and communities in North Carolina with total population > 50,000 (year 2024).

Detailed Ranking Explanation for Wake Forest, NC

Rent

For typical rent levels, Wake Forest is ranked 16th out of 22 major areas in North Carolina. Statewide values span from $957 in Rocky Mount, NC to $1,902 in Apex, NC.

Household income

Wake Forest ranks 3rd among 22 large places for typical household income. Statewide values run from $49,748 in Greenville, NC to $144,135 in Apex, NC.

Poverty rate

In poverty comparisons, Wake Forest ranks 3rd out of 22 large places. Statewide rates vary from 2.2% in Apex, NC to 24.6% in Greenville, NC.

Unemployment rate

For unemployment, Wake Forest ranks 6th out of 22 large places. Across North Carolina, unemployment ranges from 2.5% in Apex, NC to 7.2% in Asheville, NC.

💰 Rent in Wake Forest, NC (with Utilities)

Estimated Monthly Rent: $1,596 ℹ️ What’s Included:
✅ Base rent, electricity, gas, water/sewer, and heating fuels
❌ Not included: internet, cable TV, renter's insurance, parking

💡 What does this rent estimate mean?

Explanation: This estimate shows what renters typically pay each month for housing, including the apartment or home and essential utilities such as heat, water, and electricity. Even when utilities are billed separately, an estimated average cost for utilities is included, in line with the U.S. Census Bureau’s (ACS) definition of gross rent.

Included in this number: Rent plus electricity, gas, water/sewer, and heating fuel.

Not included: Internet, cable, parking, renter’s insurance, or furniture rental.

Note: This cost does not depend on the number of people living in the home.

👨‍👧‍👦 Household Income in Wake Forest, NC

Annual Household Income: $123,802

💡 What does Household Income mean?

Definition: This represents the middle value of all household incomes in this area — half of households earn less, and half earn more.

Includes: wages, salaries, self-employment income, Social Security, pensions, investments, unemployment, public assistance, and rental income.

Does NOT include: capital gains, non-cash benefits (like food stamps), or tax refunds.

Household = any group of people (or a single person) living in the same housing unit.

Example: A couple earning $40,000 and $30,000 together have a household income of $70,000. If that's in the middle of all local incomes, it's the value shown here.

📉 Poverty Rate in Wake Forest, NC

Estimated Rate: 4.5%

💡 What does the Poverty Rate represent?

Definition: The percentage of people in this area living below the federal poverty threshold.

How it works: The threshold is a dollar amount set by the U.S. Census Bureau that varies by family size and age. If a household's income is below that level, everyone in it is included in this rate.

Example: In a town of 10,000 people, if 1,500 have incomes below the poverty line, the poverty rate is 15%.

Note: This statistic only includes people living in households; it does not count those in student housing, military barracks, or nursing homes.

🏘️ Renter vs. Owner Households in Wake Forest, NC

In Wake Forest, NC, households that rent: 4,786 (26%)

📊 What does the renter household percentage reveal about this area?

Household Type	Count	Share
Renter-Occupied	4,786	26%
Owner-Occupied	13,617	74%

Definition: This is the percentage of households that rent their home rather than own it. It includes only occupied housing units.

Why it matters: Areas with a high share of renter households often have younger populations, higher mobility, and different housing needs compared to mostly owner-occupied areas.

Example: If 65% of homes in an area are renter-occupied, it means 65 out of every 100 households rent their home.

📉 Renters Spending Over 30% of Income on Rent in Wake Forest, NC

In Wake Forest, NC, cost-burdened renters (households spending over 30% of income on housing): 2,141 (44.7%)

🏚️ What Does It Mean When Renters Spend Over 30% of Their Income on Housing?

Household Group	Households	Share
Cost-burdened renters (over 30%)	2,141	44.7%
Other renter households	2,645	55.3%
Total renter households	4,786	100%

Shares are calculated as a percentage of renter households.

This shows how many renters in this area are considered cost-burdened — meaning they spend more than 30% of their income on housing (rent and basic utilities).

It’s a sign that housing might be unaffordable in the area or that lower-income residents may be struggling with rent.

Data comes from the U.S. Census Bureau’s American Community Survey.

📊 Education Levels in Wake Forest, NC

Less than High School: 6,637 people (18.8%)

Includes adults who did not complete high school.

High School Graduate or GED: 4,434 people (12.6%)

Includes adults whose highest education is a high school diploma or GED.

Some College or Associate Degree: 3,200 people (9.1%)

Includes adults who attended college without completing a bachelor’s degree (some college or associate degree).

Bachelor’s Degree or Higher: 21,000 people (59.5%)

Includes adults with a bachelor’s degree or higher (bachelor’s, master’s, professional, or doctoral degree).

👥 Total Adults (25+): 35,271

📊 Unemployment Rate in Wake Forest, NC

Estimated Rate: 3.0%

💡 What does Unemployment Rate mean?

Definition: The unemployment rate is the percentage of people in the labor force who do not have a job but are actively looking for one.

Labor Force = Employed + Unemployed (aged 16+ and actively participating in the workforce).

Formula: (Unemployed ÷ Labor Force) × 100

Does NOT include: People who are retired, students not looking for work, homemakers, or otherwise not seeking employment.

Example: If there are 1000 people in the labor force and 80 are unemployed, then the unemployment rate is 8%.

Similar Population

Winter Haven, FL52,846 Elyria, OH52,833 Normal, IL52,908 Grand Island, NE52,761 Novato, CA52,689 Methuen Town, MA53,043 Edina, MN53,125 Paramount, CA52,546 Twin Falls, ID53,219 Kyle, TX52,439

ℹ️ Have questions about how these statistics are calculated? See our data methodology & FAQs

Source: ACS 5-Year Estimates (U.S. Census Bureau) — unemployment rate from BLS. Some values are derived metrics.