Wake Forest, NC Profile: Facts & Data

The Town of Wake Forest had a population of 56,065 as of July 1, 2024. Wake Forest ranks in the upper quartile for Population Density when compared to the other cities, towns and Census Designated Places (CDPs) in North Carolina. See peer rankings below.

The primary coordinate point for Wake Forest is located at latitude 35.9799 and longitude -78.5097 in Wake County. The formal boundaries for the Town of Wake Forest encompass a land area of 15.35 sq. miles and a water area of 0.12 sq. miles. Wake County is in the Eastern time zone (GMT -5).

While the primary coordinates for Town of Wake Forest are located in Wake County, it should be noted that the formal boundaries for this community also extend into and Franklin County.

The Town of Wake Forest has a C1 Census Class Code which indicates an active incorporated place that does not serve as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

Wake Forest, NC Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	56,065 (100%)
Population in Households	55,440 (98.9%)
Population in Families	48,578 (86.6%)
Population in Group Quarters¹	625 ( 1.1%)
Population Density	2,855
Diversity Index²	57


INCOME
Median Household Income	$115,697
Average Household Income	$144,242
% of Income for Mortgage⁴	26%
Per Capita Income	$51,826
Wealth Index⁵	130
Socioeconomic Status Index⁶	Moderate (62.5)

HOUSING
Total HU (Housing Units)	21,733 (100%)
Owner Occupied HU	14,852 (68.3%)
Renter Occupied HU	5,284 (24.3%)
Vacant Housing Units	1,597 ( 7.3%)
Median Home Value	$480,153
Average Home Value	$533,083
Housing Affordability Index³	96

HOUSEHOLDS
Total Households	20,136
Average Household Size	2.75
Family Households	15,054
Average Family Size	3.00

NOTES

Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

Wake Forest, NC - Peer Comparisons by Rank and Percentile

The table below compares Wake Forest to the other 777 incorporated cities, towns and CDPs in North Carolina by rank and percentile using July 1, 2024 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

GROWTH RATE / YEAR	2020-2024	2024-2029
Population	3.66%	2.80%
Households	3.88%	2.97%
Families		3.00%
Median Household Income		2.54%
Per Capita Income		2.81%
Owner Occupied HU		2.64%

Variable Description	Rank	Percentile
Total Population	# 21	97th
Population Density	# 11	99th
Median Household Income	# 31	96th
Housing Affordability Index	# 339	44th
Per Capita Income	# 79	90th
Diversity Index	# 337	57th

Wake Forest, NC Profile: Facts & Data

Wake Forest, North Carolina - Basic Facts

Wake Forest, NC Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Wake Forest, NC - Peer Comparisons by Rank and Percentile

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