This was 21.8 percent lower than the state average of 41.9 percent. In 2020 the total municipality population reached 3,883.
74.1 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Wallace for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 712 | 25.9 |
| Regular high school diploma | 537 | 19.5 |
| GED or alternative credential | 108 | 3.9 |
| Some college, less than 1 year | 389 | 14.1 |
| Some college, 1 or more years, no degree | 453 | 16.5 |
| Associate's degree | 82 | 3 |
| Bachelor's degree | 337 | 12.2 |
| Master's degree | 127 | 4.6 |
| Professional school degree | 8 | 0.3 |
| Doctorate degree | 0 | 0 |
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