Like many small boroughs in Pennsylvania, North Wales is at "build out", meaning that its boundaries have not kept up with population growth. Summarily, many businesses and residences with North Wales addresses are located in outlying townships that were never annexed by the borough, such as the Montgomery Mall in Montgomery Township. North Wales is in the North Penn School District.
As of the census of 2000, there were 3,342 people, 1,299 households, and 869 families residing in the borough. The population density was 5,848.7 people per square mile (2,263.8/km²). There were 1,330 housing units at an average density of 2,327.6/sq mi (900.9/km²). The racial makeup of the borough was 90.31% White, 4.82% African American, 0.06% Native American, 2.09% Asian, 0.18% Pacific Islander, 0.78% from other races, and 1.77% from two or more races. Hispanic or Latino of any race were 1.50% of the population.
There were 1,299 households out of which 34.6% had children under the age of 18 living with them, 53.9% were married couples living together, 9.1% had a female householder with no husband present, and 33.1% were non-families. 27.8% of all households were made up of individuals and 8.8% had someone living alone who was 65 years of age or older. The average household size was 2.56 and the average family size was 3.18.
In the borough the population was spread out with 26.8% under the age of 18, 7.4% from 18 to 24, 33.7% from 25 to 44, 21.7% from 45 to 64, and 10.4% who were 65 years of age or older. The median age was 36 years. For every 100 females there were 99.4 males. For every 100 females age 18 and over, there were 95.9 males.
The median income for a household in the borough was $54,605, and the median income for a family was $63,235. Males had a median income of $41,265 versus $33,045 for females. The per capita income for the borough was $26,590. About 3.2% of families and 4.7% of the population were below the poverty line, including 8.0% of those under age 18 and 4.0% of those age 65 or over.