Wahpeton is part of the Iowa Great Lakes region of northwestern Iowa, which is a regional vacation and recreation destination. Gull Point State Park is located in the city, and the city is also the site of three religiously-based summer camps, the Presbyterian Camp of Okoboji, Okoboji Lutheran Bible Camp and Camp Okoboji (LCMS).
According to the United States Census Bureau, the city has a total area of 1.3 square miles (3.4 km²), of which, 1.3 square miles (3.3 km²) of it is land and 0.04 square miles (0.1 km²) of it (2.29%) is water.
There were 214 households out of which 13.6% had children under the age of 18 living with them, 69.2% were married couples living together, 1.9% had a female householder with no husband present, and 28.0% were non-families. 23.8% of all households were made up of individuals and 16.4% had someone living alone who was 65 years of age or older. The average household size was 2.12 and the average family size was 2.49.
In the city the population was spread out with 13.9% under the age of 18, 4.5% from 18 to 24, 13.9% from 25 to 44, 31.8% from 45 to 64, and 35.9% who were 65 years of age or older. The median age was 56 years. For every 100 females there were 94.1 males. For every 100 females age 18 and over, there were 92.3 males.
The median income for a household in the city was $53,125, and the median income for a family was $62,083. Males had a median income of $41,500 versus $23,125 for females. The per capita income for the city was $36,258. About 4.4% of families and 7.3% of the population were below the poverty line, including 18.2% of those under age 18 and 2.1% of those age 65 or over.