Fairchance was incorporated as a borough on March 7, 1889.
As of the census of 2000, there were 2,174 people, 871 households, and 594 families residing in Fairchance. The population density was 693.7/km² (1,797.1/mi²). There were 932 housing units at an average density of 297.4/km² (770.4/mi²). The racial makeup of Fairchance was 95.81% White, 2.76% African American, 0.09% Native American, 0.09% Asian, and 1.24% from two or more races. Hispanic or Latino of any race were 0.51% of the population.
There were 871 households out of which 29.3% had children under the age of 18 living with them, 50.7% were married couples living together, 13.0% had a female householder with no husband present, and 31.7% were non-families. 27.3% of all households were made up of individuals and 14.4% had someone living alone who was 65 years of age or older. The average household size was 2.47 and the average family size was 3.00.
Fairchance’s the population was spread out with 23.8% under the age of 18, 8.8% from 18 to 24, 27.3% from 25 to 44, 22.7% from 45 to 64, and 17.4% who were 65 years of age or older. The median age was 38 years. For every 100 females there were 87.6 males. For every 100 females age 18 and over, there were 82.1 males.
The median income for a household in Fairchance was $26,840, and the median income for a family was $33,611. Males had a median income of $27,625 versus $20,750 for females. The per capita income for the borough was $14,021. About 12.0% of families and 16.5% of the population were below the poverty line, including 19.1% of those under age 18 and none of those age 65 or over.