Chace grew up in Dallas, Texas. His father is a dermatologist and his mother is a teacher. He has one sibling, a younger sister, Candice, who is studying broadcast journalism. Chace played football and golf in high school and is a talented artist. He graduated from Trinity Christian Academy in 2003. Although he worked as a model in Dallas, he never pursued acting. He moved to Malibu, California to attend Pepperdine University after high school where he was a member of the Sigma Nu fraternity. He struggled to identify a career path, vacillating between advertising, business and communications majors. Midway through his second year his mother encouraged him to pursue acting. He credits her for initiating this bold move. She states that "it was a practical move," based on career aptitude test he had taken in high school which revealed he was best suited for a career in the performing arts. He was signed by the first talent agent that interviewed him and then committed full-time to acting studies.