Cost of Living in Falls Village, CT

With a cost of living index of 134, Falls Village, CT is a notably expensive place to live. Living here is 34% more expensive than the national average and 9% above the Connecticut state average of 125. Falls Village is a small community of 452 residents.

Housing costs are the biggest factor in Falls Village's cost of living. The median monthly rent is $2,096 (59% above the US median of $1,319), and the median home value sits at $431,300 (41% above the national median of $304,900). At current prices, the median home costs roughly 7.9x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Falls Village is $54,792, which is 27% lower than the national median of $75,149. Residents spend roughly 46% of household income on rent. This is well above the 30% affordability threshold, indicating a significant housing cost burden for many residents.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.