Cost of Living in Falmouth, MI

With a cost of living index of 69, Falmouth, MI is one of the most affordable cities in the country. Living here is 31% cheaper than the national average and 9% below the Michigan state average of 78. Falmouth is a small community of 189 residents.

Housing costs are the biggest factor in Falmouth's cost of living. The median monthly rent is $850 (36% below the US median of $1,319), and the median home value sits at $124,000 (59% below the national median of $304,900). At current prices, the median home costs roughly 4.8x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Falmouth is $26,058, which is 65% lower than the national median of $75,149. Residents spend roughly 39% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

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.