Cost of Living in Central Falls, RI

With a cost of living index of 94, Central Falls, RI is slightly more affordable than average. Living here is 6% cheaper than the national average and 16% below the Rhode Island state average of 111. Central Falls is a smaller community of 22,481 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Central Falls's cost of living. The median monthly rent is $1,118 (15% below the US median of $1,319), and the median home value sits at $300,500 (1% below the national median of $304,900). At current prices, the median home costs roughly 6.5x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Central Falls is $45,921, which is 39% lower than the national median of $75,149. Residents spend roughly 29% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Central Falls. The area sees an average annual temperature of 52.1°F, with summers averaging 72°F and winters around 33°F. Annual rainfall totals 47.5 inches spread over roughly 127 days.

Everyday prices in the Providence-Warwick, RI-MA (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 5 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.