The typical owner-occupied home in Falls Village is worth about $445,700, 21% above the Connecticut median of $366,900 and 34% above the national median of $332,700. Owners pay a median $5,931 a year in property taxes, about 1.33% of their home's value, lower than the Connecticut rate of 1.81%. The median household earns $53,750 a year, so the median home costs 8.3 times the median income (3.8 times for Connecticut). 84% of occupied homes here are lived in by their owners, and 92% of those owners still have a mortgage.
Falls Village at a glance
| Falls Village | Connecticut | U.S. | |
|---|---|---|---|
| Median home value | $445,700 | $366,900 | $332,700 |
| Median property tax paid per year | $5,931 | $6,643 | $3,119 |
| Property tax as a share of value | 1.33% | 1.81% | 0.94% |
| Median household income | $53,750 | $95,781 | $80,734 |
| Homes lived in by their owners | 84% | 66% | 65% |
| Owner homes with a mortgage | 92% | 65% | 61% |
| Median monthly costs, owners with a mortgage | $2,500 | $2,429 | $1,963 |
| Those costs as a share of the owners' income | 51.0% | 21.8% | 21.0% |
| Median rent | $2,074 | $1,488 | $1,413 |
| Rent as a share of renters' income | 43.0% | 31.4% | 30.6% |
| Median year homes were built | 1938 | 1967 | 1980 |
| Vacant homes | 25.3% | 7.0% | 10.1% |
| Population | 410 | 3,624,508 | 334,922,499 |
What a typical home costs per month in Falls Village
At this week's average 30-year rate of 7.11%, buying the median Falls Village home of $445,700 with 20% down costs about $3,078 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,821, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $131,927 for the 20%-down payment. That payment is 69% of the median Falls Village household income of $53,750; at that income and 20% down, the 28% guideline points to a home of about $182,000.
The median rent here is $2,074 a month, so owning the median home costs about $1,004 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $89,140 |
|---|---|
| Loan amount | $356,560 |
| Principal and interest | $2,399 |
| Property taxes (1.33% a year) | $494 |
| Homeowners insurance (our estimate, 0.5% a year) | $186 |
| PMI | $0 |
| Total per month | $3,078 |
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| Down payment | $15,600 |
|---|---|
| Loan amount | $437,627 |
| Principal and interest | $2,944 |
| Property taxes (1.33% a year) | $494 |
| Homeowners insurance (our estimate, 0.5% a year) | $186 |
| FHA mortgage insurance | $197 |
| Total per month | $3,821 |
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Questions about home buying in Falls Village
What is the median home value in Falls Village?
About $445,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Falls Village?
Homeowners pay a median $5,931 a year, which is about 1.33% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Falls Village?
For the median home with 20% down at 7.11%, the payment is about $3,078 a month. Keeping that under 28% of gross income takes about $131,927 a year.
More about Falls Village
- Mortgage Refinance in Falls Village
- Debt Relief in Falls Village
- Home Equity Loans in Falls Village
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data