The typical owner-occupied home in Central Falls is worth about $352,100, 13% below the Rhode Island median of $404,200 and 6% above the national median of $332,700. Owners pay a median $3,744 a year in property taxes, about 1.06% of their home's value, lower than the Rhode Island rate of 1.21%. The median household earns $49,285 a year, so the median home costs 7.1 times the median income (4.6 times for Rhode Island). 26% of occupied homes here are lived in by their owners, and 71% of those owners still have a mortgage.
Central Falls at a glance
| Central Falls | Rhode Island | U.S. | |
|---|---|---|---|
| Median home value | $352,100 | $404,200 | $332,700 |
| Median property tax paid per year | $3,744 | $4,900 | $3,119 |
| Property tax as a share of value | 1.06% | 1.21% | 0.94% |
| Median household income | $49,285 | $87,796 | $80,734 |
| Homes lived in by their owners | 26% | 64% | 65% |
| Owner homes with a mortgage | 71% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,917 | $2,234 | $1,963 |
| Those costs as a share of the owners' income | 43.2% | 22.1% | 21.0% |
| Median rent | $1,200 | $1,342 | $1,413 |
| Rent as a share of renters' income | 32.6% | 29.2% | 30.6% |
| Median year homes were built | 1944 | 1962 | 1980 |
| Vacant homes | 8.8% | 9.1% | 10.1% |
| Population | 22,701 | 1,101,801 | 334,922,499 |
What a typical home costs per month in Central Falls
At this week's average 30-year rate of 7.11%, buying the median Central Falls home of $352,100 with 20% down costs about $2,353 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,939, 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 $100,826 for the 20%-down payment. That payment is 57% of the median Central Falls household income of $49,285; at that income and 20% down, the 28% guideline points to a home of about $172,000.
The median rent here is $1,200 a month, so owning the median home costs about $1,153 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $70,420 |
|---|---|
| Loan amount | $281,680 |
| Principal and interest | $1,895 |
| Property taxes (1.06% a year) | $311 |
| Homeowners insurance (our estimate, 0.5% a year) | $147 |
| PMI | $0 |
| Total per month | $2,353 |
Change the numbers in the calculator
| Down payment | $12,324 |
|---|---|
| Loan amount | $345,723 |
| Principal and interest | $2,326 |
| Property taxes (1.06% a year) | $311 |
| Homeowners insurance (our estimate, 0.5% a year) | $147 |
| FHA mortgage insurance | $156 |
| Total per month | $2,939 |
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Questions about home buying in Central Falls
What is the median home value in Central Falls?
About $352,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Central Falls?
Homeowners pay a median $3,744 a year, which is about 1.06% 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 Central Falls?
For the median home with 20% down at 7.11%, the payment is about $2,353 a month. Keeping that under 28% of gross income takes about $100,826 a year.
More about Central Falls
- Mortgage Refinance in Central Falls
- Debt Relief in Central Falls
- Home Equity Loans in Central Falls
- 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