B-
4%
Overall NAT. AVG.
15%
Goods & Services NAT. AVG.
5%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Central Falls Rhode Island National
Cost of living104112100
Goods & Services115115100
Groceries102102100
Health care108108100
Housing95120100
Transportation9393100
Utilities112112100

An Overview of Cost of Living in Central Falls, RI

The cost of living in Central Falls affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Central Falls is 104, which is 4% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

In Central Falls, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Central Falls will resemble that of an average city, contributing to a manageable cost of living.

Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Central Falls goods and services are 15.3% more expensive than the national average, leaving you with less money at the end of the month.

Is Central Falls Affordable?

Is Central Falls affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Central Falls, the median home price is 4.5% lower than the national average and monthly rent prices are 6.8% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Central Falls boasting a median household income of $34,689, 37.3% lower than the national average.

What Factors can Influence the Cost of Living in Central Falls?

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Central Falls, the baseline sales tax rate begins at 7%, and income tax rates start at 3.75%.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Central Falls, the transportation index is 7.5% lower than the national average.

Where is the Data From?

The cost of living data in Central Falls displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Central Falls is 7% lower than the Rhode Island average
  • The cost of living in Central Falls is 4% higher than the national average
  • Central Falls housing is 5% lower than the national average
  • Rhode Island general sales tax is 37% higher than the national average
  • Rhode Island state income tax is 44% higher than the national average

Most Affordable Places to Live in and Around Central Falls

See all the best places to live around Central Falls

Compare Central Falls, RI Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$54,485$4,540$1,271$1,635
      Renters$31,585$2,632$737$948
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Central Falls, RI, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Central Falls homeowners, is $54,485. This would allow for a maximum of $1,271 per month to be spent on housing costs. For renters, the median monthly income is $31,585 which would result in a maximum of $737 to be spent on rental costs.

      Rhode Island Sales Tax

      State General Sales Tax With Max Surtax
      Rhode Island 7% 7%

      Rhode Island Income Tax

      State Income Tax (Low) Income Tax (High)
      Rhode Island 3.75% 5.99%

      Goods & Services

      Item Central Falls National avg. Difference
      Haircut $31.50$24.2629.8%
      Beauty Salon $49.92$45.569.6%
      Toothpaste $3.46$3.706.5%
      Shampoo $1.43$1.2811.4%
      Movie $14.37$12.1318.4%
      Bowling $22.72$18.0026.2%

      Groceries

      Item Central Falls National avg. Difference
      Ground Beef $5.85$5.840.2%
      Fried Chicken $1.43$1.578.9%
      Milk $4.74$4.671.4%
      Potatoes $5.00$4.931.3%
      Pizza $11.59$12.094.1%
      Beer $10.74$10.413.1%

      Health Care

      Item Central Falls National avg. Difference
      Optometrist $104.45$125.6816.9%
      Doctor $169.83$135.7825.1%
      Dentist $130.28$113.2915.0%
      Ibuprofen $11.11$10.654.3%
      Lipitor $369.37$468.6021.2%

      Housing

      Item Central Falls National avg. Difference
      Home Price $176,300.00$184,700.004.5%
      Avg. Mortgage Payment $2,379.56$2,346.691.4%
      Apartment Rent $884.00$949.006.8%

      Transportation

      Item Central Falls National avg. Difference
      Gasoline $3.38$3.462.5%
      Tire Balancing $48.20$59.9219.6%

      Utilities

      Item Central Falls National avg. Difference
      All Electricity $230.62$193.9918.9%
      Phone $195.18$192.251.5%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Woonsocket, RI41,6161076.6%
      Pawtucket, RI71,8211099.2%
      Providence, RI179,47211111.3%
      East Providence, RI47,44211211.9%
      Fall River, MA89,61811313.1%
      Central Falls, RI19,4371044.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Huntington, NY19,43817069.7%
      Badger, AK19,43413636.0%
      Riverview, NB19,441n/a 
      Lynbrook, NY19,44515555.1%
      Five Corners, WA19,41512525.3%
      Central Falls, RI19,4371044.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.