D+
15%
Overall NAT. AVG.
15%
Goods & Services NAT. AVG.
30%
Housing NAT. AVG.
Search Homes for Sale
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 Valley Falls Rhode Island National
Cost of living115112100
Goods & Services115115100
Groceries102102100
Health care108108100
Housing130120100
Transportation9393100
Utilities112112100

An Overview of Cost of Living in Valley Falls, RI

Are you thinking about relocating, but curious about the potential cost of living in Valley Falls? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Valley Falls stands at 115, making it 15% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

When it comes to the cost of living in Valley Falls, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 29.5% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Valley Falls, you you will have to spend 15.3% more than average when compared to the typical prices for these items, making it a more expensive place to live.

Is Valley Falls Affordable?

Is Valley Falls affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Valley Falls, for instance, where the median home price falls 43.9% higher than the national average, and monthly rent rates are 4.1% lower than usual. Additionally, median income levels contribute to the equation, with Valley Falls flaunting a median household income of $88,927, 60.7% higher than the national norm.

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

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 Valley Falls, the baseline sales tax rate begins at 7%, and income tax rates start at 3.75%.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Valley Falls, the groceries index registers 1.7% higher than the national average.

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.

Where is the Data From?

The cost of living in Valley Falls, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

New Real Estate Listings in Valley Falls Area
Search Homes for Sale in Valley Falls, RI

Cost Of Living Quick Facts

  • The cost of living in Valley Falls is 3% higher than the Rhode Island average
  • The cost of living in Valley Falls is 15% higher than the national average
  • Valley Falls housing is 30% higher 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 Valley Falls

See all the best places to live around Valley Falls

Compare Valley Falls, RI Cost of Living

      vs
      How would you rate the cost of living in Valley Falls?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Valley Falls?
      Write a review to give others more information about this area.
      See all Valley Falls poll results

      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$106,384$8,865$2,482$3,192
      Renters$35,246$2,937$822$1,057
      A good indicator of the general affordability of housing in Valley Falls, RI, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Valley Falls, the median monthly income is $106,384 for those who own their own homes. Under the standard rule, that income level would allow for $2,482 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $35,246, per the median income in the area. That would allow for renters to spend up to $822 on monthly rental expenses.

      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 Valley 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 Valley 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 Valley 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 Valley Falls National avg. Difference
      Home Price $265,800.00$184,700.0043.9%
      Avg. Mortgage Payment $2,379.56$2,346.691.4%
      Apartment Rent $910.00$949.004.1%

      Transportation

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

      Utilities

      Item Valley 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.
      Central Falls, RI19,4371044.5%
      Woonsocket, RI41,6161076.6%
      Pawtucket, RI71,8211099.2%
      Providence, RI179,47211111.3%
      East Providence, RI47,44211211.9%
      Valley Falls, RI11,54811514.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Somerset, KY11,5488911.2%
      Muscoy, CA11,54612020.5%
      Elk City, OK11,544919.2%
      Wallington, NJ11,55313130.7%
      Mountain Top, PA11,5531000.5%
      Valley Falls, RI11,54811514.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.