Central Falls, Rhode Island Housing Market Prices
Central Falls Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 38% below the Rhode Island median$225,000
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Median rent 11% below the Rhode Island median$1,199
Housing Market Overview
| Metric | Central Falls | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $225,000 | $360,248 | $248,835 |
| Price Trend (Annual %) | 56.1% | 7.4% | 7.5% |
| Median Gross Rent | $1,199 | $1,341 | $1,407 |
| Rent Trend (Annual %) | 5.1% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Central Falls is about 38% lower than in Rhode Island. Rent is about 11% lower than the Rhode Island average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Central Falls, up about 56.1% and 5.1% a year respectively. Home prices are changing faster.
Median rent in Central Falls rose about 47.1% between 2015 and 2024, from $815 to $1,199. Over the same span, rent in Rhode Island rose about 45.0%.
Affordability
On average, housing unit costs 4.6 yearly household incomes in Central Falls.
Buying the median-priced home in Central Falls costs roughly 15.6 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Central Falls. The price-to-rent ratio in Rhode Island is about 22.4.
| Metric | Central Falls | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $225,000 | $360,248 | $248,835 |
| Median Household Income | $49,176 | $88,093 | $80,455 |
| Price-to-Income Ratio | 4.6 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Central Falls rose about 40.0%, while median household income rose about 28.5% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Central Falls | Rhode Island Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 23.3% | 57.8% | 58.5% |
| Rental Rate | 67.8% | 33.0% | 31.2% |
| Vacancy Rate | 8.8% | 9.1% | 10.2% |
| Median Tenure (years) | 10.0 | 16.0 | 15.0 |
| Median Year Moved In | 2016 | 2010 | 2011 |
Central Falls has a homeownership rate of 23.3%, lower than the Rhode Island average of 57.8%. Its housing vacancy rate is 8.8%, compared with 9.1% in Rhode Island.
Housing Stock
| Metric | Central Falls | Rhode Island Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.81 people | 2.38 people | 2.53 people |
| Median Structure Built Year | 1952 | 1962 | 1978 |
| Median Number of Rooms | 4.8 | 5.4 | 5.5 |
The typical housing unit in Central Falls was built around 1952. On average, 2.8 people live in a home with about 4.8 rooms, staying for about 10.0 years on average.
Central Falls, RI Housing Compared With Nearby Cities
How Central Falls, RI compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Central Falls, RI | 22,570 | $225,000 #3/3 | $1,199 #3/3 | 25.6% #3/3 |
| Pawtucket, RI | 75,796 | $250,546 | $1,208 | 50.1% |
| Providence, RI | 191,427 | $426,648 | $1,407 | 41.4% |
Frequently Asked Questions
Common questions about the housing market in Central Falls, Rhode Island.
What is the median home price in Central Falls, Rhode Island?
The median home price in Central Falls, Rhode Island is $225,000, lower than the Rhode Island average of $360,248.
What is the average home price in Central Falls, Rhode Island?
The typical home price in Central Falls, Rhode Island, reported as the median sale price, is $225,000. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Central Falls, Rhode Island?
The median gross rent in Central Falls, Rhode Island is $1,199 per month, lower than the Rhode Island average of $1,341.
What was the median gross rent in Central Falls in 2020?
In 2020, the median gross rent in Central Falls, Rhode Island was $883 per month.
What is the price-to-rent ratio in Central Falls, Rhode Island?
The price-to-rent ratio in Central Falls, Rhode Island is about 15.6, meaning it would take roughly 15.6 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Central Falls.
Are home prices or rent rising faster in Central Falls, Rhode Island?
Both home prices and rent are rising in Central Falls, up about 56.1% and 5.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Central Falls, Rhode Island?
23.3% of households in Central Falls, Rhode Island own their home, lower than the Rhode Island average of 57.8%.
What is the vacancy rate in Central Falls, Rhode Island?
The housing vacancy rate in Central Falls, Rhode Island is 8.8%, lower than the Rhode Island average of 9.1%.
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