Falls Mills, VA Profile: Facts & Data

The primary coordinate point for Falls Mills is located at latitude 37.2765 and longitude -81.3084 in Tazewell County. Tazewell County is in the Eastern time zone (GMT -5).

A Census Designated Place (CDP) is a statistical counterpart to a self-governing (incorporated) place such as a city, town, or village. A CDP is not a legal entity and has no governmental functions.

Falls Mills, VA Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	292 (100%)
Population in Households	292 (100.0%)
Population in Families	235 (80.5%)
Population in Group Quarters¹	0
Population Density	333
Diversity Index²	31


INCOME
Median Household Income	$25,696
Average Household Income	$39,085
% of Income for Mortgage⁴	16%
Per Capita Income	$15,661
Wealth Index⁵	23
Socioeconomic Status Index⁶	Low (34.1)

HOUSING
Total HU (Housing Units)	148 (100%)
Owner Occupied HU	87 (58.8%)
Renter Occupied HU	30 (20.3%)
Vacant Housing Units	31 (20.9%)
Median Home Value	$63,462
Average Home Value	$77,874
Housing Affordability Index³	164

HOUSEHOLDS
Total Households	117
Average Household Size	2.50
Family Households	73
Average Family Size	3.00

NOTES

Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

Falls Mills, VA - Peer Comparisons by Rank and Percentile

The table below compares Falls Mills to the other 688 incorporated cities, towns and CDPs in Virginia by rank and percentile using July 1, 2024 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

GROWTH RATE / YEAR	2020-2024	2024-2029
Population	-1.02%	-1.26%
Households	-0.98%	-0.87%
Families		-2.00%
Median Household Income		1.30%
Per Capita Income		4.00%
Owner Occupied HU		-0.94%

Variable Description	Rank	Percentile
Total Population	# 538	22nd
Population Density	# 457	34th
Median Household Income	# 669	3rd
Housing Affordability Index	# 661	96th
Per Capita Income	# 676	2nd
Diversity Index	# 485	30th

Falls Mills, VA Profile: Facts & Data

Falls Mills, Virginia - Basic Facts

Falls Mills, VA Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Falls Mills, VA - Peer Comparisons by Rank and Percentile

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Tazewell County