There were 365 households out of which 27.9% had children under the age of 18 living with them, 55.6% were married couples living together, 10.4% had a female householder with no husband present, and 30.4% were non-families. 26.8% of all households were made up of individuals and 12.6% had someone living alone who was 65 years of age or older. The average household size was 2.42 and the average family size was 2.94.
In the town the population was spread out with 16.6% under the age of 18, 8.7% from 18 to 24, 20.7% from 25 to 44, 21.0% from 45 to 64, and 32.9% who were 65 years of age or older. The median age was 49 years. For every 100 females there were 71.5 males. For every 100 females age 18 and over, there were 71.3 males.
The median income for a household in the town was $34,583, and the median income for a family was $40,759. Males had a median income of $29,231 versus $23,365 for females. The per capita income for the town was $13,510. About 5.5% of families and 11.6% of the population were below the poverty line, including 7.9% of those under age 18 and 31.7% of those age 65 or over.
The community was named for Louis M. Falk (or Faulk), who, along with his brother(s) were merchants.