F
30%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
99%
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 Franklin Park Pennsylvania National
Cost of living13098100
Goods & Services9399100
Groceries10099100
Health care9194100
Housing19991100
Transportation107106100
Utilities125107100

An Overview of Cost of Living in Franklin Park, PA

The cost of living in Franklin Park 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 Franklin Park is 130, which is 30% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If you're in pursuit of an economical living environment, Franklin Park may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Franklin Park falls within this bracket.

Housing costs significantly influence the Franklin Park cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 98.7%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Franklin Park Affordable?

Is Franklin Park 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 Franklin Park, for instance, where the median home price falls 99.6% higher than the national average, and monthly rent rates are 96.6% higher than usual. Additionally, median income levels contribute to the equation, with Franklin Park flaunting a median household income of $141,045, 155% higher than the national norm.

What Factors can Influence the Cost of Living in Franklin Park?

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Franklin Park, the utilities index registers at 25.4% higher than the national average.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Franklin Park, the housing index is 98.7% higher than the national average.

Where is the Data From?

The cost of living data in Franklin Park 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 Franklin Park is 33% higher than the Pennsylvania average
  • The cost of living in Franklin Park is 30% higher than the national average
  • Franklin Park housing is 99% higher than the national average
  • Pennsylvania general sales tax is 18% higher than the national average
  • Pennsylvania state income tax is 18% higher than the national average

Most Affordable Places to Live in and Around Franklin Park

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Compare Franklin Park, PA 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$154,167$12,847$3,597$4,625
      Renters$65,660$5,472$1,532$1,970
      A good way to judge both the affordability of the housing and the cost of living in Franklin Park is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Franklin Park has a median income of about $154,167 for people who own homes. Based on that number, a maximum of $3,597 should be spent on expenses related to housing. Renters have a slightly different median income, which is $65,660. Based on this average, renters should spend no more than $1,532 on all rental costs if they want to maintain a non-impoverished standard of living.

      Pennsylvania Sales Tax

      State General Sales Tax With Max Surtax
      Pennsylvania 6% 8%

      Pennsylvania Income Tax

      State Income Tax (Low) Income Tax (High)
      Pennsylvania 3.07% 3.07%

      Goods & Services

      Item Franklin Park National avg. Difference
      Haircut $23.73$24.262.2%
      Beauty Salon $40.40$45.5611.3%
      Toothpaste $3.72$3.700.6%
      Shampoo $1.39$1.288.5%
      Movie $11.77$12.133.0%
      Bowling $16.24$18.009.8%

      Groceries

      Item Franklin Park National avg. Difference
      Ground Beef $5.70$5.842.3%
      Fried Chicken $1.41$1.5710.6%
      Milk $4.52$4.673.2%
      Potatoes $5.47$4.9310.8%
      Pizza $12.83$12.096.2%
      Beer $10.58$10.411.6%

      Health Care

      Item Franklin Park National avg. Difference
      Optometrist $109.26$125.6813.1%
      Doctor $100.92$135.7825.7%
      Dentist $110.50$113.292.5%
      Ibuprofen $10.45$10.651.9%
      Lipitor $502.54$468.607.2%

      Housing

      Item Franklin Park National avg. Difference
      Home Price $368,700.00$184,700.0099.6%
      Avg. Mortgage Payment $2,225.61$2,346.695.2%
      Apartment Rent $1,866.00$949.0096.6%

      Transportation

      Item Franklin Park National avg. Difference
      Gasoline $3.73$3.467.6%
      Tire Balancing $64.05$59.926.9%

      Utilities

      Item Franklin Park National avg. Difference
      All Electricity $270.68$193.9939.5%
      Phone $196.77$192.252.4%
      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.
      North Braddock, PA4,7038119.5%
      Rankin, PA1,9488218.2%
      Edgewood CDP, PA2,4548218.1%
      Braddock, PA1,8858218.1%
      East Pittsburgh, PA1,6598217.8%
      Franklin Park, PA14,70113030.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lynden, WA14,70013433.8%
      Mount Washington, KY14,699972.7%
      Carthage, MO14,6998316.8%
      Hewitt, TX14,7051000.1%
      Hereford, TX14,6928217.7%
      Franklin Park, PA14,70113030.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.