A+
7%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
16%
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 Indiana National
Cost of living9390100
Goods & Services9694100
Groceries10098100
Health care8996100
Housing8472100
Transportation9695100
Utilities104107100

An Overview of Cost of Living in Franklin, IN

Are you thinking about relocating, but curious about the potential cost of living in Franklin? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Franklin stands at 93, making it 7% lower 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.

In Franklin, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Franklin will resemble that of an average city, contributing to a manageable cost of living.

Is Franklin Affordable?

Is Franklin 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, for instance, where the median home price falls 21.4% lower than the national average, and monthly rent rates are 4.7% lower than usual. Additionally, median income levels contribute to the equation, with Franklin flaunting a median household income of $60,500, 9.4% higher than the national norm.

What Factors can Influence the Cost of Living in Franklin?

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Franklin, the transportation index is 4.1% lower than the national average.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Franklin, the utilities index registers 3.8% higher than the national average.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Franklin, the housing index stands at 16.4% lower than the national average.

Where is the Data From?

The Franklin cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Franklin is 4% higher than the Indiana average
  • The cost of living in Franklin is 7% lower than the national average
  • Franklin housing is 16% lower than the national average
  • Indiana general sales tax is 37% higher than the national average
  • Indiana state income tax is 21% higher than the national average

Most Affordable Places to Live in and Around Franklin

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Compare Franklin, IN 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$77,490$6,458$1,808$2,325
      Renters$35,942$2,995$839$1,078
      A good indicator of the general affordability of housing in Franklin, IN, 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 Franklin, the median monthly income is $77,490 for those who own their own homes. Under the standard rule, that income level would allow for $1,808 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $35,942, per the median income in the area. That would allow for renters to spend up to $839 on monthly rental expenses.

      Indiana Sales Tax

      State General Sales Tax With Max Surtax
      Indiana 7% 7%

      Indiana Income Tax

      State Income Tax (Low) Income Tax (High)
      Indiana 3.15% 3.15%

      Goods & Services

      Item Franklin National avg. Difference
      Haircut $19.53$24.2619.5%
      Beauty Salon $39.03$45.5614.3%
      Toothpaste $3.67$3.700.9%
      Shampoo $1.33$1.284.1%
      Movie $10.91$12.1310.1%
      Bowling $18.70$18.003.9%

      Groceries

      Item Franklin National avg. Difference
      Ground Beef $5.91$5.841.3%
      Fried Chicken $1.61$1.572.4%
      Milk $4.73$4.671.3%
      Potatoes $5.07$4.932.7%
      Pizza $12.39$12.092.5%
      Beer $10.30$10.411.1%

      Health Care

      Item Franklin National avg. Difference
      Optometrist $73.37$125.6841.6%
      Doctor $99.19$135.7826.9%
      Dentist $109.26$113.293.6%
      Ibuprofen $10.70$10.650.4%
      Lipitor $509.36$468.608.7%

      Housing

      Item Franklin National avg. Difference
      Home Price $145,200.00$184,700.0021.4%
      Avg. Mortgage Payment $1,794.91$2,346.6923.5%
      Apartment Rent $904.00$949.004.7%

      Transportation

      Item Franklin National avg. Difference
      Gasoline $3.39$3.462.2%
      Tire Balancing $54.63$59.928.8%

      Utilities

      Item Franklin National avg. Difference
      All Electricity $207.03$193.996.7%
      Phone $190.02$192.251.2%
      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.
      Clifford, IN2708415.7%
      Taylorsville, IN5128614.5%
      Morgantown, IN1,3528811.5%
      Edinburgh, IN4,6618812.4%
      New Whiteland, IN6,1788911.1%
      Franklin, IN25,276936.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Suitland, MD25,27312019.8%
      El Cerrito, CA25,280201100.8%
      Prince Edward County, ON25,289n/a 
      Clinton, IA25,2908614.4%
      Mount Pleasant, MI25,2908911.3%
      Franklin, IN25,276936.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.