Franklin Square cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexFranklin SquareNew YorkNational
Cost of living index162122100
IndexFranklin SquareNew YorkNational
Goods & Services index151112100
Groceries index121103100
Health care index117104100
Housing index216149100
Transportation index138122100
Utilities index133102100
A general summary of the cost of living index in Franklin Square, NY is shown above. Compared to the state average of New York the cost of living index in Franklin Square, NY is 162, which is 33% higher than the average in New York and compared to the national average it is 62% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Franklin Square, NY goods and services come in at 34% higher than the average in New York and are 51% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Franklin Square is 33% higher than the New York average.
  • The cost of living in Franklin Square is 62% higher than the national average.
  • The cost of housing in Franklin Square is 116% higher than the national average.
  • New York general sales tax is 21% lower than the national average.
  • New York state income tax is 80% higher than the national average.

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Compare Franklin Square, NY Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Franklin Square, NY to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Franklin Square, NY, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Franklin Square, NY salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$102,563$8,547$2,393$3,077
Renters$46,482$3,874$1,085$1,395
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Franklin Square, NY as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Franklin Square, NY homeowners, is $102,563. This would allow for a maximum of $2,393 per month to be spent on housing costs. For renters, the median monthly income is $46,482 which would result in a maximum of $1,085 to be spent on rental costs.

New York Sales Tax

StateGeneral Sales TaxWith Max Surtax
New York4%8.875%

New York Income Tax

StateIncome Tax (Low)Income Tax (High)
New York4%8.82%
One thing to keep in mind when considering the cost of living in Franklin Square, NY is the New York sales tax and New York income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The New York sales tax rate is 4% and the maximum surtax that can be charged is 8.875%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The New York income tax rates range from 4% to 8.82%.

Goods & Services

ItemFranklin SquareNational avg.Difference
Haircut $22.50$14.5954.2%
Beauty Salon $70.55$34.68103.4%
Toothpaste $4.04$2.4763.3%
Shampoo $1.14$1.0211.5%
Movie $13.83$9.8740.1%
Bowling $12.33$4.39180.8%

Groceries

ItemFranklin SquareNational avg.Difference
Ground Beef $4.46$4.480.4%
Fried Chicken $1.04$1.4629.0%
Milk $1.92$2.3618.5%
Potatoes $4.37$3.0642.7%
Pizza $11.49$9.2424.3%
Beer $13.09$8.6351.6%

Health Care

ItemFranklin SquareNational avg.Difference
Optometrist $103.33$99.783.6%
Doctor $122.50$105.0316.6%
Dentist $117.50$88.7032.5%
Ibuprofen $10.06$9.416.9%
Lipitor $302.11$298.501.2%

Housing

ItemFranklin SquareNational avg.Difference
Home Price $425,300.00$175,700.00142.1%
Avg. Mortgage Payment $4,902.79$1,081.03353.5%
Apartment Rent $1,438.00$920.0056.3%

Transportation

ItemFranklin SquareNational avg.Difference
Gasoline $2.64$2.0926.2%
Tire Balancing $78.00$45.2972.2%

Utilities

ItemFranklin SquareNational avg.Difference
All Electricity$259.80$170.8052.1%
Phone $30.33$28.267.3%
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, StatePopulationCost of Living IndexNational Avg.
North Amityville, NY19,60813232%
Roosevelt, NY16,55414747%
Uniondale, NY24,78714747%
New Cassel, NY13,98813636%
Hempstead, NY54,80114848%
Franklin Square, NY31,29116262%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Mason, OH31,2891033%
Englewood, CO31,2981055%
Andover, MN31,27111616%
Fair Oaks, CA31,25613131%
Salisbury, MD31,3341033%
Franklin Square, NY31,29116262%
Source: The Franklin Square, NY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.