Franklin 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.
IndexFranklinIndianaNational
Cost of living index8988100
IndexFranklinIndianaNational
Goods & Services index9895100
Groceries index9492100
Health care index9995100
Housing index7373100
Transportation index9293100
Utilities index9193100
Displayed above is a general overview of the Franklin, IN cost of living index. The overall cost of living index in Franklin, IN is 89, which is 1% higher than the Indiana average and 11% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Franklin, IN are 3% higher than the Indiana average and 2% lower than the national average.

Did you know?

  • The cost of living in Franklin is 1% higher than the Indiana average.
  • The cost of living in Franklin is 11% lower than the national average.
  • The cost of housing in Franklin is 27% lower than the national average.
  • Indiana general sales tax is 37% higher than the national average.
  • Indiana state income tax is 48% higher than the national average.

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Salary Calculator

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Use the salary calculator to compare your current income in Franklin, IN 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, IN, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Franklin, IN 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$63,467$5,289$1,481$1,904
Renters$32,254$2,688$753$968
If you want to find a good determining factor for the cost of living and the general affordability of housing in Franklin, IN, all you must look at 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, IN, the median monthly income is $63,467 for those who own their own homes. Under the standard rule, that income level would allow for $1,481 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $32,254, per the median income in the area. That would allow for renters to spend up to $753 on monthly rental expenses.

Indiana Sales Tax

StateGeneral Sales TaxWith Max Surtax
Indiana7%7%

Indiana Income Tax

StateIncome Tax (Low)Income Tax (High)
Indiana3.3%3.3%
One thing to keep in mind when considering the cost of living in Franklin, IN is the Indiana sales tax and Indiana 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 Indiana sales tax rate is 7% and the maximum surtax that can be charged is 7%. 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 Indiana income tax rates range from 3.3% to 3.3%.

Goods & Services

ItemFranklinNational avg.Difference
Haircut $19.60$14.5934.3%
Beauty Salon $29.80$34.6814.1%
Toothpaste $2.34$2.475.4%
Shampoo $1.03$1.020.8%
Movie $10.53$9.876.7%
Bowling $4.30$4.392.1%

Groceries

ItemFranklinNational avg.Difference
Ground Beef $4.34$4.483.1%
Fried Chicken $1.18$1.4619.4%
Milk $1.96$2.3616.8%
Potatoes $2.86$3.066.6%
Pizza $8.99$9.242.7%
Beer $7.98$8.637.6%

Health Care

ItemFranklinNational avg.Difference
Optometrist $84.30$99.7815.5%
Doctor $96.50$105.038.1%
Dentist $87.80$88.701.0%
Ibuprofen $8.69$9.417.7%
Lipitor $335.04$298.5012.2%

Housing

ItemFranklinNational avg.Difference
Home Price $114,300.00$175,700.0034.9%
Avg. Mortgage Payment $821.91$1,081.0324.0%
Apartment Rent $837.00$920.009.0%

Transportation

ItemFranklinNational avg.Difference
Gasoline $2.01$2.093.9%
Tire Balancing $36.41$45.2919.6%

Utilities

ItemFranklinNational avg.Difference
All Electricity$156.80$170.808.2%
Phone $25.68$28.269.1%
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.
Clifford, IN27681-19%
Fairland, IN33482-18%
Edinburgh, IN4,02384-16%
Morgantown, IN1,03384-16%
Taylorsville, IN92685-15%
Franklin, IN24,19389-11%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Suitland, MD24,1801088%
Ridgeland, MS24,20993-7%
Palmetto Bay, FL24,21413737%
De Pere, WI24,21697-3%
Athens, OH24,15192-8%
Franklin, IN24,19389-11%
Source: The Franklin, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.