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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