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.
IndexFranklinKentuckyNational
Cost of living index8589100
IndexFranklinKentuckyNational
Goods & Services index99100100
Groceries index8890100
Health care index8693100
Housing index5870100
Transportation index9999100
Utilities index10596100
Displayed above is a general overview of the Franklin, KY cost of living index. The overall cost of living index in Franklin, KY is 85, which is 4% lower than the Kentucky average and 15% 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, KY are 1% lower than the Kentucky average and 1% lower than the national average.

Did you know?

  • The cost of living in Franklin is 4% lower than the Kentucky average.
  • The cost of living in Franklin is 15% lower than the national average.
  • The cost of housing in Franklin is 42% lower than the national average.
  • Kentucky general sales tax is 18% higher than the national average.
  • Kentucky state income tax is 10% lower than the national average.

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Compare Franklin, KY Cost of living To Other Cities

Salary Calculator

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Cost of living index
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Groceries index
Health care index
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Transportation index
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Use the salary calculator to compare your current income in Franklin, KY 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, KY, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Franklin, KY 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$44,775$3,731$1,045$1,343
Renters$22,965$1,914$536$689
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Franklin, KY 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, KY homeowners, is $44,775. This would allow for a maximum of $1,045 per month to be spent on housing costs. For renters, the median monthly income is $22,965 which would result in a maximum of $536 to be spent on rental costs.

Kentucky Sales Tax

StateGeneral Sales TaxWith Max Surtax
Kentucky6%6%

Kentucky Income Tax

StateIncome Tax (Low)Income Tax (High)
Kentucky2%6%
When you are determining the total cost of living in Franklin, KY you will want to make sure you consider both the Kentucky sales tax and the Kentucky income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Kentucky is 6%, with the highest surtax being 6%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Kentucky have a range from 2% to 6%.

Goods & Services

ItemFranklinNational avg.Difference
Haircut $15.99$16.090.6%
Beauty Salon $38.05$37.331.9%
Toothpaste $3.00$2.4522.6%
Shampoo $0.85$1.0015.4%
Movie $11.19$10.288.9%
Bowling $3.98$4.9319.2%

Groceries

ItemFranklinNational avg.Difference
Ground Beef $3.96$3.804.0%
Fried Chicken $1.01$1.4028.0%
Milk $1.20$2.0140.2%
Potatoes $4.03$3.0133.8%
Pizza $8.31$9.8915.9%
Beer $8.11$8.908.9%

Health Care

ItemFranklinNational avg.Difference
Optometrist $88.44$102.1613.4%
Doctor $80.22$108.3626.0%
Dentist $85.29$92.537.8%
Ibuprofen $7.22$9.2822.2%
Lipitor $409.70$425.823.8%

Housing

ItemFranklinNational avg.Difference
Home Price $96,700.00$184,700.0047.6%
Avg. Mortgage Payment $1,028.38$1,202.4414.5%
Apartment Rent $665.00$949.0029.9%

Transportation

ItemFranklinNational avg.Difference
Gasoline $2.30$2.242.5%
Tire Balancing $43.03$46.297.0%

Utilities

ItemFranklinNational avg.Difference
All Electricity$177.56$165.967.0%
Phone $29.84$28.684.0%
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.
Fairfield, TN18697-3%
New Deal, TN30485-15%
Auburn, KY1,51385-15%
Mitchellville, TN14785-15%
Woodburn, KY29286-14%
Franklin, KY8,70685-15%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Murphy, MO8,70691-9%
Carbondale, PA8,70786-14%
Temperance, MI8,70594-6%
Oxford, NC8,70787-13%
Waterford, CA8,7081033%
Franklin, KY8,70685-15%
Source: The Franklin, KY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.