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.
IndexFranklinTennesseeNational
Cost of living index11791100
IndexFranklinTennesseeNational
Goods & Services index10298100
Groceries index9492100
Health care index8689100
Housing index16080100
Transportation index9793100
Utilities index10291100
A general summary of the cost of living index in Franklin, TN is shown above. Compared to the state average of Tennessee the cost of living index in Franklin, TN is 117, which is 30% higher than the average in Tennessee and compared to the national average it is 17% 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, TN goods and services come in at 4% higher than the average in Tennessee and are 2% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Franklin is 30% higher than the Tennessee average.
  • The cost of living in Franklin is 17% higher than the national average.
  • The cost of housing in Franklin is 60% higher than the national average.
  • Tennessee general sales tax is 37% higher than the national average.
  • Tennessee state income tax is 100% lower than the national average.

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Compare Franklin, TN Cost of living To Other Cities

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
Using the salary calculator lets you compare the salary you earn in Franklin, TN to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Franklin, TN, you have to earn a higher income in order to still have the same standard of living. To operate the Franklin, TN salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$101,387$8,449$2,366$3,042
Renters$46,660$3,888$1,089$1,400
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Franklin, TN, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Franklin, TN has a median income of about $101,387 for people who own homes. Based on that number, a person should spend a maximum of $2,366 on expenses related to housing. Renters have a slightly different median income, which is $46,660. Based on this average, renters should spend no more than $1,089 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Tennessee Sales Tax

StateGeneral Sales TaxWith Max Surtax
Tennessee7%9.75%

Tennessee Income Tax

StateIncome Tax (Low)Income Tax (High)
Tennessee0%0%
When considering the overall cost of living expenses in Franklin, TN, it's important to take into account the sales tax for Tennessee, as well as the rate for income tax in Tennessee. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Tennessee is 9.75%, and the sales tax in the state of Tennessee is 7%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Tennessee starts from 0% and goes up to 0%.

Goods & Services

ItemFranklinNational avg.Difference
Haircut $16.40$14.5912.4%
Beauty Salon $30.40$34.6812.3%
Toothpaste $2.69$2.478.8%
Shampoo $1.05$1.022.7%
Movie $10.05$9.871.8%
Bowling $4.55$4.393.6%

Groceries

ItemFranklinNational avg.Difference
Ground Beef $4.49$4.480.3%
Fried Chicken $1.31$1.4610.5%
Milk $1.87$2.3620.7%
Potatoes $2.58$3.0615.7%
Pizza $10.99$9.2418.9%
Beer $8.65$8.630.2%

Health Care

ItemFranklinNational avg.Difference
Optometrist $74.50$99.7825.3%
Doctor $78.33$105.0325.4%
Dentist $79.00$88.7010.9%
Ibuprofen $8.79$9.416.6%
Lipitor $276.00$298.507.5%

Housing

ItemFranklinNational avg.Difference
Home Price $312,400.00$175,700.0077.8%
Avg. Mortgage Payment $806.99$1,081.0325.3%
Apartment Rent $1,097.00$920.0019.2%

Transportation

ItemFranklinNational avg.Difference
Gasoline $2.11$2.091.0%
Tire Balancing $39.20$45.2913.4%

Utilities

ItemFranklinNational avg.Difference
All Electricity$193.08$170.8013.0%
Phone $24.50$28.2613.3%
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.
Eagleville, TN68495-5%
Berry Hill, TN55999-1%
Kingston Springs, TN2,7591011%
Pegram, TN2,2251022%
Spring Hill, TN31,4671033%
Franklin, TN66,59611717%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Frederick, MD66,64611010%
Oshkosh, WI66,43093-7%
Yorba Linda, CA66,33517575%
Portland, ME66,31711616%
St. Charles, MO66,90099-1%
Franklin, TN66,59611717%
Source: The Franklin, TN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.