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.
Cost of living index100109100
Goods & Services index108100100
Groceries index9395100
Health care index105101100
Housing index94133100
Transportation index9193100
Utilities index105100100
Displayed above is a general overview of the Franklin, VA cost of living index. The overall cost of living index in Franklin, VA is 100, which is 8% lower than the Virginia average and equal to 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, VA are 8% higher than the Virginia average and 8% higher than the national average.

Did you know?

  • The cost of living in Franklin is 8% lower than the Virginia average.
  • The cost of living in Franklin is equal to the national average.
  • The cost of housing in Franklin is 6% lower than the national average.
  • Virginia general sales tax is 4% higher than the national average.
  • Virginia state income tax is 10% lower than the national average.

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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
The salary calculator allows you to compare how much your current salary in Franklin, VA would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Franklin, VA, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Franklin, VA salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Franklin, VA, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Franklin, VA homeowners have a median income of $56,973. Using that number, you will come up with a maximum of $1,329 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $26,518, which means there is a maximum of $619 to be spent on the costs of renting a home or apartment.

Virginia Sales Tax

StateGeneral Sales TaxWith Max Surtax

Virginia Income Tax

StateIncome Tax (Low)Income Tax (High)
One thing to keep in mind when considering the cost of living in Franklin, VA is the Virginia sales tax and Virginia 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 Virginia sales tax rate is 5.3% and the maximum surtax that can be charged is 6%. 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 Virginia income tax rates range from 2% to 5.75%.

Goods & Services

ItemFranklinNational avg.Difference
Haircut $13.50$15.5613.3%
Beauty Salon $48.08$36.1133.2%
Toothpaste $2.74$2.4710.7%
Shampoo $0.95$0.961.9%
Movie $10.11$10.130.2%
Bowling $6.77$4.7442.9%


ItemFranklinNational avg.Difference
Ground Beef $3.71$3.986.8%
Fried Chicken $1.15$1.4118.5%
Milk $2.05$2.060.8%
Potatoes $2.85$2.984.3%
Pizza $8.55$9.479.8%
Beer $9.03$8.792.7%

Health Care

ItemFranklinNational avg.Difference
Optometrist $95.00$101.046.0%
Doctor $112.08$107.444.3%
Dentist $98.67$90.429.1%
Ibuprofen $8.99$9.283.1%
Lipitor $453.67$426.506.4%


ItemFranklinNational avg.Difference
Home Price $170,900.00$175,700.002.7%
Avg. Mortgage Payment $932.54$1,133.2317.7%
Apartment Rent $794.00$920.0013.7%


ItemFranklinNational avg.Difference
Gasoline $1.79$1.9910.2%
Tire Balancing $42.56$45.767.0%


ItemFranklinNational avg.Difference
All Electricity$150.92$163.817.9%
Phone $34.99$28.3923.3%
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.
Severn, NC24392-8%
Como, NC7594-6%
Capron, VA9695-5%
Boykins, VA68098-2%
Carrsville, VA27798-2%
Franklin, VA8,5341000%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Fair Oaks, GA8,53388-12%
Riverdale, UT8,53293-7%
Westwego, LA8,53190-10%
Marathon, FL8,52912121%
Chillicothe, MO8,52885-15%
Franklin, VA8,5341000%
Source: The Franklin, VA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.