New 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.
IndexNew FranklinOhioNational
Cost of living index9491100
IndexNew FranklinOhioNational
Goods & Services index9196100
Groceries index11499100
Health care index9096100
Housing index8375100
Transportation index10595100
Utilities index102101100
The above illustration supplies generalized information for the New Franklin, OH cost of living index. Compared to other cities in Ohio and cities across the country, the cost of living index in New Franklin, OH is 94, which is 4% higher than the Ohio average and 6% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in New Franklin, OH are 5% lower than the average for Ohio and 9% lower than the rest of the country.

Did you know?

  • The cost of living in New Franklin is 4% higher than the Ohio average.
  • The cost of living in New Franklin is 6% lower than the national average.
  • The cost of housing in New Franklin is 17% lower than the national average.
  • Ohio general sales tax is 13% higher than the national average.
  • Ohio state income tax is 76% lower than the national average.

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Compare New Franklin, OH Cost of living To Other Cities

Salary Calculator

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Health care index
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The salary calculator allows you to compare how much your current salary in New Franklin, OH 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 New Franklin, OH, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The New Franklin, OH 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)
Owners$67,145$5,595$1,567$2,015
Renters$43,125$3,594$1,006$1,294
One can approximate the cost of living and the housing affordability in New Franklin, OH by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in New Franklin, OH have a median income of $67,145. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,567 per month to avoid calamity and poverty. The renters in the city have an income of about $43,125, which would make their monthly maximum allowable rental costs $1,006.

Ohio Sales Tax

StateGeneral Sales TaxWith Max Surtax
Ohio5.75%8%

Ohio Income Tax

StateIncome Tax (Low)Income Tax (High)
Ohio0.528%5.333%
For those who live in New Franklin, OH and want to know what the true cost of living is, they ought to look at both the Ohio income tax rate and the Ohio sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Ohio, the sales tax is 5.75%, while the most you'll pay in surtax is 8%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Ohio, the income tax rate ranges between 0.528% to 5.333%.

Goods & Services

ItemNew FranklinNational avg.Difference
Haircut $15.00$14.592.8%
Beauty Salon $31.80$34.688.3%
Toothpaste $2.87$2.4716.0%
Shampoo $1.05$1.022.7%
Movie $9.14$9.877.4%
Bowling $3.56$4.3918.9%

Groceries

ItemNew FranklinNational avg.Difference
Ground Beef $4.07$4.489.1%
Fried Chicken $1.87$1.4627.7%
Milk $2.73$2.3615.8%
Potatoes $3.79$3.0623.8%
Pizza $8.99$9.242.7%
Beer $7.99$8.637.4%

Health Care

ItemNew FranklinNational avg.Difference
Optometrist $77.20$99.7822.6%
Doctor $85.40$105.0318.7%
Dentist $73.80$88.7016.8%
Ibuprofen $9.43$9.410.2%
Lipitor $332.25$298.5011.3%

Housing

ItemNew FranklinNational avg.Difference
Home Price $137,500.00$175,700.0021.7%
Avg. Mortgage Payment $1,362.45$1,081.0326.0%
Apartment Rent $859.00$920.006.6%

Transportation

ItemNew FranklinNational avg.Difference
Gasoline $2.07$2.091.2%
Tire Balancing $55.99$45.2923.6%

Utilities

ItemNew FranklinNational avg.Difference
All Electricity$176.87$170.803.6%
Phone $28.01$28.260.9%
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.
Sawyerwood, OH1,21583-17%
Canton, OH72,66884-16%
North Lawrence, OH22585-15%
Akron, OH198,49286-14%
Barberton, OH26,37586-14%
New Franklin, OH14,24594-6%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Jasper, AL14,24790-10%
Reidsville, NC14,24993-7%
Hartford, WI14,25199-1%
Clemson, SC14,25497-3%
East Highland Park, VA14,23596-4%
New Franklin, OH14,24594-6%
Source: The New Franklin, OH cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.