An Overview of Cost of Living in Franklin Farm, VA
The cost of living in Franklin Farm affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Franklin Farm is 171, which is 71% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Franklin Farm is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Franklin Farm falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs are a very significant part of the Franklin Farm cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 222.4% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Franklin Farm Affordable?
Wondering if Franklin Farm is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Franklin Farm, for example, the median home price is 249.8% higher than what folks pay nationally, and monthly rent is 158.4% higher than the usual rates. Plus, income levels matter too, with Franklin Farm boasting a median household income of $187,173, which is 238.3% higher than the national average.
What Factors can Influence the Cost of Living in Franklin Farm?
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Franklin Farm, the transportation index is 4.7% lower than the national average.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Franklin Farm comes in at 10.2% higher than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Franklin Farm, the standard sales tax rate starts at 5.3%, and the income tax rates commence at 2%.
Where is the Data From?
The cost of living in Franklin Farm, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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