Cost of Living in Franklin Park, IL

Homes For Sale In Franklin Park, IL

An Overview of Cost of Living in Franklin Park, IL

Understanding the cost of living in Franklin Park can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Franklin Park cost of living index is 108, which is 8% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

The cost of living in Franklin Park closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Franklin Park can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Franklin Park, you you will have to spend 10.2% more than average when compared to the typical prices for these items, making it a more expensive place to live.

Is Franklin Park Affordable?

Is Franklin Park an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Franklin Park, the median home price is 16.1% higher than what most folks pay across the country, and monthly rent prices are 0.6% lower than the usual rates. Income levels in Franklin Park come in at $102,797, which is 26.4% higher than the national average.

What Factors can Influence the Cost of Living in Franklin Park?

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 Park comes in at 5.5% lower than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Franklin Park starts at 6.25% and the income tax rates start at 4.95%.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Franklin Park, the transportation index is 4.3% higher than the national average.

Where is the Data From?

The Franklin Park cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

Most Affordable Places to Live in and Around Franklin Park

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Median Income & Debt-To-Income Ratio

A good way to judge both the affordability of the housing and the cost of living in Franklin Park is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Franklin Park has a median income of about $119,592 for people who own homes. Based on that number, a maximum of $2,790 should be spent on expenses related to housing. Renters have a slightly different median income, which is $56,534. Based on this average, renters should spend no more than $1,319 on all rental costs if they want to maintain a non-impoverished standard of living.

Illinois Sales Tax

Illinois Income Tax

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Date & Last Updated: This data reflects 2025 and was released from C2ER in January, 2026; this is the most current data available.