| Index | Franklin Park | Illinois | National |
| Cost of living | 104 | 98 | 100 |
| Groceries | 101 | 100 | 100 |
| Health care | 98 | 100 | 100 |
| Housing | 111 | 95 | 100 |
| Transportation | 102 | 101 | 100 |
| Utilities | 100 | 99 | 100 |
| Lifestyle & Entertainment | 100 | 100 | 100 |
| Household Items | 99 | 100 | 100 |
| Education & Childcare | 104 | 100 | 100 |
The cost of living in Franklin Park 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 Park is 104, which is 4% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
In Franklin Park, daily expenses such as food, housing, lifestyle expenses, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Franklin Park will resemble that of an average city, contributing to a manageable cost of living.
Wondering if Franklin Park 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 Park, for example, the median home price is 16.1% higher than what folks pay nationally, and monthly rent is 0.6% lower than the usual rates. Plus, income levels matter too, with Franklin Park boasting a median household income of $102,797, which is 26.4% higher 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 household expenses 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%.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Franklin Park, the utilities index is 0.2% higher than the national average.
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
The cost of living estimates displayed for Franklin Park are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $119,592 | $9,966 | $2,790 | $3,588 |
| Renters | $56,534 | $4,711 | $1,319 | $1,696 |
| State | General Sales Tax | With Max Surtax |
| Illinois | 6.25% | 10.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Illinois | 4.95% | 4.95% |
| City | Population | Cost of Living Index | National Avg. |
| Hodgkins, IL | 1,817 | 83 | 16.9% |
| Hometown, IL | 4,350 | 89 | 11.2% |
| Maywood, IL | 23,986 | 96 | 3.6% |
| Broadview, IL | 7,841 | 99 | 0.9% |
| Bellwood, IL | 19,287 | 99 | 1.0% |
| Franklin Park, IL | 18,323 | 104 | 3.7% |
| City | Population | Cost of Living Index | National Avg. |
| Fayetteville, GA | 18,321 | 109 | 9.2% |
| White Settlement, TX | 18,316 | 95 | 5.0% |
| Tallmadge, OH | 18,313 | 95 | 4.6% |
| Bryn Mawr-Skyway, WA | 18,334 | 144 | 44.0% |
| Lake Butler, FL | 18,340 | 170 | 70.0% |
| Franklin Park, IL | 18,323 | 104 | 3.7% |
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