| Index | Franklin Square | New York | National |
| Cost of living | 152 | 121 | 100 |
| Groceries | 106 | 106 | 100 |
| Health care | 108 | 110 | 100 |
| Housing | 254 | 144 | 100 |
| Transportation | 108 | 113 | 100 |
| Utilities | 114 | 112 | 100 |
| Lifestyle & Entertainment | 112 | 111 | 100 |
| Household Items | 107 | 106 | 100 |
| Education & Childcare | 112 | 118 | 100 |
Understanding the cost of living in Franklin Square 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 Square cost of living index is 152, which is 52% 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.
If you prioritize affordability when seeking a new place to live, Franklin Square may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Franklin Square falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs significantly influence the Franklin Square cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 153.6%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Is Franklin Square affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Franklin Square, for instance, where the median home price falls 182.9% higher than the national average, and monthly rent rates are 85.2% higher than usual. Additionally, median income levels contribute to the equation, with Franklin Square flaunting a median household income of $165,092, 103% higher than the national norm.
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 Square starts at 4% and the income tax rates start at 4%.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Franklin Square, the healthcare costs are 8.1% higher than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Franklin Square, the transportation index stands at 8.1% higher than the national average.
The cost of living estimates displayed for Franklin Square 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 | $175,359 | $14,613 | $4,091 | $5,261 |
| Renters | $129,999 | $10,833 | $3,033 | $3,900 |
| State | General Sales Tax | With Max Surtax |
| New York | 4% | 8.875% |
| State | Income Tax (Low) | Income Tax (High) |
| New York | 4% | 10.9% |
| City | Population | Cost of Living Index | National Avg. |
| Hempstead, NY | 56,908 | 131 | 30.5% |
| Copiague, NY | 23,901 | 131 | 31.3% |
| Roslyn, NY | 2,998 | 132 | 32.2% |
| Mount Vernon, NY | 69,130 | 133 | 33.3% |
| North Amityville, NY | 19,627 | 133 | 32.5% |
| Franklin Square, NY | 32,413 | 152 | 52.4% |
| City | Population | Cost of Living Index | National Avg. |
| Mundelein, IL | 32,418 | 111 | 10.5% |
| Saratoga Springs, UT | 32,406 | 129 | 28.9% |
| West Falls Church, VA | 32,420 | 155 | 55.2% |
| North Cowichan, BC | 32,420 | n/a | |
| Orcutt, CA | 32,432 | 149 | 49.2% |
| Franklin Square, NY | 32,413 | 152 | 52.4% |
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