Cost Of Living in Franklin, IA

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15%

Overall NAT. AVG.

8%

Goods & Services NAT. AVG.

37%

Housing NAT. AVG.

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Franklin	Iowa	National
Cost of living	85	88	100
Goods & Services	92	94	100
Groceries	95	97	100
Health care	103	96	100
Housing	63	74	100
Transportation	100	99	100
Utilities	95	88	100

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Homes For Sale In Franklin, IA

107 Franklin Broadway St

West Point, IA

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Cost Of Living Quick Facts

The cost of living in Franklin is 3% lower than the Iowa average
The cost of living in Franklin is 15% lower than the national average
Franklin housing is 37% lower than the national average
Iowa general sales tax is 18% higher than the national average
Iowa state income tax is 69% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$68,650	$5,721	$1,602	$2,060
Renters	$0	$0	$0	$0

Iowa Sales Tax

State	General Sales Tax	With Max Surtax
Iowa	6%	7%

Iowa Income Tax

State	Income Tax (Low)	Income Tax (High)
Iowa	4.4%	6%

Goods & Services

Item	Franklin	National avg.	Difference
Haircut	$18.80	$27.62	31.9%
Beauty Salon	$28.00	$51.11	45.2%
Toothpaste	$4.11	$4.09	0.4%
Shampoo	$1.21	$1.54	21.5%
Movie	$11.55	$12.88	10.3%
Yoga	$11.67	$19.66	40.6%

Groceries

Item	Franklin	National avg.	Difference
Ground Beef	$7.52	$7.70	2.4%
Fried Chicken	$1.56	$1.66	6.2%
Milk	$4.61	$4.73	2.6%
Potatoes	$5.28	$5.26	0.4%
Pizza	$13.90	$12.76	8.9%
Beer	$10.19	$10.55	3.4%

Health Care

Item	Franklin	National avg.	Difference
Optometrist	$123.00	$140.06	12.2%
Doctor	$183.60	$153.82	19.4%
Dentist	$98.20	$123.15	20.3%
Ibuprofen	$11.45	$11.73	2.4%
Lipitor	$29.37	$23.61	24.4%

Housing

Item	Franklin	National avg.	Difference
Home Price	$205,869.00	$326,622.00	37.0%
Avg. Mortgage Payment	$1,682.46	$2,480.25	32.2%
Apartment Rent	$0.00	$1,444.00	100.0%

Transportation

Item	Franklin	National avg.	Difference
Gasoline	$3.04	$3.06	0.6%
Tire Balancing	$65.60	$65.21	0.6%

Utilities

Item	Franklin	National avg.	Difference
All Electricity	$205.61	$220.12	6.6%
Phone	$191.50	$195.71	2.2%

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	Population	Cost of Living Index	National Avg.
Revere, MO	36	75	25.4%
Hillsboro, IA	194	76	24.1%
Farmington, IA	659	76	23.6%
Montrose, IA	876	82	18.4%
Salem, IA	507	82	18.0%
Franklin, IA	178	85	14.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Tanana, AK	178	107	6.9%
Gantt, AL	178	79	20.6%
Silver Plume, CO	178	111	11.3%
North Washington, IA	178	86	13.7%
Ollie, IA	178	80	20.4%
Franklin, IA	178	85	14.7%