| Index | Franklin | Indiana | National |
| Cost of living | 94 | 89 | 100 |
| Groceries | 97 | 97 | 100 |
| Health care | 99 | 97 | 100 |
| Housing | 86 | 72 | 100 |
| Transportation | 95 | 96 | 100 |
| Utilities | 96 | 96 | 100 |
| Lifestyle & Entertainment | 99 | 95 | 100 |
| Household Items | 97 | 98 | 100 |
| Education & Childcare | 94 | 94 | 100 |
The cost of living in Franklin 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 is 94, which is 6% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
The cost of living in Franklin closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, houshold expenses, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Franklin can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.
Is Franklin 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, for instance, where the median home price falls 18.5% lower than the national average, and monthly rent rates are 3.6% lower than usual. Additionally, median income levels contribute to the equation, with Franklin flaunting a median household income of $88,984, 9.4% higher than the national norm.
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, the transportation index is 4.9% lower 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.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Franklin, is 14.1% lower than the national average.
The cost of living data for Franklin shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between 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 | $113,782 | $9,482 | $2,655 | $3,414 |
| Renters | $52,531 | $4,378 | $1,226 | $1,576 |
| State | General Sales Tax | With Max Surtax |
| Indiana | 7% | 7% |
| State | Income Tax (Low) | Income Tax (High) |
| Indiana | 3.15% | 3.15% |
| City | Population | Cost of Living Index | National Avg. |
| Clifford, IN | 275 | 83 | 17.1% |
| Taylorsville, IN | 528 | 84 | 16.0% |
| Morgantown, IN | 1,401 | 87 | 13.1% |
| Edinburgh, IN | 4,815 | 87 | 12.6% |
| New Whiteland, IN | 6,330 | 89 | 11.0% |
| Franklin, IN | 26,224 | 94 | 6.5% |
| City | Population | Cost of Living Index | National Avg. |
| Bay Point, CA | 26,221 | 134 | 34.4% |
| McDonough, GA | 26,228 | 101 | 1.0% |
| Lochearn, MD | 26,216 | 111 | 11.2% |
| Soledad, CA | 26,210 | 143 | 42.8% |
| White Bear Lake, MN | 26,260 | 110 | 10.0% |
| Franklin, IN | 26,224 | 94 | 6.5% |
Here are the best places to live in Indiana
See the best places to live in Franklin
Most Dangerous States In The US
Safest States In The US