Franklin, LA Cost Of Living

Franklin cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Franklin	Louisiana	National
Cost of living index	82	92	100
Index	Franklin	Louisiana	National
Goods & Services index	93	97	100
Groceries index	98	98	100
Health care index	87	97	100
Housing index	48	81	100
Transportation index	96	97	100
Utilities index	109	94	100

Here we can see a simple outline of the cost of living in Franklin, LA. As you can see, with the average cost of living in Franklin, LA being 82, that puts it 11% lower than the average of Louisiana and 18% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Franklin, LA, the price of goods and services are 4% lower than the average of Louisiana as well as 7% lower than the nation's average.

Did you know?

The cost of living in Franklin is 11% lower than the Louisiana average.
The cost of living in Franklin is 18% lower than the national average.
The cost of housing in Franklin is 52% lower than the national average.
Louisiana general sales tax is 2% lower than the national average.
Louisiana state income tax is 10% lower 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

The salary calculator is meant to help you compare your salary in Franklin, LA to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Franklin, LA, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Franklin, LA salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$42,254	$3,521	$986	$1,268
Renters	$26,850	$2,238	$626	$806

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Franklin, LA, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Franklin, LA homeowners have a median income of $42,254. Using that number, you will come up with a maximum of $986 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $26,850, which means there is a maximum of $626 to be spent on the costs of renting a home or apartment.

Louisiana Sales Tax

State	General Sales Tax	With Max Surtax
Louisiana	5%	12%

Louisiana Income Tax

State	Income Tax (Low)	Income Tax (High)
Louisiana	2%	6%

When assessing the complete cost of living in Franklin, LA, the Louisiana income tax and the Louisiana sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Louisiana maximum surtax is 12%, and the Louisiana sales tax is 5%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 2% to 6% in Louisiana.

Goods & Services

Item	Franklin	National avg.	Difference
Haircut	$17.58	$16.09	9.3%
Beauty Salon	$37.07	$37.33	0.7%
Toothpaste	$2.23	$2.45	9.0%
Shampoo	$1.01	$1.00	0.6%
Movie	$9.66	$10.28	6.0%
Bowling	$5.38	$4.93	9.1%

Groceries

Item	Franklin	National avg.	Difference
Ground Beef	$3.99	$3.80	4.9%
Fried Chicken	$1.33	$1.40	5.0%
Milk	$2.23	$2.01	11.2%
Potatoes	$3.54	$3.01	17.7%
Pizza	$8.99	$9.89	9.1%
Beer	$8.50	$8.90	4.5%

Health Care

Item	Franklin	National avg.	Difference
Optometrist	$71.13	$102.16	30.4%
Doctor	$80.67	$108.36	25.6%
Dentist	$82.27	$92.53	11.1%
Ibuprofen	$9.20	$9.28	0.9%
Lipitor	$435.24	$425.82	2.2%

Housing

Item	Franklin	National avg.	Difference
Home Price	$75,900.00	$184,700.00	58.9%
Avg. Mortgage Payment	$885.50	$1,202.44	26.4%
Apartment Rent	$604.00	$949.00	36.4%

Transportation

Item	Franklin	National avg.	Difference
Gasoline	$1.94	$2.24	13.7%
Tire Balancing	$53.49	$46.29	15.6%

Utilities

Item	Franklin	National avg.	Difference
All Electricity	$136.36	$165.96	17.8%
Phone	$40.87	$28.68	42.5%

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, State	Population	Cost of Living Index	National Avg.
Glencoe, LA	313	96	-4%
Sorrel, LA	474	78	-22%
Jeanerette, LA	5,526	80	-20%
Baldwin, LA	2,283	81	-19%
Charenton, LA	1,605	82	-18%
Franklin, LA	7,339	82	-18%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Bermuda Dunes, CA	7,339	123	23%
Chehalis, WA	7,340	101	1%
Ville Platte, LA	7,338	82	-18%
Keyes, CA	7,338	99	-1%
Clewiston, FL	7,343	90	-10%
Franklin, LA	7,339	82	-18%

Source: The Franklin, LA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Franklin, LA Cost of Living