Franklin, Louisiana Cost Of Living

Buy Rent

A

Overall 18%

Goods & Services 7%

Housing 52%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; 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	Louisiana	National
Cost of living	82	92	100
Goods & Services	93	98	100
Groceries	99	97	100
Health care	101	99	100
Housing	48	81	100
Transportation	102	96	100
Utilities	95	87	100

Key findings

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
Franklin housing is 52% lower than the national average
Louisiana general sales tax is 13% lower than the national average
Louisiana state income tax is 19% 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

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

The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Franklin, LA, as well as what the overall cost of living might be. 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 payments and not more than 36 percent of income on all expenses and debts. In Franklin, homeowners have a median income of $42,254. Using that number, a maximum of $986 per month should be allocated to housing expenses. 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	4.45%	11.45%

Louisiana Income Tax

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

Goods & Services

Item	Franklin	National avg.	Difference
Haircut	$20.17	$20.27	0.5%
Beauty Salon	$29.29	$40.39	27.5%
Toothpaste	$2.05	$2.36	13.2%
Shampoo	$0.98	$1.08	9.0%
Movie	$11.71	$10.99	6.6%
Bowling	$8.67	$15.49	44.1%

Groceries

Item	Franklin	National avg.	Difference
Ground Beef	$3.94	$4.30	8.2%
Fried Chicken	$1.19	$1.40	15.2%
Milk	$2.11	$2.20	4.1%
Potatoes	$3.28	$3.22	2.0%
Pizza	$9.16	$10.74	14.7%
Beer	$8.98	$9.60	6.4%

Health Care

Item	Franklin	National avg.	Difference
Optometrist	$109.83	$109.73	0.1%
Doctor	$75.42	$118.34	36.3%
Dentist	$124.17	$100.94	23.0%
Ibuprofen	$11.23	$9.93	13.0%
Lipitor	$473.85	$469.53	0.9%

Housing

Item	Franklin	National avg.	Difference
Home Price	$75,900.00	$184,700.00	58.9%
Avg. Mortgage Payment	$1,037.82	$1,229.62	15.6%
Apartment Rent	$604.00	$949.00	36.4%

Transportation

Item	Franklin	National avg.	Difference
Gasoline	$2.47	$2.71	8.8%
Tire Balancing	$62.39	$51.86	20.3%

Utilities

Item	Franklin	National avg.	Difference
All Electricity	$157.37	$170.84	7.9%
Phone	$183.56	$187.18	1.9%

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.
Glencoe, LA	313	99	0.8%
Sorrel, LA	474	80	20.3%
Jeanerette, LA	5,526	82	18.1%
Baldwin, LA	2,283	83	17.4%
Charenton, LA	1,605	84	15.6%
Franklin, LA	7,339	82	18.4%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Bermuda Dunes, CA	7,339	126	26.3%
Keyes, CA	7,338	102	1.7%
Ville Platte, LA	7,338	84	16.5%
Chehalis, WA	7,340	104	4.4%
Chandler, QC	7,341	n/a
Franklin, LA	7,339	82	18.4%

Source: This data reflects 2021 and was released from C2ER in January, 2022; this is the most current data available.