F
Overall 17%
Goods & Services 3%
Housing 69%
Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; 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.
IndexFranklinTennesseeNational
Cost of living11789100
Goods & Services9793100
Groceries9895100
Health care9289100
Housing16980100
Transportation9188100
Utilities9396100

Key findings

  • The cost of living in Franklin is 32% higher than the Tennessee average
  • The cost of living in Franklin is 17% higher than the national average
  • Franklin housing is 69% higher than the national average
  • Tennessee general sales tax is 37% higher than the national average
  • Tennessee state income tax is 55% lower than the national average

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Compare Franklin, TN Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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 IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$108,342$9,029$2,528$3,251
      Renters$52,245$4,354$1,219$1,568
      A good way to judge both the affordability of the housing and the cost of living in Franklin is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Franklin has a median income of about $108,342 for people who own homes. Based on that number, a maximum of $2,528 should be spent on expenses related to housing. Renters have a slightly different median income, which is $52,245. Based on this average, renters should spend no more than $1,219 on all rental costs if they want to maintain a non-impoverished standard of living.

      Tennessee Sales Tax

      StateGeneral Sales TaxWith Max Surtax
      Tennessee7%9.75%

      Tennessee Income Tax

      StateIncome Tax (Low)Income Tax (High)
      Tennessee1%1%

      Goods & Services

      ItemFranklinNational avg.Difference
      Haircut $15.67$17.4910.4%
      Beauty Salon $37.50$38.171.8%
      Toothpaste $4.49$2.3293.5%
      Shampoo $1.00$1.011.2%
      Movie $10.73$10.720.1%
      Bowling $17.75$13.8628.1%

      Groceries

      ItemFranklinNational avg.Difference
      Ground Beef $4.22$3.908.2%
      Fried Chicken $1.61$1.4015.4%
      Milk $2.09$1.966.5%
      Potatoes $2.97$3.186.7%
      Pizza $10.14$10.392.4%
      Beer $9.99$9.238.2%

      Health Care

      ItemFranklinNational avg.Difference
      Optometrist $100.25$106.345.7%
      Doctor $104.00$115.259.8%
      Dentist $101.67$98.383.3%
      Ibuprofen $8.17$9.2611.8%
      Lipitor $350.71$466.4724.8%

      Housing

      ItemFranklinNational avg.Difference
      Home Price $342,900.00$184,700.0085.7%
      Avg. Mortgage Payment $1,149.34$1,273.329.7%
      Apartment Rent $1,221.00$949.0028.7%

      Transportation

      ItemFranklinNational avg.Difference
      Gasoline $2.52$2.592.9%
      Tire Balancing $40.95$48.9016.2%

      Utilities

      ItemFranklinNational avg.Difference
      All Electricity$148.56$167.6011.4%
      Phone $178.95$163.429.5%
      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, StatePopulationCost of Living IndexNational Avg.
      Eagleville, TN72689-11%
      Pegram, TN2,29295-5%
      Kingston Springs, TN2,77198-2%
      Berry Hill, TN79399-1%
      Spring Hill, TN34,3641011%
      Franklin, TN70,62511717%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Passaic, NJ70,53612323%
      Framingham, MA70,74313838%
      Ellicott City, MD70,78014747%
      Lauderhill, FL70,45293-7%
      Redlands, CA70,44212626%
      Franklin, TN70,62511717%
      Source: The Franklin, TN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.