| Index | Franklin | Wisconsin | National |
| Cost of living | 110 | 96 | 100 |
| Groceries | 99 | 99 | 100 |
| Health care | 96 | 98 | 100 |
| Housing | 136 | 89 | 100 |
| Transportation | 101 | 98 | 100 |
| Utilities | 103 | 101 | 100 |
| Lifestyle & Entertainment | 96 | 98 | 100 |
| Household Items | 99 | 99 | 100 |
| Education & Childcare | 99 | 98 | 100 |
Are you thinking about relocating, but curious about the potential cost of living in Franklin? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Franklin stands at 110, making it 10% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
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.
Housing costs are a major factor in the Franklin cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 35.7% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Is Franklin an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Franklin, the median home price is 44.6% higher than what most folks pay across the country, and monthly rent prices are 14.8% higher than the usual rates. Income levels in Franklin come in at $122,941, which is 51.2% higher than the national average.
Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Franklin, healthcare costs are 4.1% lower than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Franklin, the utilities index registers at 2.6% higher 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.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $153,424 | $12,785 | $3,580 | $4,603 |
| Renters | $60,328 | $5,027 | $1,408 | $1,810 |
| State | General Sales Tax | With Max Surtax |
| Wisconsin | 5% | 6.75% |
| State | Income Tax (Low) | Income Tax (High) |
| Wisconsin | 3.54% | 7.65% |
| City | Population | Cost of Living Index | National Avg. |
| Racine, WI | 79,849 | 90 | 9.7% |
| Milwaukee, WI | 605,531 | 93 | 7.2% |
| West Milwaukee, WI | 4,258 | 92 | 8.3% |
| St. Francis, WI | 9,923 | 95 | 4.9% |
| West Allis, WI | 61,432 | 93 | 6.8% |
| Franklin, WI | 37,080 | 110 | 10.0% |
| City | Population | Cost of Living Index | National Avg. |
| Elmont, NY | 37,081 | 141 | 41.5% |
| Richmond, KY | 37,087 | 91 | 8.6% |
| Côte-Saint-Luc, QC | 37,097 | n/a | |
| Wildomar, CA | 37,118 | 140 | 40.3% |
| Oak Creek, WI | 37,124 | 106 | 6.1% |
| Franklin, WI | 37,080 | 110 | 10.0% |
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