An Overview of Cost of Living in Franklin, WI
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 111, making it 11% 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.
Housing costs make up a big chunk of the cost of living in Franklin, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 34% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Is Franklin Affordable?
Is Franklin an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Franklin is 42% higher than the national average, while the average monthly rent prices are 15.4% higher than average. The affordability of any location can also be influenced by median income levels. Franklin has a median household income of $81,321, which is 47% higher than the national average.
What Factors can Influence the Cost of Living in Franklin?
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Franklin, the baseline sales tax rate begins at 5%, and income tax rates start at 3.54%.
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Franklin, the utilities index stands at 5.1% higher than the national average.
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 34% higher than the national average.
Where is the Data From?
The Franklin cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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