| Index | New Franklin | Ohio | National |
| Cost of living | 93 | 89 | 100 |
| Groceries | 98 | 97 | 100 |
| Health care | 97 | 96 | 100 |
| Housing | 91 | 74 | 100 |
| Transportation | 92 | 96 | 100 |
| Utilities | 99 | 96 | 100 |
| Lifestyle & Entertainment | 89 | 95 | 100 |
| Household Items | 93 | 97 | 100 |
| Education & Childcare | 88 | 93 | 100 |
The cost of living in New Franklin affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in New Franklin is 93, which is 7% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
In New Franklin, daily expenses such as food, housing, lifestyle expenses, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in New Franklin will resemble that of an average city, contributing to a manageable cost of living.
Is New Franklin affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in New Franklin, the median home price is 12.7% lower than the national average and monthly rent prices are 1.9% lower than the typical rates. Additionally, the median income levels play a role in affordability, with New Franklin boasting a median household income of $112,990, 38.9% higher than the national average.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
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.
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday household expenses like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in New Franklin starts at 5.75% and the income tax rates start at 2.76%.
The New Franklin cost of living data displayed above uses a U.S. average baseline of 100 to provide a practical way to compare living expenses across cities. Housing estimates incorporate U.S. Census home price and rental data, while all other values are generated using AI-assisted models based on everyday expense expectations, regional pricing trends, climate, transportation patterns, and local economic conditions. These values are designed for directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $118,112 | $9,843 | $2,756 | $3,544 |
| Renters | $73,376 | $6,115 | $1,712 | $2,202 |
| State | General Sales Tax | With Max Surtax |
| Ohio | 5.75% | 8% |
| State | Income Tax (Low) | Income Tax (High) |
| Ohio | 2.76% | 3.99% |
| City | Population | Cost of Living Index | National Avg. |
| Sawyerwood, OH | 1,645 | 79 | 21.4% |
| North Lawrence, OH | 222 | 82 | 18.4% |
| Canton, OH | 73,469 | 82 | 18.5% |
| Akron, OH | 203,042 | 83 | 17.0% |
| Barberton, OH | 26,844 | 83 | 16.7% |
| New Franklin, OH | 14,489 | 93 | 6.9% |
| City | Population | Cost of Living Index | National Avg. |
| Kings Park West, VA | 14,489 | 159 | 58.7% |
| Broadlands, VA | 14,486 | 164 | 64.3% |
| Williamstown, NJ | 14,480 | 111 | 11.4% |
| Forrest City, AR | 14,474 | 85 | 15.3% |
| California City, CA | 14,506 | 108 | 8.3% |
| New Franklin, OH | 14,489 | 93 | 6.9% |
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