Cost of living in Franklin research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Franklin is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Tennessee, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Franklin is 118, with 100 being the average.
The cost of living index in Franklin is 1.2x higher than the national average.
Franklin ranks as the #101 cheapest in Tennessee out of 105.
Franklin ranks as the #4,687 cheapest out of 6,412 in the US.
The median home value in Franklin is $468,200.
The median income in Franklin is $102,721.
According to the most recent data on the cost of living, Franklin has an overall cost of living index of 118, which is 1.2x higher than the national index of 100.
Compared to Tennessee, Franklin has a cost of living index that's 1.3x higher than Tennessee's index of 90.
The standard of living in Franklin ranks as #101 most affordable out of the 105 places we measured in Tennessee. By definition, that implies Franklin ranks as the #4 most expensive place in the Volunteer State.
For more reading on life in Franklin, check out:
Six factors go into calculating the cost of living index in Franklin. Here is how it fairs on each of the criteria:
The Services index in Franklin is 97.
The Groceries index in Franklin is 89.
The Health index in Franklin is 84.
The Housing index in Franklin is 167.
The Transportation index in Franklin is 99.
The Utilities index in Franklin is 106.
Living Expense | Franklin | Tennessee | National Average | |
---|---|---|---|---|
Overall | 118 | 90 | 100 | |
Services | 97 | 93 | 100 | |
Groceries | 89 | 96 | 100 | |
Health | 84 | 88 | 100 | |
Housing | 167 | 82 | 100 | |
Transportation | 99 | 90 | 100 | |
Utilities | 106 | 93 | 100 |
Housing swings affordability the most between places in Tennessee, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Franklin is $468,200.
The Median Rent in Franklin is $1,630.
The Median Income in Franklin is $102,721.
The Home Value To Income in Franklin is 4.6x.
The Rent To Monthly Income in Franklin is 0.19x.
Statistic | Franklin | Tennessee | United States |
---|---|---|---|
Median Home Value | $468,200 | $193,700 | $244,900 |
Median Rent | $1,630 | $951 | $1,163 |
Median Income | $102,721 | $58,516 | $69,021 |
Home Value To Income | 4.6x | 3.3x | 3.5x |
Rent To Monthly Income | 0.19x | 0.2x | 0.2x |
The cost of living varies in the cities and towns around Franklin. Here's a quick look at the cost of living in the most populous nearby places:
Smyrna, TN has a cost of living index of 94, 0.8x Franklin.
Spring Hill, TN has a cost of living index of 106, 0.9x Franklin.
Brentwood, TN has a cost of living index of 150, 1.3x Franklin.
City | Population | Cost Of Living | Vs. Franklin |
---|---|---|---|
Smyrna, TN | 52,401 | 94 | 0.8x |
Spring Hill, TN | 48,403 | 106 | 0.9x |
Brentwood, TN | 44,354 | 150 | 1.3x |
La Vergne, TN | 38,127 | 94 | 0.8x |
Nolensville, TN | 13,393 | 123 | 1.0x |
Fairview, TN | 9,299 | 97 | 0.8x |