Franklin, IN Cost Of Living
Cost Of Living In Franklin, IN Summary
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 Indiana, 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 90, with 100 being the average.
The cost of living index in Franklin is 0.9x lower than the national average.
Franklin ranks as the #72 cheapest in Indiana out of 124.
Franklin ranks as the #1,633 cheapest out of 6,412 in the US.
The median home value in Franklin is $162,000.
The median income in Franklin is $63,518.
Table Of Contents
Franklin's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Franklin, IN?
According to the most recent data on the cost of living, Franklin has an overall cost of living index of 90, which is 0.9x lower than the national index of 100.
Compared to Indiana, Franklin has a cost of living index that's 1.0x lower than Indiana's index of 91.
The standard of living in Franklin ranks as #72 most affordable out of the 124 places we measured in Indiana. By definition, that implies Franklin ranks as the #52 most expensive place in the Hoosier State.
For more reading on life in Franklin, check out:
- Living In Franklin
- Franklin Crime Report
- Search Homes For Sale In Franklin, IN
In Indiana
In America
Franklin Cost Of Living Vs. Indiana
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 95.
The Groceries index in Franklin is 91.
The Health index in Franklin is 88.
The Housing index in Franklin is 71.
The Transportation index in Franklin is 92.
The Utilities index in Franklin is 100.
| Living Expense | Franklin | Indiana | National Average | |
|---|---|---|---|---|
| Overall | 90 | 91 | 100 | |
| Services | 95 | 94 | 100 | |
| Groceries | 91 | 96 | 100 | |
| Health | 88 | 101 | 100 | |
| Housing | 71 | 77 | 100 | |
| Transportation | 92 | 95 | 100 | |
| Utilities | 100 | 106 | 100 | |
Franklin, IN Housing Cost Breakdown
Housing swings affordability the most between places in Indiana, 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 $162,000.
The Median Rent in Franklin is $950.
The Median Income in Franklin is $63,518.
The Home Value To Income in Franklin is 2.6x.
The Rent To Monthly Income in Franklin is 0.18x.
| Statistic | Franklin | Indiana | United States |
|---|---|---|---|
| Median Home Value | $162,000 | $158,500 | $244,900 |
| Median Rent | $950 | $891 | $1,163 |
| Median Income | $63,518 | $61,944 | $69,021 |
| Home Value To Income | 2.6x | 2.6x | 3.5x |
| Rent To Monthly Income | 0.18x | 0.17x | 0.2x |
Median Home Value
Median Rent
Median Income
Franklin, IN Costs By Category
Detailed Franklin Services Costs Vs. Indiana
Detailed Franklin Groceries Costs Vs. Indiana
Detailed Franklin Health Costs Vs. Indiana
Detailed Franklin Transportation Costs Vs. Indiana
Detailed Franklin Utilities Costs Vs. Indiana
Franklin SnackAbility
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Cost Of Living In Cities Around Franklin
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:
Greenwood, IN has a cost of living index of 92, 1.0x Franklin.
Beech Grove, IN has a cost of living index of 86, 1.0x Franklin.
Mooresville, IN has a cost of living index of 89, 1.0x Franklin.
| City | Population | Cost Of Living | Vs. Franklin |
|---|---|---|---|
| Greenwood, IN | 62,914 | 92 | 1.0x |
| Beech Grove, IN | 15,202 | 86 | 1.0x |
| Mooresville, IN | 9,429 | 89 | 1.0x |
| Bargersville, IN | 9,024 | 93 | 1.0x |
| New Whiteland, IN | 5,565 | 91 | 1.0x |
