Franklin, TN Cost Of Living
Cost Of Living In Franklin, TN 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 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 130, with 100 being the average.
The cost of living index in Franklin is 1.3x higher than the national average.
Franklin ranks as the #105 cheapest in Tennessee out of 109.
Franklin ranks as the #4,989 cheapest out of 6,489 in the US.
The median home value in Franklin is $906,887.
The median income in Franklin is $115,000.
Table Of Contents
Franklin's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Franklin, TN?
According to the most recent data on the cost of living, Franklin has an overall cost of living index of 130, which is 1.3x higher than the national index of 100.
Compared to Tennessee, Franklin has a cost of living index that's 1.4x higher than Tennessee's index of 90.
The standard of living in Franklin ranks as #105 most affordable out of the 109 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:
In Tennessee
In America
Franklin Cost Of Living Vs. Tennessee
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 94.
The Groceries index in Franklin is 101.
The Health index in Franklin is 89.
The Housing index in Franklin is 215.
The Transportation index in Franklin is 93.
The Utilities index in Franklin is 100.
| Living Expense | Franklin | Tennessee | National Average | |
|---|---|---|---|---|
| Overall | 130 | 90 | 100 | |
| Services | 94 | 93 | 100 | |
| Groceries | 101 | 99 | 100 | |
| Health | 89 | 87 | 100 | |
| Housing | 215 | 81 | 100 | |
| Transportation | 93 | 89 | 100 | |
| Utilities | 100 | 95 | 100 | |
Franklin, TN Housing Cost Breakdown
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 2019-2023. The key points are:
The Median Home Value in Franklin is $906,887.
The Median Rent in Franklin is $1,861.
The Median Income in Franklin is $115,000.
The Home Value To Income in Franklin is 7.9x.
The Rent To Monthly Income in Franklin is 0.19x.
Median Home Value
Median Rent
Median Income
Franklin, TN Costs By Category
Detailed Franklin Services Costs Vs. Tennessee
Detailed Franklin Groceries Costs Vs. Tennessee
Detailed Franklin Health Costs Vs. Tennessee
Detailed Franklin Transportation Costs Vs. Tennessee
Detailed Franklin Utilities Costs Vs. Tennessee
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:
Smyrna, TN has a cost of living index of 103, 0.8x Franklin.
Spring Hill, TN has a cost of living index of 115, 0.9x Franklin.
Brentwood, TN has a cost of living index of 162, 1.2x Franklin.
| City | Population | Cost Of Living | Vs. Franklin |
|---|---|---|---|
| Smyrna, TN | 55,066 | 103 | 0.8x |
| Spring Hill, TN | 53,585 | 115 | 0.9x |
| Brentwood, TN | 45,272 | 162 | 1.2x |
| La Vergne, TN | 38,944 | 101 | 0.8x |
| Nolensville, TN | 14,545 | 146 | 1.1x |
| Fairview, TN | 9,751 | 106 | 0.8x |
