Franklin, TN Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

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 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.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
118
Franklin's Overall Cost Of Living
1.2x
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 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:

101 out of 105
In Tennessee
4,687 out of 6,412
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 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
For more reading on cost of living around Tennessee, check out:
Franklin Cost of Living Vs. TN

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 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
Search Homes For Sale In Franklin, TN
$468,200
Median Home Value
$1,630
Median Rent
$102,721
Median Income

Franklin, TN Costs By Category

Detailed Franklin Services Costs Vs. Tennessee

Item Franklin Tennessee
Shampoo $0.85 $1.06
Movie $11.19 $10.68
Bowling $3.98 $14.67
Haircut $15.99 $18.62
Beauty Salon $38.05 $39.05

Detailed Franklin Groceries Costs Vs. Tennessee

Item Franklin Tennessee
Ground Beef $3.96 $4.22
Fried Chicken $1.01 $1.39
Milk $1.2 $2.05
Potatoes $4.03 $3.29
Pizza $8.31 $10.62
Beer $8.11 $9.38
Toothpaste $3.0 $2.34

Detailed Franklin Health Costs Vs. Tennessee

Item Franklin Tennessee
Optometrist $88.44 $108.57
Doctor $80.22 $116.17
Dentist $85.29 $99.13

Detailed Franklin Transportation Costs Vs. Tennessee

Item Franklin Tennessee
Gasoline $2.3 $2.22
Tire Balancing $43.03 $50.07

Detailed Franklin Utilities Costs Vs. Tennessee

Item Franklin Tennessee
All Electricity $177.56 $167.67
Phone $29.84 $175.64

Franklin SnackAbility

9
/10
Overall SnackAbility
Jobs
9/10
Housing
9
Affordability
6
Diversity
8
Safety
8
Amenities
8.5
Education
9
Commute
7

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 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

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