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Cost of Living Comparison for Franklin, TN
Local data pre-filled
Franklin's cost of living index is 112 — 12% more expensive than the national average. This factors in housing, groceries, utilities, transportation, and healthcare. Use this calculator to see how your purchasing power would change if you moved to another city.
✓ Calculator below is pre-filled with Franklin local data
Data as of · Sources: Zillow, Census ACS, Tax Foundation, Freddie Mac
Tennessee Financial Snapshot (2026) — Cost of Living Comparison
Cost-of-living index and median income anchor the budget math for the cost of living comparison in Tennessee.
How the Cost of Living Comparison Math Works Under Tennessee Law
Your cost of living comparison in Tennessee is driven by the BEA Regional Price Parity (RPP) — a purchasing-power index where US = 100. The all-items RPP tells you how far a dollar goes statewide vs the national average; housing-only RPP isolates the rent/mortgage side, which is the single biggest budget line for most households[1].
When the all-items RPP is above 100, the same expense basket costs more to maintain in Tennessee. The 50/30/20 rule (needs/wants/savings) bends toward needs in high-RPP states and toward savings in low-RPP states.
Calc-specific note: COL index normalises everything to US = 100. Housing RPP + all-items RPP are the two dimensions that move together.
Worked example — Tennessee
Tennessee's BEA all-items RPP measures how far a dollar goes vs US = 100. $100 of mainstream-basket spending in Tennessee costs $(RPP) in the US average. Housing RPP is usually the biggest swing component — run the housing tile separately when comparing metros.
Local context: Franklin, TN
Housing economics in Franklin, TN. The median home value runs 74.6% above the U.S. baseline for Franklin, TN is $625,000 per Zillow's home-value index. Median rent runs $2,000 a month per Zillow ZORI, a premium over the national $1,850 baseline. Effective property tax sits at 0.60% of assessed value, below the 0.99% national average tracked by the Tax Foundation.
Income and tax climate. Tennessee's top marginal state income tax bracket lands at 0.00% — one of nine states that levies no broad-based income tax, shifting the revenue burden onto sales, property, and severance levies. BEA's Regional Price Parity scores Franklin, TN at 112.0 (national = 100), meaning a dollar in Franklin, TN buys 89¢ of national purchasing power.
Local context as of 2026-04-19.
Franklin versus the U.S. baseline
| Metric | Franklin, TN | U.S. baseline | Difference |
|---|---|---|---|
| Median home value[zillow] | $625,000 | $358,000 | 74.6% |
| Median monthly rent[zillow] | $2,000 | $1,850 | 8.1% |
| Property tax (effective)[tax-foundation] | 0.60% | 0.99% | -39.4% |
| State top marginal income tax[tax-foundation] | None | ~4.08% (volume-weighted) | −4.08 pp |
| State cost-of-living index[bea-rpp] | 112.0 | 100.0 | 12.0 pts |
How to use the Cost of Living Comparison
Walk through using the Cost of Living Comparison with Franklin, TN-specific defaults pre-loaded from primary sources.
- Enter your Franklin numbersFill in the cost of living comparison inputs. Defaults reflect Franklin, TN 2026: median home $625,000, median rent $2,000/mo, 0.60% effective property tax.
- Apply the local 2026 inputsThe median home value in Franklin is $625,000 (Zillow ZHVI), with median monthly rent running $2,000/mo.
- Compare against Franklin contextMonthly PITI on the $625,000 median home in Franklin is ~$3,963/mo — vs a $2,000/mo median rent.
How Tennessee Compares to Neighboring States
| State | Median home | Top inc tax | Prop tax rate | RPP (US=100) |
|---|---|---|---|---|
| Tennessee (this page) | $325,000 | None | 0.71% | 92.1 |
| Alabama side-by-side | $223,000 | 5.00% | 0.41% | 89.1 |
| compare to Arkansas | $198,000 | 3.90% | 0.64% | 86.8 |
| check Georgia | $325,000 | 5.39% | 0.92% | 96.5 |
| compare to Kentucky | $205,000 | 4.00% | 0.83% | 89.9 |
Sources: Zillow ZHVI[1], state Departments of Revenue / Tax Foundation[2], Tax Foundation property taxes[3], BEA Regional Price Parities[4].
What Changes Your Result in Tennessee
- Tennessee cost-of-living drag:Line-item costs in Tennessee deviate from the US mean by whatever the BEA all-items RPP deviates from 100. Weight your budget toward the state average rather than the national average.
Related Calculations for Tennessee
- Tennessee Rent Affordability Calculator — rent is the biggest COL line.
How Franklin Compares to the National Average
Understanding how Franklin stacks up helps you calibrate your financial planning.
| Metric | Franklin, TN | US Average | Difference |
|---|---|---|---|
| Median Home Price | $625,000 | $420,800 | +48.5% |
| Median Monthly Rent | $2,000 | $1,713 | +16.8% |
| Median Household Income | $115,200 | $74,580 | +54.5% |
| Property Tax Rate | 0.60% | 1.10% | -45.5% |
| Cost of Living Index | 112 | 100 | +12.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Franklin Financial Snapshot
- Population (Metro)
- 85,000
- Unemployment
- 2.8%
- Avg Commute
- 28 min
- Median Age
- 38.5
- Price-to-Rent Ratio
- 26.0x
- Annual Property Tax
- $3,750
More Financial Calculators for Franklin, TN
Cost of Living Comparison in Other Tennessee Cities
Frequently Asked Questions — Franklin
- Can median-income households afford the median home in Franklin?
- With a ~$3,963 monthly PITI and $115,200 median income, housing would consume ~41.3% of gross annual income. Qualifying under the 28% DTI rule requires ~$169,843 in annual income. Educational reference only.
- Is it better to rent or buy in Franklin?
- Franklin's price-to-rent ratio (26.0x) tilts toward renting — above 20x, buying is generally expensive relative to renting.
- What is the annual property tax bill on the median home in Franklin?
- Approximately $3,750/yr at the 0.60% effective rate on the $625,000 median home. The national average effective rate is 1.07%.
- What share of median income goes to rent in Franklin?
- The $2,000/mo median rent represents 20.8% of the $115,200 median household income. The recommended housing cost threshold is 30%; Franklin falls within that guideline. Educational reference only.
- How much does commuting cost in Franklin?
- Average commute time in Franklin is 28 minutes per ACS. Estimated annual commute cost runs about $4,878. Educational reference only.
- How does the cost of living in Franklin compare to the national average?
- Franklin's BEA RPP index is 112, 12% above the national baseline of 100. For a household earning the national median income of $77,540, this translates to ~$9,305/yr in purchasing power difference. Educational reference only.
- What is the median home price in Franklin, TN?
- The median home price in Franklin is $625,000 as of 2025–2026.
- What is the average rent in Franklin?
- The median monthly rent in Franklin, TN is $2,000.
- Does the cost of living comparison replace professional advice?
- No. This calculator gives educational estimates using public Franklin data and standard formulas. It is not personalized tax, legal, or investment advice. Consult a licensed professional for decisions with material consequences.
Tennessee State Context
Tennessee Real Estate Tips
Tennessee has no state income tax on wages — more take-home pay available for mortgage payments.
THDA (Tennessee Housing Development Authority) offers Great Choice and Homeownership for the Brave programs.
Tennessee's property tax rate of 0.71% is below the national average.
Nashville median home prices ($435K+) are well above the state median of $345K — consider suburbs and satellite cities.
Tennessee Homebuyer Programs
- ✓THDA Great Choice — 30-year fixed mortgages with up to $6,000 DPA.
- ✓THDA Homeownership for the Brave — DPA for military/veterans.
Statewide Tennessee figures apply broadly across Franklin. County- and city-level variation can be significant — verify against local sources before closing a transaction. [3]
How we compute this — methodology
The Franklin page uses local median home price ($625,000), median rent ($2,000/mo), and property tax rate (0.60%) alongside the calculator's client-side formula. Calculations run in your browser — no inputs are sent to a server.
Known limits: ZIP-level variance within Franklin can be substantial — the figures shown are city-wide medians. For a precise property tax quote, consult your county assessor.
Sources
- Zillow Research — ZHVI (Zillow Home Value Index) + ZORI (Zillow Observed Rent Index), city-level. zillow.com/research/data. Retrieved 2026-04-19.
- U.S. Census Bureau — American Community Survey (ACS) 5-year estimates for median household income and population. census.gov/programs-surveys/acs.
- CalcFi state financial context — tips + first-time homebuyer programs compiled from each state's Housing Finance Authority (HFA) public pages. See
src/data/state-financial-context.ts. - Tax Foundation — state property tax effective rates and state/local sales tax rates. taxfoundation.org.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — weekly national mortgage rate averages used by mortgage-related calculators. freddiemac.com/pmms.
- Bureau of Economic Analysis — Regional Price Parities by State — www.bea.gov/data/prices-inflation/regional-price-parities-state-and-metro-area. Retrieved 2026-04-19.
- U.S. Energy Information Administration — residential electricity / natural gas / gasoline — www.eia.gov. Retrieved 2026-04-19.
- BLS Occupational Employment and Wage Statistics (OEWS) — state-level occupational wages — www.bls.gov/oes. Retrieved 2026-04-19.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — weekly national mortgage rates — www.freddiemac.com/pmms. Retrieved 2026-04-19.
- NAIC Dwelling Fire, Homeowners Owners, and Homeowners Tenants Insurance Report — content.naic.org/article/homeowners-insurance-report. Retrieved 2026-04-19.
- State Departments of Revenue — official bracket + deduction publications (one primary URL per state; linked in the brackets table below) — taxfoundation.org/data/all/state/state-income-tax-rates. Retrieved 2026-04-19.
- U.S. Department of Labor — State Minimum Wage Laws — www.dol.gov/agencies/whd/minimum-wage/state. Retrieved 2026-04-19.
- FRED (Federal Reserve Economic Data) — real median household income, unemployment, HPI, LFPR per state — fred.stlouisfed.org. Retrieved 2026-04-19.
Spot an error? Email [email protected] with the URL and the correct figure.
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National reference: Cost Of Living Comparison Calculator