Is Franklin, TN Expensive?

Tuesday, October 26, 2021 - 12:00am
Is Franklin, TN Expensive?
This post was written with the expertise of Elizabeth Leanza, a top Realtor in Franklin, Tennessee.

If you are looking to move to a new area, you need to look at a lot of factors. You have to check whether there are good jobs available for you to enjoy, lots of nice housing, and whether the schools are good if you have children. Before moving, you will need to consider whether Franklin, TN is an expensive place to live.

Franklin, TN is a bit more expensive compared to many of the other places in Tennessee. It is ranked as 101 out of 105 for expensive places to live in Tennessee and the overall cost of living for Franklin is at 117 compared to the average in the United States at 117. While the cost of living for Franklin, TN is a little higher, it provides great housing, low crime rates, and some of the best schools in the country, which helps to explain why so many want to live there. 

Those who are considering moving to Franklin, TN will find that there are a lot of fun things to enjoy along the way. This is a great town in Tennessee that has something for everyone. Let’s take a closer look at some of the costs of living in Franklin, TN to see if it is an affordable place to call home.

Is Franklin, TN Expensive?

Compared to many other places in Tennessee, Franklin is more expensive to live in. This may seem like a deterrent for a lot of people who want to move here, but that does not mean that this area is too expensive to live in at all. Tennessee as a state is an affordable place to live. It ranks much lower than most other places in the United States. While Franklin is a bit higher, it is still more affordable for many other places in the country.

The average cost of living in the United States is set at 100. This is how other towns and states can compare to the rest of the country. The cost of living score for the whole state of Tennessee is at 89, while the cost of living score just in Franklin is at 117. This makes it a good deal higher than some of the other towns in Tennessee, but it is not much about the national average. Other big cities like many California spots and New York City will be ranked at 130 for the cost of living, so it is not too bad.

When we look at some of the number breakdowns for living in Franklin, TN, we will see that most of the important things are less expensive than the national average. For things like services, groceries, health, transportation, and utilities, the cost of living in Franklin is lower than the national average. The thing that really puts them higher and more expensive than other areas is housing, where the average is 169 compared to 100 in the country.

How Much is Housing in Franklin, TN?

The most expensive thing that residents of Franklin will need to worry about is the housing costs. This is the main thing that will make the cost of living in this area go through the roof. The median home value in this area is set at $412,400, which is quite a bit above what the median home prices are in other parts of the state. The median rent is also high at $1481.

The good news is that the median income is also high, making this a more affordable place to live. You will find that most people will make somewhere around $98,000 a year while living in this area. There are many good jobs and many people like the culture and all of the other things that they can do here, which is part of what drives the housing prices up.

Once you get through the higher housing costs, you will find that most of the other things that you will need, including gasoline, medical care, and most groceries will be lower here than in most parts of the country. Franklin is more expensive than many parts of Tennessee, but it provides a lot more features, amenities, and benefits compared to some of the other cities as well, which can make the price a lot better to work with.

Choosing to Live in Franklin, TN

There are a lot of things to love when it comes to moving to Franklin, TN. It has a lot of fun activities to do all the time, friendly people, and it is in the perfect location to make it a good place to visit the cities when you want a weekend away. While the cost of living may seem high in Franklin, the biggest expense will be housing. When that is taken care of, the rest is very affordable.

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