Cost of Living in Franklin Park, IL
Population 18,233 · Illinois · Data vintage 2023
(100 = US avg)
Franklin Park is a smaller Illinois community of around 18000 residents, where median household incomes of $76,009 and housing costs ($262,000 for a typical home) give the local cost-of-living profile a distinctly small-town shape.
Geographically, Franklin Park sits roughly 12 miles northwest of Chicago. Median home values run roughly 17% lower than Chicago's $315,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Franklin Park
The median home value in Franklin Park is $261,700 — 14% below the national median of $305,000. Median rent runs $1,103/month, 16% lower than the national median of $1,314/month. The median household income of $76,009/year is 2% higher than the US median of $74,580. The local unemployment rate is 5.0%, above the national average of 4.8%. Illinois's top state income tax rate is 5.0% and the combined sales tax is 8.7%. Overall, Franklin Park has a cost of living index of 85 versus the US average of 100, meaning it is 15% less expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Franklin Park, IL?
Franklin Park has a cost index of 85 (100 = national average). It is 15% below the national average.
What is average rent in Franklin Park, IL?
The median gross rent in Franklin Park is $1,103 per month based on 2023 Census data.
What is the average home price in Franklin Park?
The median home value in Franklin Park is $261,700 according to Zillow and Census data.
What is the median income in Franklin Park?
The median household income in Franklin Park is $76,009 per year (2023 ACS 5-year estimates).
What is the sales tax in Franklin Park, IL?
The combined state and local sales tax rate in Franklin Park is 8.7%. The Illinois state income tax top rate is 5.0%.
Is Franklin Park, IL affordable?
Yes, Franklin Park is generally considered affordable, with a cost of living index of 85 — about 15% below the US national average of 100.
Franklin Park at a Glance
- Population
- 18,233
- Median Income
- $76,009
- Home Value
- $261,700
- Median Rent
- $1,103/mo
- Unemployment
- 5.0%
- Sales Tax
- 8.7%
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Illinois Rankings
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