Cost of Living in Franklin, IN
Population 25,999 · Indiana · Data vintage 2023
(100 = US avg)
Buyers in Franklin can reasonably expect a home to cost less than three years of household income — $213,000 against $77,305 in typical earnings — a ratio that has collapsed to 5:1 or worse in much of the country.
Located 20 miles south of Indianapolis city (balance), Franklin falls within that metro's commuting orbit. Housing prices track closely with Indianapolis city (balance)'s $207,000 median.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Franklin
The median home value in Franklin is $212,500 — 30% below the national median of $305,000. Median rent runs $1,127/month, 14% lower than the national median of $1,314/month. The median household income of $77,305/year is 4% higher than the US median of $74,580. The local unemployment rate is 3.9%, below the national average of 4.8%. Indiana's top state income tax rate is 3.0% and the combined sales tax is 7.0%. Overall, Franklin has a cost of living index of 76 versus the US average of 100, meaning it is 24% 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
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Franklin, IN?
Franklin has a cost index of 76 (100 = national average). It is 24% below the national average.
What is average rent in Franklin, IN?
The median gross rent in Franklin is $1,127 per month based on 2023 Census data.
What is the average home price in Franklin?
The median home value in Franklin is $212,500 according to Zillow and Census data.
What is the median income in Franklin?
The median household income in Franklin is $77,305 per year (2023 ACS 5-year estimates).
What is the sales tax in Franklin, IN?
The combined state and local sales tax rate in Franklin is 7.0%. The Indiana state income tax top rate is 3.0%.
Is Franklin, IN affordable?
Yes, Franklin is generally considered affordable, with a cost of living index of 76 — about 24% below the US national average of 100.
Franklin at a Glance
- Population
- 25,999
- Median Income
- $77,305
- Home Value
- $212,500
- Median Rent
- $1,127/mo
- Unemployment
- 3.9%
- Sales Tax
- 7.0%
Nearby Cities
Explore county-level cost of living data
Indiana Rankings
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