Cost of Living in Franklin, NC
Population 4,221 · North Carolina · Data vintage 2023
(100 = US avg)
Franklin's median household income of $43,991 is a meaningful share below the national figure, which shapes most of the downstream economic indicators — from housing affordability to the share of residents living below the poverty line (22% here). An unemployment rate of 2.3% points to a labor market well on the tight side of the national distribution.
Located 65 miles southeast of Knoxville, Franklin is far enough out that local conditions diverge meaningfully from the big-metro baseline. Median home values run roughly 11% lower than Knoxville's $214,000.
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 $190,600 — 38% below the national median of $305,000. Median rent runs $738/month, 44% lower than the national median of $1,314/month. The median household income of $43,991/year is 41% lower than the US median of $74,580. The local unemployment rate is 2.3%, below the national average of 4.8%. North Carolina's top state income tax rate is 4.5% and the combined sales tax is 7.0%. Overall, Franklin has a cost of living index of 60 versus the US average of 100, meaning it is 40% less expensive.
Franklin has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 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
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Franklin, NC?
Franklin has a cost index of 60 (100 = national average). It is 40% below the national average.
What is average rent in Franklin, NC?
The median gross rent in Franklin is $738 per month based on 2023 Census data.
What is the average home price in Franklin?
The median home value in Franklin is $190,600 according to Zillow and Census data.
What is the median income in Franklin?
The median household income in Franklin is $43,991 per year (2023 ACS 5-year estimates).
What is the sales tax in Franklin, NC?
The combined state and local sales tax rate in Franklin is 7.0%. The North Carolina state income tax top rate is 4.5%.
Is Franklin, NC affordable?
Yes, Franklin is generally considered affordable, with a cost of living index of 60 — about 40% below the US national average of 100.
Franklin at a Glance
- Population
- 4,221
- Median Income
- $43,991
- Home Value
- $190,600
- Median Rent
- $738/mo
- Unemployment
- 2.3%
- Sales Tax
- 7.0%
Explore county-level cost of living data
North Carolina Rankings
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