Franklin, KY

Very Low · 66

Kentucky · Population 10,254 · Updated March 2026

$1,034
Median Rent / Month
$55,552
Median Income
$170,400
Median Home Value
$1,028
Owner Costs / Month

Affordability

How far your income goes in Franklin

22.3%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Kentucky

State-level tax rates that affect your costs

4.0%
Income Tax (Top Rate)
6.0%
Sales Tax
0.83%
Property Tax Rate

Estimated Annual Costs

$12,408
Annual Rent
$2,222
State Income Tax
$1,414
Property Tax (est.)

Cost of Living Overview

Franklin is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 66 (where 100 equals the national median), Franklin residents can expect to pay median rent of $1,034/month while earning a median household income of $55,552/year.

The median home value in Franklin, KY is $170,400, with typical monthly owner costs around $1,028 including mortgage, insurance, and taxes. The median rent-to-income ratio of 22.3% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Kentucky has a moderate income tax rate of 4.0%. Combined with a 6.0% sales tax rate and 0.83% effective property tax rate, the overall tax environment is a factor in the total cost of living in Franklin.

Frequently Asked Questions

Common questions about living costs in Franklin

What is the cost of living in Franklin, KY?
The cost of living index in Franklin, KY is 66 (US average = 100). Median monthly rent is $1,034, median household income is $55,552/year, and the median home value is $170,400.
Is Franklin, KY affordable?
Yes, Franklin is more affordable than the national average with a cost index of 66. The rent-to-income ratio is 22.3%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Franklin, KY?
The median gross rent in Franklin, KY is $1,034 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $12,408.
What is the median household income in Franklin?
The median household income in Franklin, KY is $55,552 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Kentucky?
Kentucky has a top income tax rate of 4.0%, a sales tax of 6.0%, and an effective property tax rate of 0.83%.