Franklin Park, IL

Below Avg · 85

Illinois · Population 18,233 · Updated March 2026

$1,103
Median Rent / Month
$76,009
Median Income
$261,700
Median Home Value
$1,391
Owner Costs / Month

Affordability

How far your income goes in Franklin Park

17.4%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Illinois

State-level tax rates that affect your costs

4.95%
Income Tax (Top Rate)
6.25%
Sales Tax
2.07%
Property Tax Rate

Estimated Annual Costs

$13,236
Annual Rent
$3,762
State Income Tax
$5,417
Property Tax (est.)

Cost of Living Overview

Franklin Park offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 85 (where 100 equals the national median), Franklin Park residents can expect to pay median rent of $1,103/month while earning a median household income of $76,009/year.

The median home value in Franklin Park, IL is $261,700, with typical monthly owner costs around $1,391 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.4% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Illinois has a moderate income tax rate of 4.95%. Combined with a 6.25% sales tax rate and 2.07% effective property tax rate, the overall tax environment is a factor in the total cost of living in Franklin Park.

Frequently Asked Questions

Common questions about living costs in Franklin Park

What is the cost of living in Franklin Park, IL?
The cost of living index in Franklin Park, IL is 85 (US average = 100). Median monthly rent is $1,103, median household income is $76,009/year, and the median home value is $261,700.
Is Franklin Park, IL affordable?
Yes, Franklin Park is more affordable than the national average with a cost index of 85. The rent-to-income ratio is 17.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Franklin Park, IL?
The median gross rent in Franklin Park, IL is $1,103 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $13,236.
What is the median household income in Franklin Park?
The median household income in Franklin Park, IL is $76,009 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Illinois?
Illinois has a top income tax rate of 4.95%, a sales tax of 6.25%, and an effective property tax rate of 2.07%.