Franklin, TN

Very High · 158

Tennessee · Population 85,575 · Updated March 2026

$1,861
Median Rent / Month
$115,000
Median Income
$646,300
Median Home Value
$1,915
Owner Costs / Month

Affordability

How far your income goes in Franklin

19.4%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Tennessee

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
7.0%
Sales Tax
0.64%
Property Tax Rate

Estimated Annual Costs

$22,332
Annual Rent
$0
State Income Tax
$4,136
Property Tax (est.)

Cost of Living Overview

Franklin has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 158 (where 100 equals the national median), Franklin residents can expect to pay median rent of $1,861/month while earning a median household income of $115,000/year.

The median home value in Franklin, TN is $646,300, with typical monthly owner costs around $1,915 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.4% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Tennessee has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 7.0% sales tax rate and 0.64% effective property tax rate, the overall tax environment helps keep costs manageable in Franklin.

Frequently Asked Questions

Common questions about living costs in Franklin

What is the cost of living in Franklin, TN?
The cost of living index in Franklin, TN is 158 (US average = 100). Median monthly rent is $1,861, median household income is $115,000/year, and the median home value is $646,300.
Is Franklin, TN affordable?
No, Franklin is more expensive than the national average with a cost index of 158. The rent-to-income ratio is 19.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Franklin, TN?
The median gross rent in Franklin, TN is $1,861 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $22,332.
What is the median household income in Franklin?
The median household income in Franklin, TN is $115,000 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Tennessee?
Tennessee has a top income tax rate of 0%, a sales tax of 7.0%, and an effective property tax rate of 0.64%. Notably, there is no state income tax.