New Franklin, OH

Very Low · 72

Ohio · Population 13,830 · Updated March 2026

$1,101
Median Rent / Month
$88,306
Median Income
$196,600
Median Home Value
$1,064
Owner Costs / Month

Affordability

How far your income goes in New Franklin

15.0%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Ohio

State-level tax rates that affect your costs

3.5%
Income Tax (Top Rate)
5.75%
Sales Tax
1.53%
Property Tax Rate

Estimated Annual Costs

$13,212
Annual Rent
$3,091
State Income Tax
$3,008
Property Tax (est.)

Cost of Living Overview

New Franklin is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 72 (where 100 equals the national median), New Franklin residents can expect to pay median rent of $1,101/month while earning a median household income of $88,306/year.

The median home value in New Franklin, OH is $196,600, with typical monthly owner costs around $1,064 including mortgage, insurance, and taxes. The median rent-to-income ratio of 15.0% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Ohio has a moderate income tax rate of 3.5%. Combined with a 5.75% sales tax rate and 1.53% effective property tax rate, the overall tax environment is a factor in the total cost of living in New Franklin.

Frequently Asked Questions

Common questions about living costs in New Franklin

What is the cost of living in New Franklin, OH?
The cost of living index in New Franklin, OH is 72 (US average = 100). Median monthly rent is $1,101, median household income is $88,306/year, and the median home value is $196,600.
Is New Franklin, OH affordable?
Yes, New Franklin is more affordable than the national average with a cost index of 72. The rent-to-income ratio is 15.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in New Franklin, OH?
The median gross rent in New Franklin, OH is $1,101 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $13,212.
What is the median household income in New Franklin?
The median household income in New Franklin, OH is $88,306 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Ohio?
Ohio has a top income tax rate of 3.5%, a sales tax of 5.75%, and an effective property tax rate of 1.53%.