Get & compare mortgage quotes anonymously Start in My Home

Safe Rate Local

Cost of Living in Franklin

Is it better to rent or buy in Franklin? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

← Back to Franklin Hub

Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$93,837
$1,516/mo

Median in area: $1,516

$271,550

Median in area: $271,550

$54,310

If you Rent

$1,657 /mo
Base Rent$1,516
Est. Utilities$141
% of Income21.2%
Pre-tax Residual$6,163

If you Buy

$2,317 /mo
P&I (6.955%)$1,439
Taxes & Ins$737
Est. Utilities$141
% of Income29.6%
Pre-tax Residual$5,503

Cost of Living FAQs

Is it cheaper to rent or buy in Franklin?›

Based on median housing data, renting is currently more affordable on a monthly basis in Franklin. The estimated all-in monthly cost for renting is $1,657, while owning a median-priced home with a 20% down payment is roughly $2,317 per month (a difference of $660).

How much do utilities cost in Franklin?›

The average monthly utility cost (electricity and natural gas) for a typical home in Franklin is approximately $141. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Franklin?›

To comfortably afford the median rent and utilities in Franklin without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $66,280 per year.