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Cost of Living in Franklin County

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

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Rent vs. Buy Affordability Calculator

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

$52,853
$697/mo

Median in area: $697

$137,516

Median in area: $137,516

$27,503

If you Rent

🔑
$909 /mo
Base Rent$697
Est. Utilities$212
% of Income20.6%
Pre-tax Residual$3,495

If you Buy

🏠
$1,064 /mo
P&I (7.133%)$742
Taxes & Ins$110
Est. Utilities$212
% of Income24.2%
Pre-tax Residual$3,341

Compare Nearby Areas

See how Franklin County stacks up against neighboring areas.

countyTishomingo County, MS
$697/mo
countyItawamba County, MS
$819/mo
countyLawrence County, AL
$837/mo
countyMarion County, AL
$637/mo
countyColbert County, AL
$837/mo

Cost of Living FAQs

Is it cheaper to rent or buy in Franklin County?›

Based on median housing data, renting is currently more affordable on a monthly basis in Franklin County. The estimated all-in monthly cost for renting is $909, while owning a median-priced home with a 20% down payment is roughly $1,064 per month (a difference of $155).

How much do utilities cost in Franklin County?›

The average monthly utility cost (electricity and natural gas) for a typical home in Franklin County is approximately $212. This estimate uses local utility rate schedules combined with median energy consumption profiles.

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

To comfortably afford the median rent and utilities in Franklin County without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $36,360 per year.