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Cost of Living in Franklin Parish

Is it better to rent or buy in Franklin Parish? 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.

$50,483
$764/mo

Median in area: $764

$119,476

Median in area: $119,476

$23,895

If you Rent

🔑
$984 /mo
Base Rent$764
Est. Utilities$220
% of Income23.4%
Pre-tax Residual$3,223

If you Buy

🏠
$950 /mo
P&I (7.16%)$646
Taxes & Ins$84
Est. Utilities$220
% of Income22.6%
Pre-tax Residual$3,257

Compare Nearby Areas

See how Franklin Parish stacks up against neighboring areas.

countyCaldwell Parish, LA
$985/mo
countyTensas Parish, LA
$574/mo
countyMadison Parish, LA
$675/mo
countyCatahoula Parish, LA
$782/mo
countyRichland Parish, LA
$907/mo

Cost of Living FAQs

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

Based on median housing data, buying is currently more affordable on a monthly basis in Franklin Parish. The estimated all-in monthly cost for renting is $984, while owning a median-priced home with a 20% down payment is roughly $950 per month (a difference of $34).

How much do utilities cost in Franklin Parish?›

The average monthly utility cost (electricity and natural gas) for a typical home in Franklin Parish is approximately $220. This estimate uses local utility rate schedules combined with median energy consumption profiles.

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

To comfortably afford the median rent and utilities in Franklin Parish without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $39,360 per year.