Cost of Living Franklin Tennessee
South of the music capital of the world lies one of the best cities to live in the U.S as of 2022. A 30 minute drive from Nashville gets you to Franklin Tennessee. This is the 7th largest city in Tennessee, home to 75,366 people. Franklin also has one of the lowest crime rates in all of Tennessee which is a very important detail you should consider if you are looking to move to Franklin.
Today we will take a look at the cost of living in Franklin Tennessee and make it an apple to apple comparison. We will consider a Tom and his girlfriend Anna looking for all aspects of cost of living in Franklin Tennessee.
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Housing In Franklin Tennessee
Franklin has the highest income per capital in all of Tennessee. Part of the reason is the high value of housing which has a huge impact on the average cost of living in Franklin Tennessee. For our example, Tom and Anna would pay an estimated $1,428 just on housing cost. By comparison the national median is $1,023. Housing represents one of the largest costs of living in Franklin Tennessee . Tom and Anna are happy about it as the they are looking to buy a house and believe the housing market goes up year after year. According to data 67% of people have their own house in Franklin while the rest rents.
Buying a house in Franklin however is the more expensive option. The median value of a home built after 2014 is $496,600 as opposed to the median home value of 428,700 in the U.S. The extra dollars spent to buy a house in Frenklin go hand to hand with the median household income. We’ll get to that in short.
Food Cost In Franklin Tennessee
Anna and Tom cook live a healthy life and cook their food at home. Franklin Tennessee cost of living can get out of hands really quick as there are lots of bars and restaurants you can spend your money on. Franklin is top one when it comes to food expense in all of Tennesse. The annual food cost for Tom and Anna is $6,552 as compared to the national average of $5,939.
Income and Taxes In Franklin Tennessee
Good news for Tom and Anna is that there is no income tax. On average a household in Franklin Tennessee can make on average $92,589 in income. It looks like the cost of living in Franklin Tenessee evens the high mortgage payment and benefits from 0% income tax.
Tom and Anna should also take in consideration that Franklin has a higher sale tax rate of 6.9% and they would have to pay up to 35% more on goods compared to the average American. On total, the total annual tax due for an adult is roughly $6,547.
On the income side, job market in Franlin Tennesse looks promising for both Tom and Anna. A huge pie of the job market is made up of retail, manufacturing and healthcare. A few to mention here are Nissan North American and United Healthcare which offer jobs in both corporate level and manufacturing or retailing.
Transport Cost In Franklin Tennesse
When it comes down to transportation the cost of living in Franklin Tennesse can be broken down to 2 options. Most Americans communte about 26 minutes of intense traffic as opposed to a 22 minute traffic jam in Franklin. This is because Franklin offers public transport which is very handy to the public.
Despite that, 88% of people living in Franklin drive to work and a good portion of these people drive further miles to work in Nashville or elsewhere to get a higher check at the end of the month. According to data Tom and Anna would be liable to pay upwards of $13,246 – including here car maintenance, insurance premiums, gas and everything in between.
In Franklin there is also fixed-ticket one way fares where you can take the bus for as little as $1 per each trip. Shared services like Uber and Lyft are also available but they do take more time to arrive and cost more than the $1 one way ticket fare.
Is It Worth Moving To Franklin?
Frankling Tenenesse cost of living can really get out of hands very quickly if you’re not managing your finances well. If you’re considering to move to Franklin, don’t hesitate to look out for the best movers in Franklin Tennessee. Before thinking about moving to Franklin or cost of living in Frankling Tennessee get yourself settled with a job first.
Tennessee is a red state, taxes it’s citizens low and offers a well-balanced work, live, enjoy lifestyle. There is lot’s of tourist attractions, busy bars and hustling nightlife during the weekends. To conclude, considering Franklin Tennessee cost of living, future possibilities making your next move to Franklin in a good idea.