Cost of Living in Franklin, IN

Housing

The housing market plays a significant role in determining the cost of living in Franklin, IN.

• Housing Index: 85.0 / 100
• Median Home Price is: $245000
• Average Rent (2 BR Apartment): $1200 per month
• Average Rent (2 BR House): $1272 per month

Considering your potential move to Franklin, IN, the housing data presents a mixed picture. With a housing index of 85.0, it suggests that affordability may be a concern in the area. The median home price of 245000 is relatively moderate, but rental options reflect higher prices, especially the average rent for a 2BR apartment at 1200 and a house at 1272. This indicates a competitive rental market. Additionally, it’s advisable to look into local amenities and job opportunities, which could further influence your decision to relocate.

Utilities

The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Franklin, IN.

• Electricity Price: 14.89 USD (median by state)
• Natural Gas Price: $None USD per Thousand Cubic Feet (median by state)
• Other Utilities (water, garbage, etc.): $250 per month

Living in Franklin, IN could entail higher utility costs. Electricity costs sit at 14.89, while natural gas is priced at None per Thousand Cubic Feet—both aligning with state medians. Expect to budget about 250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 90.5

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $72344

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to Franklin, IN, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.