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: 91.1 / 100
- Median Home Price is: $245,000
- Average Rent (2 BR Apartment): $1647 per month
- Average Rent (2 BR House): $1791 per month
Considering your potential move to Franklin, IN, the housing data presents a mixed picture. With a housing index of 91.1, 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 1647 and a house at 1791. 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: Data is updating (median by state)
- Other Utilities (water, garbage, etc.): $233 per month
Living in Franklin, IN could entail higher utility costs. Electricity costs sit at $14.89, while natural gas is priced at data unavailable per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $233 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 Franklin is a financially viable option for your relocation.