Home  /  Real Estate   /  How Much Does It Cost to Live in Franklin, TN?
How Much Does It Cost to Live in Franklin, TN?

How Much Does It Cost to Live in Franklin, TN?

There are many reasons to move to Franklin, TN. It is close to some of the major cities that are part of this area, like Memphis and Nashville, so there is always plenty to enjoy.

It has a great community that allows for smaller town living while being close to the city, there are plenty of jobs available, and many great houses that everyone can enjoy. But if you are looking to move to Franklin, TN, you need to consider how much it costs to live there, recommends local realtors in Franklin, Tennessee (https://iselltnhomes.com).

The cost of living in Franklin, TN is going to be lower than the state and national average for most amenities. You will spend less on food, transportation, utilities, and medical care compared to many other places in the country.

However, the housing is 100% higher than the average nationwide, with the average home costing $470,400, which can make the prices go up.

Let’s take a close look at how much it costs to live in Franklin, TN so you can decide if it is worth the time to budget for those costs before you move there.

How Much Does It Cost to Live in Franklin, TN?

Living in Franklin, TN can be a great decision for a lot of people. It is a beautiful option for you to choose in terms of the location, the homes that are available, and more. But it can be a little bit expensive to live in compared to the rest of the country.

If you lived in Franklin, TN, you would need to make more than what you would need in the rest of the country. It is estimated that living in most other places in the United States would cost 27.8% less on average than living in this town. The biggest factor in this is that the housing costs are so high. Considering that most homes are large plantations, this can make sense.

What this means is that if you make $190,000 in Franklin, TN, it is the same as making about $130,000 in the rest of the country. While this can be a beautiful place to call home, you need to make sure that you earn enough money for the move to be worth it.

Why Is Franklin, TN So Expensive?

The cost of living is considered so high due to the cost of the homes. The median home cost is going to be $625,400. Compared to the median house price in the United States of $291,700, this can shoot all of the averages right out the door. Finding an affordable place to live in Franklin, TN can be one of the hardest parts.

A few items, like utilities and healthcare, actually fall below the average for the United States and transportation is right at the average. This can make a few of the items that you would need in your daily life less expensive than living in other cities across the country.

The issue comes with a few of the other amenities that you will need. Housing is the most expensive, but residents of this area will also pay more for groceries, transportation, and other miscellaneous services that they will need while living here.

What Features Can I Enjoy When Moving to Franklin, TN?

Even though the cost of living is more expensive while living in Franklin, TN, there are a lot of things to enjoy when it comes to living in this city and many people continue to move here. The great schools, healthcare, and things to do can still make this an attractive place for people to call home.

Those who move to this area will get to enjoy the cities nearby, giving them a lot of the arts, movies, concerts, and more that they like. The music scene in Nashville, TN can make it a good option for those who love to be out and about around the music.

Healthcare is also more affordable in this area and has some of the best doctors. And with many great jobs and positions available, most residents do not struggle to find the right job to help them meet their goals in success. All of these amenities that are available in Franklin, TN can make it the perfect place for you to live.

Choosing to Live in Franklin, TN

Living in Franklin, TN is a great decision for a lot of people. There are plenty of amenities to enjoy, great jobs, and plenty of things to do in their free time. But it is more expensive to live here than in many other places in the United States. Choosing to live here can provide a lot of diversity and fun, so it is a great option for many individuals and families to choose as well.