Median rent is 10% lower in Austin ($1,729/mo vs $1,923/mo). Buying is cheaper in Austin, where the median home runs $555,300 versus $705,400. Households earn more in Franklin ($119,528 vs $93,658 a year). Taken together, Franklin is the more affordable choice with a cost index of 97.0 against 98.3 — about 1% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Franklin, TN.
Cost of living verdict
Franklin is 1% cheaper overall
Cost of Living Index: 97.0 in Franklin vs 98.3 in Austin (US national average = 100)
City A
Austin, TX
City B
Franklin, TN
How much would you need to earn in Franklin, TN to maintain your standard of living from Austin, TX?
Equivalent salary in Franklin, TN
$74,045
You could earn $955 less (1% lower) and break even.
Based on BEA Regional Price Parity (cost index) for each metro area. This estimates overall purchasing power; it does not account for taxes or take-home pay differences.
Metric
Austin
Texas
Franklin
Tennessee
Population
Median Household Income
Annual
Median Gross Rent
Per month
Median Home Value
Cost of Living Index
US avg = 100
1BR Fair Market Rent
HUD FMR
2BR Fair Market Rent
HUD FMR
3BR Fair Market Rent
HUD FMR
Air Quality Index
Lower = cleaner
Top State Income Tax
Top marginal rate
State Sales Tax
Statewide base rate
Median Age
Years
✓ = better value · Sources: Census ACS, BEA, HUD Fair Market Rents, EPA AirNow, Tax Foundation
Median rent is modestly lower in Austin at $1,729/mo compared to $1,923/mo in Franklin (10% gap). Home buyers face a steeper market in Franklin: the median home is $705,400 versus $555,300 in Austin — 21% more expensive.
Metric
Austin
Franklin
Software Developer
Registered Nurse
Elementary Teacher
Electrician
Accountant
Higher wage highlighted · BLS OEWS 2023 (metro-level data)
State tax data is not yet available for these cities.
Austin
Income tax: N/A
Sales tax: N/A
Franklin
Income tax: N/A
Sales tax: N/A
Air quality data is available for Austin (avg AQI 65.0) but not yet for Franklin.
Pick Franklin if you prioritize higher median household income ($119,528/yr).
Franklin is cheaper overall, with a cost of living index of 97.0 versus 98.3 (US average = 100). That means prices run about 1% lower in Franklin.
Median rent is $1,729/mo in Austin, TX and $1,923/mo in Franklin, TN. Austin, TX has the lower rent by about 10%.
Median household income is $93,658 in Austin, TX and $119,528 in Franklin, TN. Franklin, TN has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Air quality data is not yet available for one or both cities.
State tax data is not yet available for one or both cities.
To maintain the same purchasing power, a salary of $100,000 in Austin, TX is equivalent to roughly $98,726 in Franklin, TN (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: June 1, 2026 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology
