Median rent is 18% lower in Franklin ($1,127/mo vs $1,380/mo). Buying is cheaper in Franklin, where the median home runs $212,500 versus $315,200. Households earn more in Franklin ($77,305 vs $75,134 a year). Taken together, Franklin is the more affordable choice with a cost index of 96.5 against 105.7 — about 9% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Franklin, IN.
Quick verdict
Franklin is 9% cheaper overall
Cost index: 96.5 in Franklin vs 105.7 in Chicago (US average = 100)
City A
Chicago, IL
City B
Franklin, IN
How much would you need to earn in Franklin, IN to maintain your standard of living from Chicago, IL?
Equivalent salary in Franklin, IN
$68,498
You could earn $6,502 less (9% lower) and break even.
Based on BEA Regional Price Parity (cost index) for each city's metro area. A rough estimate of overall purchasing power, not tax or take-home pay.
Metric
Chicago
Illinois
Franklin
Indiana
👥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: US Census ACS, BEA RPP, HUD FMR, EPA AirNow, Tax Foundation
Median rent is modestly lower in Franklin at $1,127/mo compared to $1,380/mo in Chicago (18% gap). Home buyers face a steeper market in Chicago: the median home is $315,200 versus $212,500 in Franklin — 33% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Illinois's top income tax rate is 4.95% versus 3.05% in Indiana, so Franklin is more tax-friendly for high earners. Sales tax is 6.25% in Illinois and 7.00% in Indiana; Chicago has the lower rate (local add-ons may apply in both).
Chicago
Income tax: 4.95%
Sales tax: 6.25%
Franklin
Income tax: 3.05%
Sales tax: 7.00%
Air quality data is available for Chicago (avg AQI 21.0) but not yet for Franklin.
Pick Franklin if you prioritize lower overall cost of living (index 96.5 vs 105.7).
Pick Franklin if you prioritize cheaper rent ($1,127/mo median).
Pick Franklin if you prioritize lower state income tax (3.05%).
Is Chicago cheaper than Franklin?
Franklin is cheaper overall, with a cost of living index of 96.5 versus 105.7 (US average = 100). That means prices run about 9% lower in Franklin.
How much is rent in Chicago vs Franklin?
Median rent is $1,380/mo in Chicago, IL and $1,127/mo in Franklin, IN. Franklin, IN has the lower rent by about 18%.
Which has higher salaries — Chicago or Franklin?
Median household income is $75,134 in Chicago, IL and $77,305 in Franklin, IN. Franklin, IN has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Which city has better air quality?
Air quality data is not yet available for one or both cities.
Which has lower taxes — Chicago or Franklin?
Illinois's top income tax rate is 4.95% and Indiana's is 3.05%. Franklin, IN has the lower rate.
What salary do I need in Franklin to match my Chicago income?
To maintain the same purchasing power, a salary of $100,000 in Chicago, IL is equivalent to roughly $91,331 in Franklin, IN (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology