Median rent is 39% lower in Franklin ($1,127/mo vs $1,861/mo). Buying is cheaper in Franklin, where the median home runs $212,500 versus $646,300. Households earn more in Franklin ($115,000 vs $77,305 a year). Overall, the two cities have a nearly identical cost of living index (96.5).
City A
Franklin, IN
City B
Franklin, TN
How much would you need to earn in Franklin, TN to maintain your standard of living from Franklin, IN?
Equivalent salary in Franklin, TN
$75,000
Costs are about the same in both cities.
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
Franklin
Indiana
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: US Census ACS, BEA RPP, HUD FMR, EPA AirNow, Tax Foundation
Renters will find significantly cheaper housing in Franklin — median rent of $1,127/mo versus $1,861/mo in Franklin, a 39% difference. Home buyers face a steeper market in Franklin: the median home is $646,300 versus $212,500 in Franklin — 67% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Tennessee has no state income tax, while Indiana tops out at 3.05% — giving Franklin a clear advantage for high earners. Sales tax is 7.00% in Indiana and 7.00% in Tennessee; Franklin has the lower rate (local add-ons may apply in both).
Franklin
Income tax: 3.05%
Sales tax: 7.00%
Franklin
Income tax: None
Sales tax: 7.00%
Air quality data is not yet available for these cities.
Pick Franklin if you prioritize higher median household income ($115,000/yr).
Pick Franklin if you prioritize cheaper rent ($1,127/mo median).
Pick Franklin if you prioritize no state income tax.
Is Franklin cheaper than Franklin?
Franklin is cheaper overall, with a cost of living index of 96.5 versus 96.5 (US average = 100). That means prices run about 0% lower in Franklin.
How much is rent in Franklin vs Franklin?
Median rent is $1,127/mo in Franklin, IN and $1,861/mo in Franklin, TN. Franklin, IN has the lower rent by about 39%.
Which has higher salaries — Franklin or Franklin?
Median household income is $77,305 in Franklin, IN and $115,000 in Franklin, TN. Franklin, TN 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 — Franklin or Franklin?
Tennessee has no state income tax. Indiana has a top rate of 3.05%.
What salary do I need in Franklin to match my Franklin income?
To maintain the same purchasing power, a salary of $100,000 in Franklin, IN is equivalent to roughly $100,000 in Franklin, TN (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