Median rent is 37% lower in Franklin ($1,127/mo vs $1,779/mo). Buying is cheaper in Franklin, where the median home runs $212,500 versus $751,700. Households earn more in New York ($79,713 vs $77,305 a year). Taken together, Franklin is the more affordable choice with a cost index of 96.5 against 113.0 — about 15% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Franklin, IN.
Quick verdict
Franklin is 15% cheaper overall
Cost index: 96.5 in Franklin vs 113.0 in New York (US average = 100)
City A
Franklin, IN
City B
New York, NY
How much would you need to earn in New York, NY to maintain your standard of living from Franklin, IN?
Equivalent salary in New York, NY
$87,776
You'd need $12,776 more (17% higher).
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
New York
New York
👥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 $1,779/mo in New York, a 37% difference. Home buyers face a steeper market in New York: the median home is $751,700 versus $212,500 in Franklin — 72% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Indiana's top income tax rate is 3.05% versus 10.90% in New York, so Franklin is more tax-friendly for high earners. Sales tax is 7.00% in Indiana and 4.00% in New York; New York has the lower rate (local add-ons may apply in both).
Franklin
Income tax: 3.05%
Sales tax: 7.00%
New York
Income tax: 10.90%
Sales tax: 4.00%
Air quality data is available for New York (avg AQI 61.0) but not yet for Franklin.
Pick Franklin if you prioritize lower overall cost of living (index 96.5 vs 113.0).
Pick Franklin if you prioritize cheaper rent ($1,127/mo median).
Pick Franklin if you prioritize lower state income tax (3.05%).
Is Franklin cheaper than New York?
Franklin is cheaper overall, with a cost of living index of 96.5 versus 113.0 (US average = 100). That means prices run about 15% lower in Franklin.
How much is rent in Franklin vs New York?
Median rent is $1,127/mo in Franklin, IN and $1,779/mo in New York, NY. Franklin, IN has the lower rent by about 37%.
Which has higher salaries — Franklin or New York?
Median household income is $77,305 in Franklin, IN and $79,713 in New York, NY. New York, NY 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 New York?
Indiana's top income tax rate is 3.05% and New York's is 10.90%. Franklin, IN has the lower rate.
What salary do I need in New York to match my Franklin income?
To maintain the same purchasing power, a salary of $100,000 in Franklin, IN is equivalent to roughly $117,034 in New York, NY (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