Median rent is 4% lower in New York ($1,779/mo vs $1,861/mo). Buying is cheaper in Franklin, where the median home runs $646,300 versus $751,700. Households earn more in Franklin ($115,000 vs $79,713 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, TN.
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, TN
City B
New York, NY
How much would you need to earn in New York, NY to maintain your standard of living from Franklin, TN?
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
Tennessee
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
Median rents are similar in both cities: $1,861/mo in Franklin and $1,779/mo in New York. Median home values are within 14% of each other: $646,300 in Franklin and $751,700 in New York.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Tennessee has no state income tax, while New York tops out at 10.90% — giving Franklin a clear advantage for high earners. Sales tax is 7.00% in Tennessee and 4.00% in New York; New York has the lower rate (local add-ons may apply in both).
Franklin
Income tax: None
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 higher median household income ($115,000/yr).
Pick Franklin if you prioritize no state income tax.
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 $1,861/mo in Franklin, TN and $1,779/mo in New York, NY. New York, NY has the lower rent by about 4%.
Which has higher salaries — Franklin or New York?
Median household income is $115,000 in Franklin, TN and $79,713 in New York, NY. 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 New York?
Tennessee has no state income tax. New York has a top rate of 10.90%.
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, TN 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