Franklin, TN, has grown tremendously, attracting families, professionals, and retirees worldwide. Thanks to its charming downtown, top-rated schools, and strong job market, it is consistently ranked among the best places to live in the U.S.

But with all this appeal comes one big question: How affordable is Franklin for homebuyers?

Understanding the cost of living is crucial when making a move. Beyond just home prices, factors like property taxes, utilities, and daily expenses can significantly impact your budget. Whether you’re relocating to Nashville, Tennessee from another city or just considering a change within the area, knowing what to expect financially can help you make a wise decision.

Therefore, in this blog, we’ll dive into the key expenses that define Franklin’s cost of living, including:

• Home prices, rent, and property taxes
• Electricity, water, internet, and more
• Gas prices, public transit, and commuting costs
• Everyday essentials

By the end of the piece, you’ll understand whether Franklin fits your budget and lifestyle. Let’s get started!

Why Franklin, TN, Is a Great Place to Live?

Franklin is a fantastic choice if you’re considering a move to Tennessee. This charming city blends rich history with modern conveniences, offering a high quality of life just 20 miles south of Nashville.

What Makes Franklin Special?

Historic Charm: Stroll through the beautifully preserved downtown, filled with boutique shops, cafes, and Civil War-era landmarks.

Top-Rated Schools: Families love Franklin for its highly ranked public and private schools, making it a great place to raise kids.

Low Crime Rates: Safety is a top priority, and Franklin consistently ranks as one of Tennessee’s safest cities.

Making an Informed Homebuying Decision

Understanding the cost of living is key when searching homes for sale in Franklin, Tennessee.

Whether looking for spacious suburban homes or Nashville Condos for Sale, working with a local real estate expert ensures you find the perfect fit for your lifestyle and budget.

Cost of Living in Franklin, TN

Franklin, Tennessee, offers a blend of historic charm and modern amenities, making it an attractive destination for homebuyers. Understanding the cost of living in Franklin is crucial for making informed decisions.

Here’s a comprehensive breakdown of various expense categories:

#1 Housing Costs

Median Home Prices: According to the latest data, the median home price in Franklin is approximately $784,100. This is significantly higher than the national average of $338,100 and the Tennessee average of $277,400.

Rent vs. Buy Comparison: Renting a two-bedroom unit in Franklin costs around $1,850 per month, surpassing the national average of $1,430 and the state average of $1,070.

Neighborhood Variations: Housing costs in Franklin by neighborhood. For instance, properties in Downtown Franklin may command higher prices due to their proximity to historic sites and amenities, while areas like Westhaven offer newer developments with diverse pricing.

#2 Utilities

Average Monthly Costs: Residents can expect utility expenses to be slightly above the national average. Specifically, utilities in Franklin are about 0.9% higher than the national average.

Comparison to National Average: While utilities are marginally higher, other expenses like groceries are 0.2% less, and transportation costs are 8.8% less than the national average.

#3 Transportation

Gas Prices: Transportation costs in Franklin are 8.8% less than the national average.

Public Transportation: We Go Public Transit serves Franklin, offering routes connecting to Nashville and surrounding areas. Fares are generally affordable, making public transit a viable option for daily commuting.

Commute Times: The average commute time in Franklin is approximately 25 minutes. For those working in Nashville, about 20 miles north, commute times can vary based on traffic conditions, typically 30 to 45 minutes.

#4 Groceries and Dining

Grocery Costs: Grocery prices in Franklin are 0.2% less than the national average.

Dining Out: Franklin boasts a diverse culinary scene. Casual dining establishments may charge around $15-20 per person, while upscale restaurants charge between $50 to $100 per person.

#5 Healthcare

Average Healthcare Costs: Healthcare expenses in Franklin are 23.7% lower than the national average, offering residents more affordable medical services.

Quality of Healthcare: The city has top-rated hospitals and clinics, ensuring residents can access quality medical care.

#6 Taxes

Property Taxes: Franklin’s property tax rates are competitive with nearby cities. However, higher property values can increase annual tax obligations.

Sales Tax: Tennessee has a base sales tax rate of 7%, and local jurisdictions add their rates. Franklin’s combined sales tax rate is approximately 9.75%, which impacts the cost of goods and services.

How Franklin’s Cost of Living Compares to Nearby Cities

When considering a move to Franklin, Tennessee, it’s essential to understand how its cost of living compares to neighboring cities like Nashville, Brentwood, and Murfreesboro. Here’s a concise comparison to guide your decision:

Comparison Chart: Cost of Living Index

For personalized guidance on finding a home that fits your budget and lifestyle in the Nashville area, consider consulting with experienced real estate brokers in Nashville, TN. They can provide valuable insights tailored to your needs.

Exploring Nearby Real Estate Options

For those considering alternatives in the vicinity:

Brentwood, Nashville Houses for Sale: Brentwood, adjacent to Franklin, offers a wide range of homes for sale in brentwood tennessee. The median home price in Brentwood is approximately $784,100, reflecting its upscale market.

Condos for Sale in The Gulch, Nashville, TN: The Gulch is a trendy Nashville neighborhood featuring modern condos. Prices vary based on size and amenities. Prospective buyers can explore listings to find the best condos for sale in the gulch nashville that align with their preferences and budgets.

Tips for Homebuyers to Manage Costs in Franklin, TN

Purchasing a home in Franklin, TN requires careful financial planning. Here are some strategies to manage costs effectively:

Budgeting Tips: Develop a comprehensive budget that includes the mortgage, utilities, property taxes, insurance, and maintenance. Keep housing expenses within 28% of your gross monthly income to maintain financial stability.

Down Payment Assistance: The Tennessee Housing Development Agency (THDA) offers programs for first-time homebuyers, providing a repayable loan of up to 6% of the home’s purchase price to assist with down payments and closing costs.

Negotiation Strategies: In Franklin’s competitive market, strengthen your position by obtaining mortgage pre-approval and being prepared to act swiftly. While price negotiations may be limited, consider requesting seller concessions, such as covering closing costs or including appliances, to reduce out-of-pocket expenses.

FAQs About the Cost of Living in Franklin, TN

1. What is the average salary needed to live comfortably in Franklin, TN?

A salary of around $80,000–$100,000 per year is generally needed for a comfortable lifestyle, depending on housing choices and personal expenses.

2. How do utility costs in Franklin compare to the national average?

Utility costs in Franklin are slightly above the national average, with residents paying around 5-10% more for electricity, water, and internet services.

3. Are there any hidden costs of living in Franklin, TN?

Higher property taxes, homeowners association (HOA) fees, and expensive home insurance can add to the overall cost of living.

4. What are the most affordable neighborhoods in Franklin for homebuyers?

Some more affordable neighborhoods include Maplewood, McKays Mill, and Sullivan Farms, offering relatively lower home prices than other Franklin areas.

Conclusion

Franklin offers a balanced cost of living, combining affordability with a high quality of life. While buying a housing or Nashville condos for sale can differ in expenses, the city’s amenities, job opportunities, and overall charm make it a worthwhile investment.

Are you planning to move to Franklin? We’re here to help! Contact Zivak Realty for personalized advice or to explore available homes that fit your budget and lifestyle.