Franklin, TN cost of living
Income, rent, home values and the city tax rate for Franklin, Tennessee, from the Census Bureau, Redfin and the City of Franklin, with the source next to every number.
Franklin cost of living at a glance
For Franklin city, the Census Bureau's American Community Survey (2020-2024) reports a median household income of $119,528, median rent of $1,923 a month and a median owner-estimated home value of $705,400. Redfin's median sale price was $863,000 as of August 31, 2026, and the City of Franklin's property tax rate is $0.296 per $100 of assessed value.
Sources: U.S. Census Bureau, American Community Survey (5-year estimates, 2020-2024); Redfin Data Center (rolling 3 months ending August 31, 2026); City of Franklin.
Income, rent and home value: Franklin and nearby cities
Numbers only, listed alphabetically after Franklin. These are different places with different home types, so a lower or higher number is not a ranking.
| City | Median household income | Median rent | Median home value | Owner-occupied |
|---|---|---|---|---|
| Franklin | $119,528 | $1,923 | $705,400 | 63.8% |
| Brentwood | $182,088 | $2,825 | $1,031,300 | 90.4% |
| Columbia | $63,719 | $1,197 | $308,700 | 63.3% |
| Murfreesboro | $80,108 | $1,481 | $402,100 | 52.4% |
| Nolensville | $177,148 | $2,454 | $777,800 | 93.6% |
| Spring Hill | $112,013 | $1,844 | $493,800 | 73.4% |
| Thompson's Station | $132,647 | $2,088 | $700,500 | 81.3% |
Income is in 2024 inflation-adjusted dollars. Home value is the owner's own estimate. Rent is for units that pay rent. Estimates have margins of error. Redfin's sale prices measure actual recent sales, so the two home-value figures differ.
Franklin cost of living FAQ
What is the cost of living in Franklin, TN?
There is no single official number. The Census Bureau's American Community Survey (2020-2024) shows a median household income of $119,528, median rent of $1,923 a month and a median owner-estimated home value of $705,400 for Franklin city. Redfin's median sale price was $863,000 as of August 31, 2026.
What is the median rent in Franklin, TN?
The Census Bureau's median gross rent for Franklin city was $1,923 a month (American Community Survey, 2020-2024). It covers units that pay rent and varies by size, age and location.
What is the median household income in Franklin, TN?
$119,528, in 2024 inflation-adjusted dollars (American Community Survey, 2020-2024).
Why are the Census home value and the Redfin sale price different?
The Census figure is the owner's own estimate of what their home would sell for, averaged over five years of survey responses. Redfin's figure is the median price of homes that actually sold in the most recent three months. The two measure different things.
What is the property tax rate in Franklin?
The City of Franklin's rate is $0.296 per $100 of assessed value (fiscal 2026, with the proposed fiscal 2027 budget unchanged). County property tax is separate. See the Franklin property taxes page.
Another way buyers frame the question is to compare the full monthly cost of buying (payment, taxes, insurance, maintenance) with the monthly cost of renting a comparable home, and to weigh how long they expect to stay. This page is general information, not legal, tax, lending or financial advice. Equal Housing Opportunity.
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