States › Indiana › Franklin

Is Franklin, IN expensive to live in?

OKRent takes 20 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,48515% lower than U.S. average
💵 Families earn per year (2026)$88,847about $7,404/month · 2% higher than U.S. average
🔑 House price$231,50030% lower than U.S. average

Rent is lower than in 59% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards.

How much money do I need?

To rent here comfortably, you should earn about $59,400 a year. That is $29 an hour at a full-time job.

Is rent cheaper than other Indiana cities?

No. Rent here is more expensive than in most of Indiana. It is number 97 of 132 cities from cheapest to most expensive.

Franklin
$1,485
East Chicago
$932
Greenfield
$1,380
Marion
$1,014
Munster
$1,667
Highland
$1,862
Avon
$1,674

How much do households earn in Franklin?

Under $25k
12.9%
$25k–50k
18.6%
$50k–100k
39.2%
$100k–150k
17.3%
$150k+
7.2%

Share of households by yearly income. 24.5% of households earn $100,000 or more.

Rent by apartment size in Franklin

SizeFranklinU.S. average
Studio$1,082$1,338
1 bedroom$909$1,324
2 bedrooms$1,078$1,509
3 bedrooms$1,633$1,698
4 bedrooms$2,117$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Franklin overall?

Everyday prices in Indiana overall are 7% below the U.S. average (index 93.3, U.S. = 100).

Housing
74
Goods (food, clothes…)
96
Utilities
86
Other services
99
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Franklin, so the Indiana figure is shown.

Taxes and bills in Franklin

🏛️ Property tax$1,806a year · 0.78% of home value · U.S. $3,119
⚡ Electric bill$154a month (typical) · U.S. $156

Life in Franklin

Commute to work25 minU.S.: 26.4 min
College degree27.8%U.S.: 35.7%
Own their home65.7%U.S.: 65.2%
Below poverty line11%U.S.: 12.5%
Unemployment3.9%U.S.: 5.2%

Is it cheaper to rent or buy in Franklin?

Renting is cheaper right now: about $121 a month less.

Renting
$1,485
Owning
$1,606

Owning assumes a typical $231,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $23,150 for the down payment.

Frequently asked questions

What is the average rent in Franklin, IN?

Renting in Franklin costs a median of about $1,485 a month in 2026, including utilities. The Indiana median is $1,219.

How much do I need to make to live in Franklin?

To keep rent under 30% of income, you need about $59,400 a year, or $29 an hour at a full-time job.

Is Franklin cheap or expensive?

Franklin is rated OK: rent takes 20.1% of the typical household income of $88,847. It ranks 97th cheapest of 132 Indiana cities we track.

How much are property taxes in Franklin?

The median homeowner in Franklin pays $1,806 a year in property taxes, about 0.78% of the median home value.

Is Franklin more expensive than the national average?

Overall prices in Indiana are 7% below the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Franklin?

The median home value in Franklin is $231,500, about 2.6 times the typical yearly household income.

26,168 people live in Franklin. Numbers are typical (middle) values.