But here's what most people don't know: the higher costs might actually make sense for your budget.

This guide breaks down the real numbers for the cost of living in Franklin. You'll see exactly what residents pay for housing, groceries, childcare, and everything else. Plus, we'll show you how Tennessee's tax benefits can help offset some of those costs.

Cost of Living in Franklin, TN, at a Glance (2025)

Here's what you'll pay to live in Franklin:

• Median home price: Mid-to-upper $800s (vs. mid-$400s national median)
• Average rent (2BR): $2,200–$2,500/month
• Grocery bill: $315–$525/month
• Childcare: $1,200 per month
• Average commute to Nashville: 21 miles, 25–40 minutes
• State income tax: $0 (major savings!)
• Utilities: $200–$370/month
• Gas costs: 7–8% lower than the national average

What You'll Actually Pay for Housing in Franklin

Housing costs dominate most budgets in Franklin. Let's break down what you're looking at.

Home Buying Reality Check

The median home price in Franklin sits around the mid-to-upper $800s. That's almost double the national average of the mid-$400s. (High-end luxury builds can easily skew the average. Franklin luxury homes can hit double-digit millions.)

But consider this: most Franklin homes for sale sell for $360–$370 per square foot, compared to the national average of around $226. It's more, yes, but not double. You're getting more home for your money.

Here's what a typical home purchase might look like:

• Home price: $860,000
• Down payment (20%): $172,000
• Monthly mortgage payment: about $4,708 (including property taxes and insurance)

The most expensive neighborhoods include Hidden River, LaurelBrooke, and Lookaway Farms. For better deals, check out more affordable options like Simmons Ridge or Riverview Park. You can find single-family homes for far less than the median home price.

Rental Market Breakdown

Renting in Franklin costs about $1,800 on average for a one-bedroom apartment.

Here's the full breakdown:

• Studio apartments: $1,650–$2,000/month
• One-bedroom: $1,750–$1,900/month
• Two-bedroom: $2,200–$2,2500/month
• Three-bedroom: $3,000–$3,100/month

Smart Housing Tips

Consider nearby Spring Hill or Fairview for lower housing costs while still enjoying easy access to Franklin.

Property taxes in Franklin average $2.56 per $100 of assessed home value, but Tennessee uses an assessment ratio of 25% for residential property. Don't estimate your property taxes based on market value, or you'll be working with inflated numbers.

Food, Utilities, and Daily Costs (The Real Numbers)

Your monthly expenses beyond housing add up quickly. Here's what residents actually spend.

Grocery Budget Reality

Franklin grocery costs run a bit more than the national average.

A single adult can typically expect to spend around $315–$525 per month on groceries, depending on eating habits. A household of four might spend around $1,500.

Popular grocery stores include Whole Foods, Kroger, and Publix. You'll find competitive prices across all major chains.

Monthly Bills You Can Expect

Utilities in Franklin cost about $200–$370/month for a typical apartment.

Here's a breakdown of a typical bill:

• Electricity: $180–$190/month (Tennessee average)
• Internet (basic package): $35–$60/month
• Water: $35–$40/month
• Gas: $100–$110/month

Dining Out Budget

Franklin's restaurant scene offers options for every budget:

• Casual dinner for two: $45–$65
• Upscale dining: $80–$120
• Coffee: $4–$6
• Downtown lunch: $12–$18

Popular local spots include Puckett's Restaurant, Gray's on Main, and 55 South. Many restaurants feature live music, especially downtown.

Getting Around Franklin (And Getting to Nashville)

Transportation costs vary dramatically based on where you work and how you commute.

Commuting to Nashville

Many Franklin residents work in Nashville, just 21 miles away. The typical drive from Franklin to Nashville takes 25–40 minutes, but at peak traffic, you might see drives of up to an hour.

Downtown Nashville parking could add another $100–$200/month, with Metro-owned downtown parking prices of around $3–$20 for all-day parking.

Commuting with Public Transportation

WeGo Express offers bus service between Franklin and downtown Nashville. Three morning departures leave from the Williamson County AG Expo building at 6:11, 6:41, and 6:57 a.m. Return trips run at 4:24, 5:02, and 6:09 p.m. Monthly passes are $65.

VanStar rideshare connects Franklin commuters heading to similar work locations. Sharing gas costs significantly reduces annual fuel expenses.

Local Transportation Expenses

Franklin Transit provides fixed-route and on-demand public transportation options six days a week. Standard fare for fixed routes is $1, or half that for passengers 65 and older, disabled, or children under 5. Veterans and active military ride free on all Franklin Transit routes.

Gas prices in Franklin run 7–8% lower than the national average. Car insurance averages $1,500–$2,000/year across Tennessee.

What Families Pay for Childcare in Franklin

Childcare is another major expense for Franklin residents. Here are the real-world costs.

Daycare and Preschool Costs

The average cost for childcare in Franklin is around $21–$28 an hour. The average daycare cost is $1,200 per month.

Infant care costs the most, running $1,000–$2,700+/month. As kids get older, costs drop slightly.

Popular Childcare Options

Franklin offers several quality childcare centers:

• KinderCare Learning Centers: Multiple Franklin locations
• Kiddie Academy of Franklin: Full educational programs
• The Learning Experience: Newer facility with STEM focus
• Various church-based preschools: Often more affordable options

Money-Saving Tips

Church-affiliated preschools typically cost less than commercial centers. You might also consider nanny shares with neighbors to split costs. Many employers offer childcare assistance programs—ask your HR department to see if you qualify.

Do Franklin Salaries Make Up for Higher Costs?

Higher living costs are easier to stomach if local salaries compensate. Here's what to know about working in Franklin.

Job Opportunities

The job market spans healthcare, education, finance, tech, and retail sectors. Many residents work remotely or commute to Nashville's larger job market.

Median Household Income

Franklin is one of the wealthiest cities in Tennessee. The median household income in Franklin, TN, is $118,156. Compare this to the Nashville metro area, which has a median household income of $84,685, or Tennessee's median household income of $67,631.

Tax Benefits

Tennessee's tax structure helps your money go further:

• No state income tax on wages
• No tax on pension income
• Low property taxes compared to national averages
• Average sales tax: 9.55% (higher than some states but manageable given no income tax)

How Franklin Stacks Up Against Other Tennessee Cities

Franklin costs significantly more than most Tennessee cities, but offers unique benefits.

Cost Comparison

Franklin's cost of living index reaches 139—that's around 40% above the U.S. average.

Compare that to:

• Nashville: 104 (essentially national average)
• Memphis: 85 (15% below national average)
• Tennessee state average: 87.2 (much lower than Franklin)

Why People Pay More for Franklin

Franklin offers several advantages that justify higher costs:

• Williamson County's educational resources and programs
• Historic downtown with regular festivals and events
• Around 21 miles from Nashville's employment opportunities
• Well-maintained parks and recreation facilities
• Growing arts and music scene

Is Franklin Worth the Cost?

Franklin costs about 39% more than the average American city. But for many residents, the benefits justify the expense.

Tennessee's lack of state income tax means more money stays in your paycheck. Middle Tennessee's growth suggests continued investment potential.

Budget what you need to live comfortably in Franklin. That could include housing, transportation, and daily expenses. Consider your total lifestyle costs, not just housing. Factor in potential career growth and income increases over time. Even with higher costs, few Tennessee communities offer similar advantages to Franklin.

Does Franklin sound like the perfect place to live? Contact The Ashton Real Estate Group of RE/MAX Advantage with Nashville's MLS at (615) 603-3602 to get in touch with Franklin real estate agents who can help you find the ideal Franklin home.