Franklin TN Cost of Living: Housing, Rent, and More

Housing Costs in Franklin TN

Housing is by far the largest contributor to increased Franklin TN living expenses. Whether buying or renting, residents find themselves paying a significant premium compared to most American cities. The real estate market remains competitive, with a limited inventory of starter homes driving up prices across the board. Recent years have seen an influx of buyers from more expensive areas like California and New York, which continues to propel demand and drive premiums.

Home Buying in Franklin

According to BestPlaces.net:

• Median home cost in Franklin TN: ~$784,100
• U.S. median home cost: ~$338,100

This means that the average Franklin home costs more than double the national average. However, averages can vary depending on location, home size, and neighborhood. Apartments.com lists the average home listing price closer to $518,488—still significantly higher than state averages, but reflective of the diversity in pricing across different property types and areas within Franklin. Homes within walking distance to downtown or within top-rated school zones fetch higher premiums, often exceeding $1 million for modern or historic designs.

New residential communities such as Westhaven or Berry Farms add another layer to market complexity. Westhaven, for instance, offers luxury amenities like golf courses, pools, and town centers, which naturally shape the upward trend in property valuations. First-time buyers may need to look at condos, townhomes, or slightly older homes for more affordable options.

Renting in Franklin

If you’re not in a position to buy, renting is another common option. The average rent in Franklin TN for a two-bedroom apartment is approximately $1,850/month. This figure is about 29% above the U.S. average rent for a similar-sized unit. Renters might find slightly lower or higher rates depending on proximity to downtown, amenities, and apartment age. New luxury developments frequently include perks such as pools, gyms, co-working spaces, and pet amenities, justifying rates of $2,200/month or more.

On the other hand, older apartment complexes or small family-owned rentals might offer cheaper options. For example, it’s still possible to find one-bedroom units around $1,300/month if you’re flexible with location, condition, or amenities. Renters should also budget for additional expenses such as pet fees, utilities (if not included), and renters insurance.

Why Housing is So Expensive

There are a few key reasons for the high housing prices in Franklin, Tennessee:

• Limited Inventory: Franklin's historic charm and tight zoning restrictions can limit new developments.
• High Demand: A consistent influx of professionals and families has fueled demand.
• Proximity to Nashville: Just a short commute from Nashville, Franklin benefits from metropolitan allure without the big-city drawbacks.

Additionally, Franklin has positioned itself as an upscale, family-friendly, and aesthetically focused suburb. Strict design guidelines in certain neighborhoods and a commitment to preserving community aesthetics lead to slower supply growth and more expensive materials and design standards. These characteristics are appealing to many but also contribute to higher prices across the housing spectrum.

Other Living Expenses

While housing costs are high, other living expenses in Franklin tend to be more moderate or even below national averages. Here's a breakdown of the most common categories:

Groceries and Food

According to Apartments.com, groceries in Franklin are about 0.4% cheaper than the U.S. average. While that difference may seem marginal, it indicates that food prices are fairly stable. Budget-conscious shoppers can find good deals at chains like Kroger, Aldi, and Trader Joe’s, all of which have locations in the area.

In addition, Franklin offers access to local farmers' markets and CSA programs, which provide fresh produce at competitive or lower prices. Shopping locally not only keeps costs manageable but also supports the community. Upscale supermarkets like Whole Foods do exist, so residents have options across the budget spectrum.

Utilities

Multiple sources, including Apartments.com, report that utilities in Franklin are slightly more affordable than the national average. This includes:

• Electricity
• Gas
• Water
• Sewer and Trash Services

Energy-efficient building designs in newer homes and temperate regional weather patterns help moderate utility bills year-round. The average monthly utility bill for a 915-square-foot apartment is around $150, which includes electricity, heating, cooling, and water. More extensive properties with yards and pools may experience costs closer to $250–$300/month depending on consumption.

Transportation

Transportation costs in Franklin are estimated to be around 9% below the national average, according to PayScale. This includes costs for:

• Gasoline
• Vehicle maintenance
• Insurance
• Public transit (which is limited)

Note that owning a vehicle is still necessary for most residents due to limited public transportation infrastructure. Commutes of 20–45 minutes to Nashville or other nearby employment hubs are common, but traffic flow is generally manageable. Apps like WeGo Public Transit have some offerings but are not a robust alternative to cars. Carpooling, e-bikes, and telecommuting are becoming more common strategies to reduce monthly travel expenses.

Healthcare

Healthcare in Franklin is marginally less expensive than national norms. Compass Mortgage suggests that routine medical expenses and insurance premiums are below average, which can be helpful for retirees or families with chronic health conditions.

The presence of top healthcare providers like Williamson Medical Center and proximity to Vanderbilt Health in Nashville contribute to high-quality care and options for insured and uninsured residents. For those with employer-sponsored plans, premiums remain relatively reasonable, and options for in-network care are abundant. Telehealth services have also contributed to convenience and cost-effectiveness in recent years.

Franklin TN Living Expenses Comparison

So how does Franklin stack up when you compare it to other locations?

• Vs. Tennessee average: Franklin is about 55% more expensive. Most of this is driven by the real estate market.
• Vs. U.S. average: On average, about 39.4% more expensive overall, although much less in non-housing categories.
• Vs. nearby cities: Franklin is more expensive than Murfreesboro, Brentwood (slightly), and Antioch.

This makes Franklin a more upscale or “premium” living environment relative to many parts of Tennessee and even nationwide standards. Brentwood and Franklin are often compared directly, and while Brentwood has slightly higher incomes and real estate prices, Franklin wins points for its walkable downtown and cultural appeal.

Living Comfortably in Franklin TN

Given the disparity in real estate prices, a key question becomes: What income is required to live comfortably in Franklin?

Income Guidelines

To live comfortably in Franklin in 2025:

• Single person: Income of at least $75,000 annually is recommended if renting or paying a mortgage.
• Family of four: Income in the range of $125,000–$150,000 annually provides security against larger expenses.

These figures allow for housing, utilities, food, insurance, discretionary spending, and savings. Of course, income needs vary depending on personal financial habits, savings contributions, and debt obligations. Dual-income families with flexible work arrangements can often make the most of economic opportunities while living in Franklin.

Frequently Asked Questions

Is Franklin TN expensive to live?

Yes, Franklin TN is generally considered expensive to live in, especially when compared to state and national averages. Housing prices are the biggest contributor, though other living costs are average or slightly below average. Residents often justify the cost due to quality-of-life perks like safety, community amenities, and educational excellence.

What is the average rent in Franklin TN?

The average rent for a two-bedroom apartment in Franklin is about $1,850 per month. One-bedroom units can be found for $1,300–$1,600 depending on the area and amenities. Larger condos, townhomes, and homes may range between $2,000 and $3,500 monthly for similar accommodations.

How do Franklin TN living expenses compare to national norms?

Franklin TN living expenses are about 39.4% above the U.S. average overall. However, only housing is significantly higher; most other categories are close to or slightly below national norms. Also, the quality of services like healthcare and groceries is often above average.

Why are housing prices in Franklin Tennessee so high?

Reasons include high demand, proximity to Nashville, an affluent local economy, and land-use restrictions that limit rapid development. Franklin’s historical preservation efforts and zoning policies also play a role in managing supply at a slower pace, contributing to upward pricing pressure over time.

Conclusion

So, what’s the bottom line regarding the Franklin TN cost of living? Overall, Franklin offers a high quality of life with outstanding schools, safety, and amenities—but at a premium price. Housing prices in Franklin, Tennessee are significantly above both state and national averages, and average rent in Franklin TN reflects that as well.

However, if you can handle the housing costs, you’ll find other essentials like food, utilities, healthcare, and transportation to be reasonably priced. That balance may make Franklin more affordable than it first appears—especially for those with strong incomes, remote work flexibility, or fixed retirement incomes. Investing in Franklin isn’t just a financial decision—it’s a lifestyle choice driven by culture, community, and comfort.

Whether you’re relocating for work, family, or quality of life, Franklin’s charm and economic opportunities make it an excellent but premium choice. Just make sure your budget reflects the reality of living in one of Tennessee’s most desirable cities.