Franklin, TN, is one of the most desirable places to live in the Nashville area.
The community is rich in history and natural beauty, with highly rated schools and a thriving job market.
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If you’re considering moving to Franklin, TN, you might wonder about the cost of living and whether you can comfortably afford a home.
In this guide, we’ll explain Franklin’s true cost of living, including home prices, transportation, groceries, healthcare and more.
How expensive is Franklin, TN? A cost-of-living breakdown
Franklin, TN, is often considered a high-cost area in Tennessee, mostly due to its real estate market.
However, while housing prices are above the state and national averages, other living expenses, such as groceries, utilities and healthcare, are relatively comparable to—or lower than—the national norms.
Overall, the cost of living depends on which factors you consider.
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Housing costs in Franklin: What homebuyers need to know
Housing is the most significant factor influencing the cost of living in Franklin.
Let’s look at the trends impacting the housing market in this area.
Home prices
According to Redfin, Franklin’s median home sale price is $750,000, up 2.4% year-over-year.
This is notably higher than the national median home sale price of $425,061.
Market trends
Franklin has experienced consistent home appreciation and is currently in a “somewhat competitive” market, according to Redfin data.
In this market, some homes receive multiple offers, and the hottest ones can go under contract in as little as 32 days.
Property taxes
Property taxes in Franklin are higher than those in more rural areas of Tennessee but still generally lower than in other states.
Maintenance costs
Franklin’s older homes and luxury properties may result in higher maintenance expenses for homebuyers than in other areas of Tennessee.
However, homebuyers generally can count on strong property appreciation over time.
Utilities and monthly home expenses: How to budget
As you plan your move to Franklin, it’s important to account for utilities and other recurring home expenses that will impact your monthly budget.
Utilities in Franklin cost 2% less than the national average. The average monthly energy bill is around $182.42, and the average monthly phone bill is around $223.33.
Transportation costs: Is Franklin an affordable place to commute?
If you need to commute to or from Franklin, you’re in luck: Transportation costs 9% less than the national average, with a gallon of gas averaging $3.08 (as of March 2025) and a tire rotation setting you back $54.
Homebuyers who plan to work in downtown Nashville can expect a drive time of about 30 minutes.
Grocery prices and everyday expenses in Franklin
Groceries in Franklin cost 1% less than the national average, with the following prices per item:
- Loaf of bread: $3.91
- Dozen eggs: $3.32
- Pound of bananas: $0.71
- Pound of ground beef: $7.05
- Half gallon of whole milk: $4.63
The cost of entertainment and dining out vary by establishment, but Franklin offers a range of choices to accommodate various budgets.
Healthcare costs: What Franklin homebuyers should know
Healthcare costs in Franklin tend to run about 5%-8% lower than the national average, depending on the source.
For example, here’s a comparison of a doctor visit in Franklin compared to the national average:
- National average: $143.77
- Franklin, TN: $122.71
Franklin residents have quick access to quality medical services at Williamson Medical Center and numerous renowned hospitals nearby in Nashville.
What does it cost to enjoy life in Franklin?
Franklin’s recreational and entertainment costs vary depending on your interests and budget.
Franklin has 900 acres of parkland divided into 10 parks, including walking and fitness trails, playgrounds, sports fields and fishing.
Tripadvisor’s list of must-see attractions in Franklin includes:
- Lotz House Museum: a Civil War-era home
- Carter House: a Civil War site
- Historic Downtown Franklin: 16 blocks of dining, shopping, music, historic landmarks and more
- Natchez Trace Parkway: a 444-mile parkway winding through Franklin
Franklin has dozens of recreation centers and historic sites at various price points.
For example, entry to Lotz House Museum is $17, while many parks and green spaces have no entrance fees.
How much money do you need to live comfortably in Franklin?
The income needed to live comfortably in Franklin depends on various factors, including household size, housing preferences and personal spending habits.
Consider the following data to give you an idea of the necessary income levels:
- The median household income in Franklin is $115,000, according to the U.S. Census Bureau. In comparison, the national median income is $80,610.
- The MIT Living Wage Calculator for Nashville-Davidson-Murfreesboro-Franklin shows that the living wage for a single adult is $25.52 per hour or approximately $53,081.60 per year.
You can use an online cost-of-living calculator to compare your current location to Franklin’s and create a budget that aligns with your new cost of living.
How to afford a home in Franklin, TN
With home prices in Franklin well above the national average, buyers must be strategic in securing financing and finding an affordable path to homeownership.
Whether you’re a first-time buyer or looking to relocate, understanding your mortgage options and working with the right lender can make all the difference in your homebuying journey.
Let’s look at financing options and mortgage strategies to help you afford a home in Franklin.
1. Get a loan commitment
Unlike standard mortgage preapprovals, Get Committed®—a loan commitment from Compass Mortgage—offers a strong competitive edge in Franklin’s market.
- Allows you to lock in your interest rate, even before finding a property
- Confirms your financing upfront, giving sellers confidence in your ability to close
- Speeds up the closing process, making your offer more attractive to sellers
2. Consider a jumbo loan for higher-priced homes
Many homes in Franklin’s market may exceed conventional loan limits.
A jumbo loan allows buyers to borrow more than the standard conforming loan limit of $806,500 (in 2025).
3. Improve your credit score for better loan terms
A higher credit score can help you qualify for lower interest rates, reducing loan costs.
Pay down your existing debts to lower your debt-to-income ratio (DTI).
Is Franklin, TN, the right place for you?
Franklin, TN, offers a high quality of life, excellent schools and a strong job market.
If Franklin aligns with your lifestyle and budget, apply with Compass Mortgage today to discuss your personalized loan options.
Our team can make your dream home a reality!