Cost of Living in Franklin County, Indiana
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Franklin County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Franklin County ranks #504 of 3,144 counties for affordability (top 16%)
Data Story
About Cost of Living in Franklin County, Indiana
Franklin leads on rental affordability
Franklin County renters spend just 12.1% of their income on rent, the lowest ratio in this eight-county comparison and among America's best rental bargains. This eastern Indiana county combines strong wages of $79,702 with remarkably affordable housing costs.
Indiana's most affordable rental market
Franklin's 12.1% rent-to-income ratio ranks well above the state average of 15.6%, making it Indiana's clear leader for rental affordability. No county in this state delivers better value for renters than Franklin.
Best rents for best-paid workers
Franklin's median rent of $803 beats the state average despite the county having the second-highest median income at $79,702. This rare combination of affordable rents and strong wages makes Franklin an exceptional value destination.
Housing takes tiny bite of income
Renters pay $803 monthly and homeowners $997 against a median income of $79,702, the second-highest in this comparison. Housing costs consume just 12% of rent income or 15% of mortgage income, leaving maximum flexibility for other household needs.
Franklin is the relocation sweet spot
If you're seeking the best combination of affordable housing and strong wages, Franklin's 12.1% rent-to-income ratio sets the gold standard. This county should top your comparison list when evaluating Indiana relocation options.
Cost of Living Advisory: Franklin County
Affordability Verdict
Franklin County offers affordable rental housing at a median of $803/month — about 12.1% of the typical household income here.
Rent vs. Own
The median rent in Franklin County is $803/month, while owner costs run $997/month. Renting saves approximately $194/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $32,120/year. For owner costs at the 28% rule, the required income is roughly $42,729/year. With a median household income of $79,702, most households can comfortably afford rent here. Notably, 26.0% of renter households in Franklin County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Within Indiana, Franklin County is less affordable than Tipton County by roughly 6% ($803/mo vs $854/mo).
Affordability Calculator
See how your income compares to housing costs in Franklin County
Rent Burden
12.1%
of gross income
Max Housing (28% Rule)
$1,860
per month
Owner Cost Burden
15.0%
of gross income
The median home in Franklin County may be a stretch
Median home value is $236,700. Estimated monthly cost: $1,890 vs. your max of $1,860.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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