Franklin, Tennessee, is a place that captures hearts quickly. With its Southern charm, excellent schools, historic downtown, and proximity to Nashville, it’s no surprise that more and more people are choosing to call it home. But with growing demand comes rising costs—and many prospective residents want to know: how much do you really need to make to live comfortably in Franklin?

This isn’t just a question of real estate prices—it’s about total lifestyle costs, taxes, education, transportation, healthcare, and long-term financial security. In this deep-dive guide, we’ll explore the real income needed to live well in Franklin, factoring in all the hidden and not-so-hidden variables that go into creating a fulfilling life here.

Understanding the Cost of Living in Franklin
Franklin’s cost of living is consistently ranked above both the state and national averages. Housing, in particular, is the biggest contributor to this increase, followed by property taxes, healthcare, and private school tuition for those who choose that route.

But Franklin also offers high value for the price. Residents benefit from strong public services, well-maintained infrastructure, a robust local economy, and a lifestyle that rivals some of the most desirable communities in the country. When people talk about cost, what they’re often referring to is: “What does it cost to live the lifestyle I want here?”

Housing: The Largest Slice of the Pie
Let’s start with the biggest line item—housing. As of 2025, the median home price in Franklin hovers around $800,000. Prices can go significantly higher in luxury neighborhoods, with new construction or custom homes exceeding $1.5–$3 million. Condos and townhomes may offer options in the $500,000–$700,000 range, but inventory remains tight.

A general rule of thumb in personal finance is that housing should not exceed 30% of your gross monthly income. If you’re targeting a median-priced home at $800,000, here’s how the math breaks down:

– 20% down payment: $160,000
– Mortgage amount: $640,000
– Monthly payment (with taxes and insurance): ~$4,500–$5,000/month

To afford that comfortably under the 30% rule, you’d need to earn at least $180,000–$200,000 per year. That income level supports the mortgage, plus property taxes, maintenance, and utilities.

Renting? High-end rental homes often start around $3,500/month and can reach $6,000+. Apartments and townhome rentals range from $2,200–$3,800 depending on location and size. Even if you’re renting instead of buying, Franklin’s housing market commands a premium.

Utilities and Property Taxes
Franklin’s property taxes are moderate compared to national averages, with an effective tax rate of around 0.6–0.7%. For an $800,000 home, expect to pay about $5,000–$6,000 annually in taxes. Utilities (electric, water, trash, gas, internet) average $300–$500/month depending on home size and energy usage.

Homeowners insurance in the region tends to run $1,500–$2,500 per year, and many families choose supplemental policies for flood or earthquake coverage depending on location and property type.

Childcare and Education
Public schools in Franklin (Williamson County Schools) are excellent and among the top in the state. Many families move here specifically to access this system—which can be a cost savings compared to private schools in other areas.

However, if private school is preferred, tuition can range from $10,000 to $25,000+ per child per year, depending on the institution and grade level. Pre-K and daycare costs for young children can also be significant, often ranging from $1,000–$1,800/month.

This means a family with two kids in private school could easily spend $40,000+ annually on tuition alone—raising the required household income significantly.

Healthcare and Insurance
Franklin has excellent medical infrastructure. Residents benefit from top-tier hospitals like Williamson Medical Center and numerous private clinics. Health insurance premiums vary widely based on employer coverage, family size, and deductible plans, but many families pay $1,000–$2,000/month in premiums.

Out-of-pocket costs for co-pays, prescriptions, and specialist visits should also be budgeted. A typical family of four might spend $15,000–$20,000 annually on healthcare-related expenses, depending on health status and insurance.

Transportation and Commuting
Franklin is a car-centric city. While downtown Franklin is walkable, most residents rely on a personal vehicle for daily errands, commuting, and school pickups. Gas prices in Tennessee are often below the national average, but between car payments, insurance, fuel, and maintenance, you can expect to spend:

– $600–$1,000/month for two vehicles
– $7,000–$12,000 annually

Some professionals also factor in rideshares, downtown parking, or long commutes to Nashville, depending on their job location.

Lifestyle Expenses: Food, Entertainment, Travel
Franklin has a thriving dining and entertainment scene. Farmers markets, gourmet grocers, music venues, and cultural events are part of the fabric of daily life. But it all comes at a cost.

– Groceries: $1,200–$1,800/month for a family of four
– Dining out: $300–$800/month, depending on frequency
– Travel and vacations: $3,000–$10,000/year for mid-range to luxury trips
– Gym memberships, kids’ activities, sports leagues, summer camps: $3,000–$6,000/year

These lifestyle components may vary greatly between households, but they contribute meaningfully to the total income required to live with freedom and flexibility.

Emergency Fund and Retirement
Any discussion of cost of living must include long-term planning. Financial advisors recommend contributing 15–20% of your income toward retirement, especially if you’re earning over $150,000. For households making $200K+, that’s $30,000–$40,000 per year.

In addition, building and maintaining an emergency fund (3–6 months’ expenses) and saving for kids’ college tuition, home upgrades, or investments means setting aside another $10,000–$20,000 annually.

Target Annual Income Levels
Taking all the above into consideration, here are general guidelines:

– **Single Professional (Renting):** $90,000–$120,000/year
– **Dual-Income Couple (Buying Entry-Level Home):** $180,000–$240,000/year
– **Family with Children in Public School (Own Home):** $200,000–$250,000/year
– **Family with Children in Private School or Luxury Housing:** $250,000–$400,000/year
– **Affluent Lifestyle with Travel, Investments, Upscale Living:** $400,000+/year

These are not minimum income requirements, but benchmarks for living comfortably while saving, traveling, and enjoying the full Franklin experience.

What About Retirees?
Retirees often have fixed incomes but different priorities. Without the need for school tuition or commuting, they may allocate more toward healthcare, home upkeep, or travel. Many retirees in Franklin own their homes outright and have pensions or retirement savings in place.

A retirement income of $80,000–$150,000/year can provide a fulfilling lifestyle depending on housing status and health expenses.

Income Isn’t the Whole Picture—Net Worth and Financial Planning
While income is a key metric, net worth also plays a significant role in affordability. Someone earning $175,000 with minimal debt and a $300K down payment may be more financially stable than someone earning $250,000 with large student loans or inconsistent income.

Financial planning, cash flow management, and smart investing make a big difference. Consulting with a financial advisor before relocating or purchasing a home in Franklin is highly recommended, especially given the size of the investment.

Franklin’s Income Profile
According to recent data, the median household income in Franklin is over $110,000—nearly double the national average. Many households earn in the $150K–$250K range, and the population skews toward highly educated professionals, business owners, and retirees.

This affluence shapes everything from the housing market to the types of businesses that thrive here. It also means new residents often come with higher earning expectations or the ability to work remotely in high-paying fields.

Is It Worth the Cost?
For many, yes. Franklin offers more than just a place to live—it delivers lifestyle value. Its blend of safety, beauty, education, and opportunity make it worth the premium.

Whether you’re a first-time buyer, relocating executive, or seasoned investor, understanding the full financial landscape allows you to make confident, long-term decisions that align with your goals.

Living in Franklin is a choice to invest not just in real estate, but in quality of life. And with smart planning and the right resources, it can be one of the most rewarding places to call home.