Cost of Living in Franklin, MD

With a cost of living index of 69, Franklin, MD is one of the most affordable cities in the country. Living here is 31% cheaper than the national average and 50% below the Maryland state average of 119. Franklin is a small community of 356 residents.

The median household income in Franklin is $14,738, which is 80% lower than the national median of $75,149. Residents spend roughly 20% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Franklin. The area sees an average annual temperature of 46.5°F, with summers averaging 64°F and winters around 28°F. Annual rainfall totals 56.7 inches spread over roughly 194 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.