Cost of Living in Franklin, MI

With a cost of living index of 188, Franklin, MI is one of the most expensive cities in the United States. Living here is 88% more expensive than the national average and 110% above the Michigan state average of 78. Franklin is a small community of 2,610 residents.

Housing costs are the biggest factor in Franklin's cost of living. The median monthly rent is $3,175 (141% above the US median of $1,319), and the median home value sits at $696,700 (129% above the national median of $304,900). At current prices, the median home costs roughly 3.9x the median household income — a moderately affordable ratio by today's standards.

The median household income in Franklin is $176,571, which is 135% higher than the national median of $75,149. Residents spend roughly 22% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Everyday prices in the Detroit-Warren-Dearborn, MI (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 5 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.