Cost of Living in Franklin, PA

With a cost of living index of 65, Franklin, PA is one of the most affordable cities in the country. Living here is 35% cheaper than the national average and 18% below the Pennsylvania state average of 83. Franklin is a smaller community of 6,026 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Franklin's cost of living. The median monthly rent is $731 (45% below the US median of $1,319), and the median home value sits at $109,200 (64% below the national median of $304,900). At current prices, the median home costs roughly 2x the median household income — well within traditional affordability guidelines.

The median household income in Franklin is $54,955, which is 27% lower than the national median of $75,149. Residents spend roughly 16% 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.

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.