Are you considering a move to Franklin, Tennessee, and curious about the cost of living and housing? This comprehensive article explores everything you need to know about expenses, property taxes, and more to help you make an informed decision. By the end, you’ll clearly understand the financial aspects of living in this charming city.
Key Takeaways:
- Franklin, TN, has a higher cost of living than the national average.
- Housing prices in Franklin are above average but affordable compared to some major cities.
- Property taxes in Franklin are relatively low.
- Tennessee offers a lower cost of living than North Carolina.
- The average electric bill in Tennessee is around $120 per month.
Is Franklin, TN, expensive to live in?
Franklin, Tennessee, has a higher cost of living than the national average. However, it remains more affordable than in some major cities, such as New York City or San Francisco. Franklin’s cost of living index is around 110, meaning it’s about 10% more expensive than the national average.
What is the average cost of housing in Franklin, Tennessee?
The average cost of housing in Franklin is around $460,000. This figure is higher than the national average, but it’s essential to consider factors such as the city’s quality of life, safety, and excellent schools. Moreover, housing prices vary based on the property’s size, location, and age.
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How much are property taxes in Franklin, TN?
Property taxes in Franklin, TN, are relatively low. The average property tax rate in Williamson County, where Franklin is located, is approximately 0.61% of a property’s assessed value. A home valued at $460,000 amounts to around $2,806 per year.
How much do you need to live comfortably in Tennessee?
To live comfortably in Tennessee, a single adult would need an annual income of around $30,000, while a family of four would require about $60,000. These figures cover housing, food, transportation, healthcare, and other basic needs. However, living expenses may vary depending on lifestyle and location.
Is it cheaper to live in Tennessee or North Carolina?
Overall, it’s cheaper to live in Tennessee than in North Carolina. Tennessee’s cost of living index is approximately 89, while North Carolina’s is around 92. This difference is mainly due to lower housing costs and Tennessee’s absence of a state income tax.
What is the average electric bill in Tennessee?
The average electric bill in Tennessee is about $120 per month, which is close to the national average. However, this figure may vary depending on the size of your home, energy usage, and energy efficiency measures you have in place.
Conclusion
Franklin, Tennessee, offers a fantastic quality of life with a higher-than-average cost of living. Although housing costs are above the national average, the city’s charm, safety, and excellent schools make it an attractive place to live. With relatively low property taxes and a lower cost of living than neighboring North Carolina, Franklin, TN, is worth considering if you’re looking for a great place to call home.
FAQ
Q: Is Franklin, TN, expensive to live in?
A: Franklin has a higher cost of living than the national average but remains more affordable than some major cities.
Q: What is the average cost of housing in Franklin, Tennessee?
A: The average cost of housing in Franklin is around $460,000, which is higher than the national average but varies based on factors like size, location, and age of the property.
Q: How much are property taxes in Franklin, TN?
A: Property taxes in Franklin are relatively low, with an average rate of about 0.61% of a property’s assessed value in Williamson County.
Q: How much do you need to live comfortably in Tennessee?
A: A single adult needs an annual income of around $30,000, while a family of four requires about $60,000 to live comfortably in Tennessee.
Q: Is it cheaper to live in Tennessee or North Carolina?
A: Tennessee has a lower cost of living than North Carolina, mainly due to lower housing costs and a state income tax absence.
Q: What is the average electric bill in Tennessee?
A: The average electric bill in Tennessee is around $120 per month, which is close to the national average but may vary based on energy usage and efficiency measures.
