Cost of Living in Franklin, TN: What to Budget in 2026
The cost of living in Franklin, TN runs above the national average — but for many buyers, the top schools, low crime, and quality of life make it well worth the premium. If you’re weighing a move to Williamson County’s flagship city, here’s an honest breakdown of what to budget in 2026, from home prices to everyday expenses.
Housing: The Biggest Line Item
Housing is by far the largest driver of Franklin’s higher cost of living. As of 2026, the median home price sits around $750,000 to $850,000, ranging from roughly $350,000 for downtown condos and townhomes to well over $4 million for luxury estates. Browse current Franklin TN homes for sale to see where your budget lands.
Property Taxes Are Lower Than You’d Think
Here’s some good news: Williamson County recently cut its property tax rate to $1.30 per $100 of assessed value, and Tennessee assesses residential property at only 25% of its appraised value. On a $700,000 home, that works out to roughly $2,275 in county tax, plus a modest city rate — low compared to many parts of the country.
No State Income Tax
Tennessee has no state income tax on wages — a major offset that makes Franklin far more affordable than its home prices alone suggest, especially for higher earners relocating from high-tax states.
Everyday Expenses
Groceries, utilities, and gas in Franklin run near or slightly above national averages, while healthcare and services are reasonable. Day-to-day costs are manageable; housing remains the main premium you pay to live here.
Ways to Stretch Your Budget
Buyers looking for more value can consider nearby Spring Hill and Thompson’s Station, which offer lower prices with access to the same county and schools, along with townhomes and condos closer to Franklin’s core.
Is Franklin Worth the Cost?
For most buyers, the answer is yes — top-rated schools, a thriving Cool Springs job market, low crime, and an unbeatable lifestyle make Franklin one of Tennessee’s most desirable places to live. If you’d like a personalized cost breakdown for your situation, reach out to Exclusive Tennessee Homes.
Frequently Asked Questions About the Cost of Living in Franklin, TN
What is the cost of living in Franklin, TN?
The cost of living in Franklin runs above the national average, driven mainly by housing, with a median home price around $750,000 to $850,000 as of 2026. However, low property taxes and no state income tax offset much of the difference.
Are property taxes high in Franklin, TN?
No. Williamson County recently lowered its property tax rate to $1.30 per $100 of assessed value, and Tennessee assesses residential property at just 25% of its appraised value, keeping bills relatively low compared to many states.
Is Franklin, TN expensive to live in?
Franklin is one of the pricier places to live in Middle Tennessee, mostly because of home prices. Everyday expenses are closer to average, and the absence of a state income tax makes it more affordable than the housing costs alone suggest.
Does Tennessee have a state income tax?
No. Tennessee has no state income tax on wages, which is one of the biggest financial advantages of living in Franklin and the surrounding area.
Explore More Middle Tennessee Communities
Browse homes for sale in nearby cities and communities across Middle Tennessee.
