Cost of Living in Franklin, MI
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
271.2
100 = national avg
+171.2 vs national average
Living Wage (1 Adult)
$119,340
per year
Living Wage (Family of 4)
$282,076
per year
Cost Index by Category
Housing359.2
Food185.0
Transportation269.9
Healthcare168.0
Utilities200.0
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$1,122
per month
2 Bedroom
$1,411
per month
The overall cost of living index in Franklin is 271.2, which is 171.2% above the national average. Housing costs are above the national average at an index of 359.2. A single adult needs to earn approximately $119,340 per year to cover basic expenses.