Franklin, Alabama is a small town located in the south of the US. It is a great place to live due to its low living costs. The average two bedroom rent is only $710, which is far less than the US average of $1,430. The grocery cost index in Franklin is also lower than the national average at 92 compared to 100. This makes it an affordable place to live for those on a budget.
The local economy consists of a variety of businesses including Farmers Insurance Group, Georgia-Pacific Corporation, and M&E Manufacturing Incorporated. Other local businesses include retail stores like Big Lots and Dollar General as well as companies that specialize in manufacturing and healthcare services such as Genesis Medical Associates and Amcor Plastics Corporation. All these companies contribute to the economic wellbeing of Franklin, Alabama making it a great place to live or visit.
Franklin has an unemployment rate of 6.3%. The US average is 6.0%.
Franklin has seen the job market decrease by -0.3% over the last year. Future job growth over the next ten years is predicted to be 24.2%, which is lower than the US average of 33.5%.
Tax Rates for Franklin
- The Sales Tax Rate for Franklin is 10.0%. The US average is 7.3%.
- The Income Tax Rate for Franklin is 6.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Franklin
- The average income of a Franklin resident is $26,859 a year. The US average is $28,555 a year.
- The Median household income of a Franklin resident is $74,369 a year. The US average is $69,021 a year.