Franklin, IL is a small town with a population of just over 5,000 people. The town has an affordable cost of living, with 2 bedroom rent averaging at $910 and the grocery cost index at 92 compared to the national average of 100. There are many local companies in Franklin, IL such as K&S Power Equipment, Robinson Marine Inc., Jones Welding & Machine Co., and JS Manufacturing. These companies have all contributed to the local economy in a positive way and provide employment opportunities for locals.
Franklin has an unemployment rate of 5.5%. The US average is 6.0%.
Franklin has seen the job market decrease by -0.7% over the last year. Future job growth over the next ten years is predicted to be 17.7%, which is lower than the US average of 33.5%.
Tax Rates for Franklin
- The Sales Tax Rate for Franklin is 7.3%. The US average is 7.3%.
- The Income Tax Rate for Franklin is 5.0%. 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 $26,299 a year. The US average is $28,555 a year.
- The Median household income of a Franklin resident is $68,393 a year. The US average is $69,021 a year.