Franklin, KY is a great place to live in the midwest. It has an affordable cost of living with 2 bedroom rents averaging $900 compared to the US average of $1,430. The grocery cost index is also significantly lower in Franklin than the US average, giving people more money to spend on other needs. Local businesses in Franklin include Pennyrile Farms, H&K Automotive Solutions, and Craig’s Well Service. Pennyrile Farms is a vegetable farm that provides fresh produce to local markets around the area. H&K Automotive Solutions provide auto repair services such as oil changes and regular maintenance check-ups. Lastly, Craig’s Well Service specializes in water well maintenance and installation for both residential and commercial purposes.
Franklin has an unemployment rate of 4.4%. The US average is 6.0%.
Franklin has seen the job market increase by 1.9% over the last year. Future job growth over the next ten years is predicted to be 38.1%, which is higher than the US average of 33.5%.
Tax Rates for Franklin
- The Sales Tax Rate for Franklin is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Franklin is 7.6%. 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 $14,884 a year. The US average is $28,555 a year.
- The Median household income of a Franklin resident is $51,324 a year. The US average is $69,021 a year.