Franklin, NC is an attractive town for many reasons. It is a great place to live with its low cost of living, high quality of life, and abundance of local businesses. The average 2 bedroom rent in Franklin is $860 compared to the average US rate of $1,430 – making it much more affordable than most other places. The Grocery Cost Index in Franklin is also lower than the US at 97 versus 100 respectively. Franklin is home to many local businesses such as Highland Brewing Company, Lazy Hiker Brewing Company, Smoky Mountain Wine & Spirits, Sugar Bear's BBQ Shack & Saloon, and Cherokee Cellars Winery. These companies make for a vibrant atmosphere that visitors and locals alike can enjoy and add to the cost-effective standard of living found in Franklin.
Franklin has an unemployment rate of 4.2%. The US average is 6.0%.
Franklin has seen the job market increase by 1.0% over the last year. Future job growth over the next ten years is predicted to be 30.4%, which is lower than the US average of 33.5%.
Tax Rates for Franklin
- The Sales Tax Rate for Franklin is 6.8%. The US average is 7.3%.
- The Income Tax Rate for Franklin is 5.5%. 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 $19,737 a year. The US average is $28,555 a year.
- The Median household income of a Franklin resident is $36,158 a year. The US average is $69,021 a year.