Cost of Living in Franklin TN: A $1M+ Owner's Budget

Key takeaway

Housing is the cost that sets Franklin apart: Zillow's typical home value was $925,870 in August 2026, about 2.2 times Nashville's Davidson County. On a $1.5 million home bought with 20% down, the sourced yearly costs come to about $107,000 to $111,000 before insurance and HOA dues, mostly the mortgage. Against that, Tennessee doesn't tax wages, sales tax is 9.75%, and the 2026 property tax on that home runs from about $4,875 to $8,412 depending on the tax district.

At a glance

Zillow typical home value, Franklin (Aug 2026)	$925,870
Combined sales tax	9.75% (7% state + 2.75% Williamson County)
State income tax on wages	None
2026 property tax rate per $100 assessed	$1.30 (county only) to $2.2433 (Franklin + FSSD)
Middle Tennessee Electric residential rate (Oct 2026)	$21.81 a month plus about 10.2 cents per kWh
MIT living wage, one adult (Williamson County)	$28.85 an hour

Cost of living in Franklin TN: a yearly budget at $1M, $1.5M and $2.5M

Cost-of-living calculators give an index for a typical household, and they disagree because each weights housing, rent and prices differently. If you are buying at $1 million and up, the useful number is your own budget, built from line items you can check. The table puts sourced 2026 figures against three purchase prices, each bought with 20% down at Freddie Mac's 30-year average of 7.28% for the week of October 1, 2026.

Yearly cost (2026)	$1,000,000 home	$1,500,000 home	$2,500,000 home
Principal and interest, 20% down, 30-year at 7.28%	$65,684	$98,527	$164,211
Property tax, unincorporated county ($1.30)	$3,250	$4,875	$8,125
Property tax, Franklin + FSSD ($2.2433)	$5,608	$8,412	$14,021
Electricity, Middle Tennessee Electric (assumed monthly use)	$2,720 (2,000 kWh)	$3,335 (2,500 kWh)	$3,950 (3,000 kWh)
Natural gas, Atmos fixed customer charges only	$316	$316	$316
Registration and wheel tax, two cars	$110	$110	$110
HOA dues	$0 to $8,580 a year, by community (table below)
Homeowners insurance, water, gas usage	Quotes and the seller's bills
Sourced items, county-only tax district	$72,081	$107,162	$176,711
Sourced items, Franklin + FSSD tax district	$74,439	$110,700	$182,607
One time at purchase: transfer and mortgage taxes	$4,618	$6,928	$11,548

Assumptions: the county's appraised value equals the price; electricity use of 2,000, 2,500 and 3,000 kWh a month is an illustration, not a measured figure, so use the seller's bills; gas shows only the fixed monthly charges. Payment figures are calculated from the published average and are not loan quotes. A $1.2 million or $2 million loan is above Williamson County's 2026 conforming limit of $1,029,250, so it would be a jumbo loan with its own rate.

Why cost-of-living calculators disagree about Franklin

Index sites score a city against a national average of 100, but each builds its housing score differently: some from median rents, some from median home values, some from a basket that includes a mortgage at a set rate. Because Franklin's typical home value is about 2.8 times Tennessee's, the housing input dominates every index, and small choices in how it is measured move the total by many points. None of the indexes knows whether you are renting or buying at $1.5 million. That is why this page uses line items you can check instead of a single score.

Cost of living by area: city, county and countryside

Three things change with the address. Inside the City of Franklin, the home pays the city tax rate and, inside the Franklin Special School District, the FSSD rate as well, and usually gets city water and sewer. In unincorporated Williamson County, the 2026 tax rate is the county-only $1.30, and water may come from a utility district. In the countryside around College Grove (ZIP 37046, Zillow typical value $1,300,186) and Arrington (37014, $1,273,897), purchase prices run higher while tax rates stay county-only, and wells, septic and long driveways add their own upkeep.

What the budget leaves out

Homeowners insurance, maintenance, water and sewer, gas usage, food, cars, health care and any tuition are not in the totals, because they depend on the household and the home. The sections below give a sourced figure where one exists and a check where it does not.

Housing costs in Franklin TN at $1 million and up

Purchase price

Zillow's typical home value in Franklin was $925,870 in August 2026. By ZIP code it was $911,270 in 37064, $953,759 in 37067 and $1,023,572 in 37069, and higher in the countryside: $1,300,186 in College Grove's 37046 and $1,273,897 in Arrington's 37014. These are middle-of-the-market values, so a $1M+ home sits at or above the local typical home almost everywhere in the area. Franklin ZIP codes has the detail by ZIP.

Mortgage payment at October 2026 rates

Freddie Mac's 30-year fixed average was 7.28% and its 15-year 6.60% for the week of October 1, 2026. At those averages, principal and interest work out to about:

$5,474 a month on an $800,000 loan (20% down on $1 million)
$8,211 a month on a $1.2 million loan (20% down on $1.5 million), or $10,519 on a 15-year term
$10,947 a month on a $1.6 million loan (20% down on $2 million)

Whether a loan counts as jumbo depends on the 2026 conforming loan limit for Williamson County, and jumbo loans carry their own down payment and reserve rules; see jumbo loans in Tennessee or run your own numbers in the jumbo mortgage calculator.

Renting first

Some buyers rent while they learn the area. The Census Bureau puts Franklin's median gross rent at $1,923 a month and the median monthly owner cost for homes with a mortgage at $2,542 (ACS 2020-2024). Both are medians across all homes in the city, far below the cost of a $1M+ purchase, and rentals of large houses are scarce.

Taxes at closing

Tennessee charges a realty transfer tax of $0.37 per $100 of the price or the property's value, whichever is greater, and by law the buyer pays it: $5,550 on a $1.5 million purchase. If you borrow, the mortgage recordation tax is 11.5 cents per $100 of the loan, not applying to the first $2,000, paid by the borrower: about $1,378 on a $1.2 million loan. Other closing costs are covered in Tennessee closing costs.

Franklin TN property tax, sales tax and other taxes

Property tax

Tennessee assesses homes at 25% of appraised value, then applies the rate per $100 of assessed value for the jurisdictions the parcel sits in. In Williamson County, 2026 rates depend on whether the home is inside the City of Franklin and inside the Franklin Special School District (FSSD):

Jurisdiction (2026)	Rate per $100	$1M home	$1.5M home	$3M home
County only (unincorporated)	$1.30	$3,250	$4,875	$9,750
Franklin, not in FSSD	$1.566	$3,915	$5,873	$11,745
Outside Franklin, in FSSD	$1.9773	$4,943	$7,415	$14,830
Franklin and FSSD	$2.2433	$5,608	$8,412	$16,825

The examples assume the appraised value equals the price. The county reappraised in 2025 and is on a four-year cycle, so the appraised value on a recent purchase can differ from the price until the next reappraisal. Bills are mailed in early October and are due by February 28. The full method, relief programs and appeals are in Williamson County property tax.

Sales tax

Tennessee's state sales tax is 7%, and local rates are capped at 2.75%. Williamson County's local rate is 2.75%, for a combined 9.75% on most purchases in Franklin, or $97.50 on a $1,000 taxable purchase. Furnishing a new home is where most owners notice it: $50,000 of taxable furniture and appliances carries about $4,875 in sales tax. Since February 1, 2025, Davidson County's local rate has also been 2.75%, after voters approved a 0.5% surcharge for Metro Nashville's transit program, so Nashville and Franklin now share the 9.75% combined rate.

No state tax on wages

Tennessee does not tax wages or salaries. Its only individual income tax, the Hall tax on interest and dividends, was repealed for tax periods beginning on or after January 1, 2021. Federal income tax still applies. See Tennessee income tax for what the state does and doesn't tax.

Vehicle registration and wheel tax

The Williamson County Clerk charges $54.75 to renew registration on a regular passenger vehicle, a figure that includes the state license plate fee and the county wheel tax; the county lists its wheel tax at $25.75. Two cars come to $109.50 a year. A leased vehicle adds a $2 lease fee at each renewal, and paying by card adds 2% plus $0.25.

Utility costs in Franklin TN: electric, water and gas rates

Which utilities serve a home depends on the address, not the ZIP code: parts of Franklin get water from the City of Franklin and others from utility districts, and some countryside homes use wells and septic systems. Ask the seller for 12 months of bills and the name of each provider.

Electricity

Middle Tennessee Electric's residential rate schedule effective October 2026 charges $21.81 a month for basic service, plus a base rate of $0.08108 per kWh and TVA's fuel cost adjustment, $0.02136 per kWh on that schedule. Together that is about 10.2 cents per kWh plus the fixed charge, so a 2,500 kWh month comes to about $278. The fuel cost adjustment changes every month. MTE also reports that its 2026 average residential cost was 12.45 cents per kWh, about 28% below the U.S. average. Confirm the electric provider for the address.

Water and sewer

The City of Franklin's Water Management Department serves customers mainly inside the city. Its current residential rates could not be opened for this page, so get them from the city or the seller's bills. Milcrofton Utility District, which serves parts of the Franklin area, publishes its rates: a $20.00 monthly customer charge for a 3/4-inch residential meter, then $6.50 per 1,000 gallons up to 15,000 gallons and $8.75 per 1,000 from 15,001 to 30,000, with higher tiers above that (rates effective October 1, 2024). That makes a 10,000-gallon month about $85 and a 20,000-gallon month about $161 for water alone. Irrigation on a large lot is what pushes a bill into the upper tiers.

Natural gas

Atmos Energy's Tennessee residential tariff, effective June 1, 2026, sets a customer charge of $27.20 a month from October through April and $25.20 from May through September, plus $0.1970 per Ccf for delivery. The cost of the gas itself is adjusted separately under the tariff's purchased gas adjustment, so the total per Ccf changes. The fixed charges alone come to $316.40 a year. Atmos lists Franklin among its Tennessee service towns; confirm the provider for the address.

Maintenance on a large home

No sourced figure for upkeep on $1M+ Franklin homes was available. The costs scale with the number of systems: two or three HVAC units, a pool, irrigation, a generator, fencing and outbuildings each carry service contracts or replacement cycles. Ask the seller for service records and the age of each system, and price the ones near the end of their life into your first-year budget.

Wells and septic

Around Leiper's Fork and College Grove, some homes have no public water or sewer bill at all, and instead carry the cost of maintaining a well and a septic system. Ask for service records, the age of the pump and the septic permit before you buy.

Utility	Provider (confirm per address)	Fixed charge	Usage charge	Effective
Electricity	Middle Tennessee Electric	$21.81 a month	$0.08108 per kWh + TVA fuel adjustment ($0.02136)	October 2026
Water	Milcrofton Utility District	$20.00 a month (3/4-inch meter)	$6.50 per 1,000 gallons to 15,000, then tiers	October 1, 2024
Water and sewer	City of Franklin Water Management	Ask the city or check the seller's bills	Not verified
Natural gas	Atmos Energy	$27.20 (Oct to Apr), $25.20 (May to Sep)	$0.1970 per Ccf + gas cost adjustment	June 1, 2026

Homeowners insurance and HOA dues in Franklin

Homeowners insurance

No sourced premium figure for Franklin homes was available, and premiums vary widely with a home's age, construction, roof, replacement cost and claims history. The national direction is up: the National Association of Insurance Commissioners' latest homeowners report, released in May 2025 with 2022 data, found the average HO-3 premium rose 11.26% over 2021. Get a quote on the specific property before your inspection period ends, and ask what the policy requires before it will bind.

HOA dues by community

Dues depend on what they pay for, such as a staffed gate, common grounds or exterior maintenance, rather than the price of the home. RealTracs MLS sales data from the past year gives these figures; golf and club memberships are billed separately.

Community	HOA dues in MLS sales data	About per year
Temple Hills	Median $442 a year	$442
Legends Ridge	Median $2,796 a year	$2,796
Westhaven (houses)	Median $3,188 a year	$3,188
Laurelbrooke	Median $5,508 a year	$5,508
The Grove	$237 to $400 a month	$2,844 to $4,800
Troubadour	$596 to $715 a month, before club costs	$7,152 to $8,580

Ask the HOA for the current dues, the reserve study and any planned special assessment before you commit. More communities are covered in golf course communities and Franklin neighborhoods.

Everyday costs in Franklin: food, transportation, health care and child care

No government index of grocery or transport prices is published for Franklin itself, and calculator indexes were not used here. The closest sourced figures are MIT's Living Wage Calculator budgets for Williamson County, updated February 15, 2026. They are minimum budgets for renters, so read them as a floor for each category.

Groceries and food

MIT budgets $5,211 a year for food for one adult in Williamson County, $9,554 for two adults and $15,251 for two adults with two children. Tennessee's 9.75% combined sales tax rate in Franklin applies to most purchases; the reduced rate on food was not verified for this page.

Transportation

MIT's transportation budget is $9,781 a year for one adult, $11,319 for two adults with one working and $16,406 for two working adults with two children. Add the $54.75 yearly registration and wheel tax per car. Franklin's mean commute is 23.9 minutes, according to the Census Bureau.

Health care

MIT budgets $3,236 a year in medical costs for one adult, $7,172 for two adults and $11,040 for two working adults with two children. Employer coverage and plan choice move this more than location does.

Child care

For two working adults with two children, MIT's Williamson County budget includes $17,489 a year for child care, the largest line after housing for that household. Get current rates from the centers you are considering, since waiting lists and ages change the cost.

School costs in Franklin TN

Private school tuition

Battle Ground Academy publishes 2026-27 tuition and fees of $17,300 for its Early Learning Center (3s to junior kindergarten), $24,900 for kindergarten to fourth grade, $31,300 for fifth to eighth grade and $32,600 for ninth to twelfth. One student in fifth to eighth grade and one in high school would come to $63,900 a year. Other schools in and near Franklin publish 2026-27 rates too: Grace Christian Academy runs from $7,025 for pre-K to $18,600 for grades 9-12, Franklin Road Academy in Nashville from $18,450 to $36,370 plus fees, and Ensworth in Nashville from $30,680 to $39,100 plus required fees of $2,430 to $4,840. The full list is in private schools in Franklin.

Public school tuition outside your district

Inside its boundary, the Franklin Special School District is funded partly through its own property tax rate, the FSSD portion of the higher rates in the table above. The district also accepts students from outside its boundary on a tuition basis: $2,000 a year per student for Williamson County residents and $4,000 for students from outside the county. Which district serves your address is covered in Franklin schools.

Salary needed to live in Franklin TN

The MIT living wage is a floor

MIT's Living Wage Calculator puts the living wage for one adult with no children in Williamson County at $28.85 an hour, or $60,016 a year before tax (data updated February 15, 2026). Its annual budget for that household is housing $23,617, transportation $9,781, food $5,211, medical $3,236, civic $2,583, other $4,067 and taxes $9,315. MIT uses rental housing and a minimum budget, so treat it as the least it costs to get by, not as a comfortable income.

Other MIT household scenarios

For two adults, one working, with no children, MIT's required pre-tax income is $77,273 ($37.15 an hour). For two working adults with two children it is $118,443, including child care of $17,489 and housing of $27,111. These are budget scenarios for comparison, close to Franklin's median household income of $119,528.

What a $1M+ purchase implies

The 20%-down $1.5 million example above carries about $98,527 a year in principal and interest plus $4,875 to $8,412 in property tax, before insurance, utilities or HOA. That is a cost of roughly $103,000 to $107,000 a year for the mortgage and tax alone, and about $107,000 to $111,000 once electricity, fixed gas charges and two car registrations are added. A lender will set its own income and reserve requirements; ask yours early, and see the jumbo loan guide for how they work.

Franklin TN cost of living vs Nashville, Brentwood and California

Franklin vs Nashville

Zillow's typical home value was $925,870 in Franklin and $428,280 in Davidson County (Nashville) in August 2026, so Franklin's typical home costs about 2.2 times as much. The direction differed too: Franklin rose 2.6% over the year while Davidson County fell 2.74%. Median household income is $119,528 in Franklin and $135,594 for Williamson County as a whole.

Franklin vs Brentwood

Brentwood sits in the same county with the same 9.75% sales tax, so the visible difference in carrying cost is the city tax rate. Brentwood's 2026 combined rate is $1.49 per $100, which puts the bill on a $1.5 million home at $5,587.50, between Franklin's $5,872.50 outside the special school district and the $4,875 county-only rate.

Franklin vs Tennessee and Williamson County

Franklin's typical value is about 2.8 times Tennessee's $334,108 and almost identical to Williamson County's $929,377. Inside the county, the cost difference that matters most is the property tax boundary, which can move the 2026 bill on the same $1.5 million home by about $3,500 a year.

Franklin vs California

California's statewide typical value was $764,158 in August 2026, below Franklin's, but its large metros are higher: the City of Los Angeles was $929,572 and San Jose $1,362,808. The larger difference is income tax. On the 2025 schedules, a married couple with $1 million of California taxable income owes about $89,532 in state tax before credits; Tennessee's tax on the same wages is $0. Property tax runs the other way for a new buyer: under Proposition 13, California's general rate is 1% of assessed value plus voter-approved bonds, and a purchase is reassessed to market value, so a $1.5 million California purchase starts at $15,000 a year before bonds, against $4,875 to $8,412 in Williamson County. See moving to Franklin from California for more examples.

Measure	Franklin	Nashville (Davidson County)	California
Zillow typical home value, Aug 2026	$925,870	$428,280	$764,158 statewide; $1,362,808 San Jose
One-year change	+2.6%	-2.74%	Not compared
Combined sales tax	9.75%	9.75% since Feb 2025	Not compared
State tax on $1M of wages, married couple	$0	$0	About $89,532 (2025 schedules)
Property tax, first year on a $1.5M purchase	$4,875 to $8,412	Not compared	From $15,000 plus bonds

Before you rely on any of these figures, confirm tax treatment for your situation with a Tennessee CPA or attorney.

Common questions

Is Franklin, TN expensive to live in?

Housing is expensive; taxes are mixed. Zillow's typical home value in Franklin was $925,870 in August 2026, about 2.8 times Tennessee's and 2.2 times Davidson County's. Sales tax is 9.75%, but Tennessee has no tax on wages, and the 2026 property tax on a $1.5 million home is about $4,875 to $8,412 depending on the boundary. Utilities, insurance and HOA dues vary by home.

What is the sales tax in Franklin, TN?

The combined sales tax rate in Franklin is 9.75%: Tennessee's 7% state rate plus Williamson County's 2.75% local rate, with no separate city rate. That is $97.50 on a $1,000 taxable purchase. Tennessee caps local sales tax rates at 2.75%. Confirm the rate for a specific address with the Tennessee Department of Revenue's rate lookup.

Does Tennessee have a state income tax?

Tennessee does not tax wages or salaries. Its Hall income tax, which applied only to interest and dividends, was repealed for tax periods beginning on or after January 1, 2021, so 2020 was the last year it applied. Federal income tax still applies, and businesses pay Tennessee franchise and excise taxes. Confirm your own situation with a Tennessee CPA.

What is the average salary in Franklin, Tennessee?

The Census Bureau doesn't publish an average salary for Franklin, but it does publish income. Franklin's median household income is $119,528 and its per capita income is $61,761 (ACS 2020-2024, in 2024 dollars). For Williamson County as a whole the figures are $135,594 and $66,219. Household income counts every earner in a household, so it is higher than a typical single salary.

What salary is needed to live comfortably in TN?

No official source defines a comfortable salary. The closest measure is MIT's living wage, a minimum budget: in Williamson County it is $28.85 an hour, or $60,016 a year before tax, for one adult with no children, and $118,443 for two working adults with two children. Those figures use rental housing; buying a home at Franklin prices costs considerably more.

Why are people moving out of Franklin, TN?

No source measures people leaving Franklin; the Census estimates its population grew 8.0% between April 2020 and July 2025, to 90,226. Cost is the pressure most often cited, and it is measurable: Zillow's typical home value of $925,870 is about 2.2 times Davidson County's, and median gross rent is $1,923. Tennessee's lack of a wage tax works in the other direction.

How much is property tax on a $1.5 million home in Franklin?

In 2026 it is about $4,875 a year in unincorporated Williamson County, $5,873 inside Franklin city limits outside the Franklin Special School District, and $8,412 inside both the city and the district. Tennessee assesses homes at 25% of appraised value, then applies the rate per $100: $1.30, $1.566 or $2.2433. The examples assume the appraised value equals the price.

How much are utilities in Franklin, TN?

It depends on the home and the providers. Middle Tennessee Electric's October 2026 residential rate is $21.81 a month plus about 10.2 cents per kWh including the fuel adjustment, so 2,500 kWh costs about $278. Atmos Energy's gas customer charge is $25.20 to $27.20 a month plus usage. Water rates vary by provider; ask the seller for 12 months of bills.

How much does it cost to own a $1.5 million home in Franklin, TN?

With 20% down at 7.28%, principal and interest come to about $98,527 a year. Add 2026 property tax of $4,875 to $8,412 depending on the tax district, roughly $3,300 of electricity at an assumed 2,500 kWh a month, fixed gas charges and car registration, for about $107,000 to $111,000, before insurance, HOA dues and maintenance.

Is it cheaper to live in Franklin or Nashville?

Housing is cheaper in Nashville: Zillow's typical home value was $428,280 in Davidson County in August 2026 against $925,870 in Franklin. Since February 2025 both charge the same 9.75% combined sales tax, and neither city's residents pay a state tax on wages. At $1M and above the comparison depends on the specific homes, so compare property tax bills and HOA dues line by line.

Sources

Brianna Morant

I have worked in real estate for more than 20 years. In 2013 I founded Oak Street Real Estate Group with Benchmark Realty, and I lead every listing the team takes on. Here I focus on homes from $1 million in Franklin, Leiper's Fork and College Grove. If you are thinking of selling, I would be glad to tell you what your home could sell for.

Realtor®, Benchmark Realty, LLC. General information, not legal, tax or lending advice.

More about Brianna →

Cost of living in Franklin, TN, from the tax bill to tuition