Salary & Cost of Living in Franklin, TN
Franklin, TN: $85,000 median salary, cost of living index 115, $7.25/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$85,000
$41/hr
Cost of Living
115
US avg = 100
Minimum Wage
$7.25
per hour
Unemployment
2%
rate
Franklin, TN Overview
Population
83,454
Median Salary
$85,000
Average Salary
$94,000
Avg Commute
28 min
Median Home Price
$550,000
Median Rent
$1,800/mo
Job Growth
+3.5%
Sales Tax
9.25%
Franklin is located in Tennessee with a population of 83,454. The median household salary is $85,000 per year ($41/hour), which is $25,616 above the national median of $59,384. The average commute time is 28 minutes, and the city has a job growth rate of +3.5%.
Franklin Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Franklin, TN, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$68,184
$5,681.96/month · $2,622.44/biweekly · Effective Rate: 19.8%
Gross Pay
$85,000
Federal Tax
-$10,314
State Tax
$0
Local Tax
$0
FICA
-$6,503
Net Pay
$68,184
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $7,083.33 | $85,000.00 |
| Federal Income Tax | -$859.50 | -$10,314.00 |
| Tennessee State Tax (0%) | $0.00 | $0.00 |
| Social Security (6.2%) | -$439.17 | -$5,270.00 |
| Medicare (1.45%) | -$102.71 | -$1,232.50 |
| Net Take-Home Pay | $5,681.96 | $68,183.50 |
Salary Comparison: Franklin vs Other Cities
See how Franklin's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Franklin, TN | $85,000 | 115 | $73,913 |
| National Average | $59,384 | 100 | $59,384 |
| Sandy Springs, GA | $85,000 | 112 | $75,893 |
| Boston, MA | $85,000 | 152 | $55,921 |
| Edison, NJ | $85,000 | 125 | $68,000 |
| New York, NY | $85,000 | 187 | $45,455 |
Adjusted salary reflects purchasing power when cost of living is factored in. A higher adjusted salary means your money goes further.
Cost of Living in Franklin
Franklin's cost of living index is 115 (national average = 100). Living in Franklin is 15% more expensive than the national average.
Median Home Price
$550,000
Median Monthly Rent
$1,800
Annual Rent Cost
$21,600
Your Salary's Purchasing Power
Your $68,184 annual take-home pay in Franklin has the purchasing power of approximately $59,290 in an average-cost US area. You would need to earn $97,750 in Franklin to match a $85,000 salary in an average-cost city.
Top Industries in Franklin
Franklin's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $85,000.
Salary Tips for Franklin Workers
- No state income tax advantage. Tennessee has no state income tax, which means more of your paycheck stays in your pocket. Invest the savings in a Roth IRA or 401(k) for long-term growth.
- Research top industries. Franklin's top industries include Healthcare, Finance, Technology. Targeting roles in these sectors can help you earn above the $85,000 median salary.
- Review your W-4 withholding. If you regularly receive large tax refunds, adjust your W-4 to increase your per-paycheck take-home pay instead of giving the government an interest-free loan.
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Frequently Asked Questions
What is the median salary in Franklin, TN?
The median salary in Franklin, TN is $85,000 per year, or $41 per hour. The average salary is $94,000. This is $25,616 above the national median of $59,384.
What is the cost of living in Franklin, TN?
Franklin's cost of living index is 115 (national average = 100), meaning it is 15% more expensive compared to the national average. The median home price is $550,000 and the median monthly rent is $1,800.
What are the best industries in Franklin?
The top industries in Franklin, TN include Healthcare, Finance, Technology. The city has a job growth rate of 3.5% and an unemployment rate of 2%. Workers in these industries often earn above the city's median salary of $85,000.
How does Franklin's salary compare to other cities?
Franklin's median salary of $85,000 is 43.1% above the national median of $59,384. However, when adjusted for cost of living (index: 115), the real purchasing power is approximately $73,913.
What is the minimum wage in Franklin, TN?
The minimum wage in Franklin, TN is $7.25 per hour. This equals approximately $15,080 per year for a full-time worker (40 hours/week). This matches the federal minimum wage of $7.25/hour.