Is Indianapolis, IN cheaper than Franklin, TN?

Based on cost of living data, Indianapolis, IN is 11.6% cheaper than Franklin, TN. This translates to saving $870 per month.

What salary do I need in Indianapolis, IN to live like I do in Franklin, TN?

If you earn $150,000 in Franklin, TN, you'd need approximately $139,565.13 in Indianapolis, IN to maintain the same standard of living.

How does housing cost compare between Franklin, TN and Indianapolis, IN?

Housing in Indianapolis, IN is 14.5% cheaper than in Franklin, TN. For a two-bedroom apartment, rent is $1,360/month in Indianapolis, IN compared to $1,746/month in Franklin, TN.

How much can I save per month by moving from Franklin, TN to Indianapolis, IN?

Moving from Franklin, TN to Indianapolis, IN could save you approximately $870 per month, or $10435 per year, based on a $150,000 salary.

Franklin, TN vs Indianapolis, IN: Cost of Living Comparison 2026

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Cost of Living Comparison 2026

📍 Franklin, TN — ZIP-level rent data · COL adjusted from Nashville, TN area

Current salary in Franklin, TN

Numbers update automatically as you type

You'd save $870/month moving to Indianapolis, IN

$150.0K in your current city equals $139.6K in Indianapolis, IN

Rent data from HUD ZIP-level estimates · COL index from Nashville-Davidson-Murfreesboro-Franklin, TN area

Overall Cost

↓ 11.6%

Less expensive

Monthly Impact

$870

Savings

Annual Impact

$10.4K

Per year

Based on monthly living costs (rent, groceries, utilities, transport, healthcare). Home purchase prices shown separately below.

Franklin, TN

Population:89K

Cost Index:100

Median Home:$882K

Indianapolis, IN

Population:888K

Cost Index:88

Median Home:$176K

Franklin, TN

The Volunteer State

89K

Population

State Tax

No Income Tax

Located in Tennessee, this city has a population of 89K residents.

💡 Advantage: Tennessee has no state income tax!

Indianapolis, IN

The Hoosier State

888K

Population

State Tax

Yes

Located in Indiana, this city has a population of 888K residents.

Cost Breakdown by Category

Annual spending: Franklin, TN vs Indianapolis, IN

Category	Franklin, TN	Indianapolis, IN	Difference	Change
🏠Housing	$2,279/mo	$1,949/mo	↓ $330less	14.5%
📦Other	$1,855/mo	$1,590/mo	↓ $265less	14.3%
🚗Transportation	$1,227/mo	$1,188/mo	↓ $38.40less	3.1%
🏥Healthcare	$593/mo	$582/mo	↓ $11.10less	1.9%
🛒Groceries	$928/mo	$919/mo	↓ $8.58less	0.9%
⚡All Utilities	$507/mo	$503/mo	↓ $4.69less	0.9%

🏠Housing

↓ 14.5%

Franklin, TN

$2,279

Indianapolis, IN

$1,949

Difference

$330

less

📦Other

↓ 14.3%

Franklin, TN

$1,855

Indianapolis, IN

$1,590

Difference

$265

less

🚗Transportation

↓ 3.1%

Franklin, TN

$1,227

Indianapolis, IN

$1,188

Difference

$38.40

less

🏥Healthcare

↓ 1.9%

Franklin, TN

$593

Indianapolis, IN

$582

Difference

$11.10

less

🛒Groceries

↓ 0.9%

Franklin, TN

$928

Indianapolis, IN

$919

Difference

$8.58

less

⚡All Utilities

↓ 0.9%

Franklin, TN

$507

Indianapolis, IN

$503

Difference

$4.69

less

🏛️ Local Income Taxes

Indianapolis, IN: Marion County Income Tax$3,030/yr (2.0%)

Franklin, TN has no local income tax.

Local taxes are in addition to state income tax. Not all cities levy local income taxes.

🏠Rent Comparison

Studio

From$1,519

To$1,030

↓ $489

1 Bed

From$1,592

To$1,170

↓ $422

2 Bed

From$1,746

To$1,360

↓ $386

3 Bed

From$2,233

To$1,760

↓ $473

Franklin, TNZIP-level data

1BR range: $1,960–$1,960/mo

Indianapolis, INZIP-level data

1BR range: $1,080–$1,870/mo

💡 Note: Rent prices are based on HUD Fair Market Rent data and represent median costs. Actual prices vary by neighborhood, amenities, and condition. Source: HUD Small Area Fair Market Rents FY2026.

$7,390

Monthly in Franklin, TN

$6,732

Monthly in Indianapolis, IN

$658

Difference

Home Values

Franklin

Indianapolis

$882K

Median Value

$176K

↑ +0.9%

YoY Change

↓ -1.1%

↑ +52.3%

5-Year Change

↑ +26.9%

$882K

Price Range

$109K - $340K

Homes in Indianapolis are 80% less expensive than Franklin

Calculate payment - Franklin Calculate payment - Indianapolis

Source: Zillow Home Value Index (ZHVI), January 2026

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↓ $4.8K

More taxes

Monthly Difference

$404

Less take-home

Effective Rate Diff

3.2%

Rate difference

Franklin, TN

Federal Income Tax

Effective: 18.9%

$25.5K

Tennessee State Tax

No state income tax

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 24.7%

$37.0K

Take-Home Pay

$9,416/month

$113.0K

Indianapolis, IN

Federal Income Tax

Effective: 18.9%

$25.5K

Indiana State Tax

Effective: 3.2%

$4.8K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 27.9%

$41.9K

Take-Home Pay

$9,012/month

$108.1K

Additional Tax Information

Franklin, TN Tax Rates

Sales Tax:9.5%

Property Tax:0.7%

Indianapolis, IN Tax Rates

Sales Tax:7.0%

Property Tax:0.9%

💡 Note: Tax calculations are estimates based on 2024/2025 tax brackets for single filers with standard deduction. Actual taxes may vary based on filing status, deductions, credits, and local variations.