Franklin vs Lakewood
Cost of Living Comparison · 2026
Franklin
Lakewood
The Verdict
Lakewood is 4.5% less expensive than Franklin overall. A household earning $75,000 in Franklin would need approximately $71,763 in Lakewood to maintain the same standard of living.
Category-by-Category Breakdown
Index values · National average = 100 · Lower is more affordable
Salary Equivalence
A $75,000 salary in Franklin has the same purchasing power as $71,763 in Lakewood.
Conversely, $75,000 in Lakewood equals $78,383 in Franklin.
Living in Franklin vs Lakewood
Housing Costs
Franklin's housing index of 230 is higher Lakewood's 188, translating to median home prices of $750,000 vs $574,000. The $176,000 difference in home prices means roughly $11,436 per year in additional mortgage costs at current rates. Renters face a similar gap: $1,850/mo in Franklin compared to $1,850/mo in Lakewood, a monthly difference of $0.
Grocery & Food Costs
Grocery expenses index at 100 in Franklin and 101 in Lakewood. A household spending the national average of $475/month on groceries would pay approximately $475/month in Franklin vs $480/month in Lakewood. The difference in grocery costs between these cities is relatively minor and unlikely to be a deciding factor in relocation.
Utility Expenses
Utility costs — electricity, gas, water, internet — index at 97 in Franklin and 85 in Lakewood. Monthly utility bills average approximately $388 in Franklin vs $340 in Lakewood. Climate differences between the two cities drive much of this gap, with heating and cooling costs varying substantially by region.
Healthcare
Healthcare costs index at 91 in Franklin and 84 in Lakewood. This encompasses insurance premiums, doctor visit copays, dental care, and prescription costs. Healthcare costs are relatively similar between these two cities, though individual plan costs can still vary.
Income & Purchasing Power
Median household income is $118,200 in Franklin and $83,800 in Lakewood. After adjusting for local costs, purchasing-power-equivalent incomes are approximately $85,036 and $63,008 respectively. Franklin residents enjoy stronger real purchasing power despite higher nominal wages.
Relocation Considerations
Under the standard 28% rule, a median-income household can allocate $2,758/month to housing in Franklin vs $1,955/month in Lakewood. In Franklin, median rent of $1,850/mo fits within this budget. In Lakewood, median rent of $1,850/mo remains manageable. The biggest category-level difference between these two cities is Housing, where the gap is 42 index points — focus your budget analysis there.
Frequently Asked Questions
Moving & Relocation Resources
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