Franklin Parish is ranked ninth in places with the most favorable cost of living in Louisiana, according to smartasset.com.
The website used data from the Bureau of Labor Statistics and MIT Living Wage Study. The analysis calculated the parishes where living expenses are most cost-effective.
According to the analysis, Franklin Parish’s cost of living equaled $31,721. The parish’s median income amounted to $34,722.
In order to ranked parishes, the website calculated two different cost of living metrics for a household with one adult and no dependents.
One reflected the baseline cost of living in each location, and the other was based on expenditures typical to someone making the parish’s median income.
Smartasset.com combined the two numbers using a weighted average based on how close each parish’s median income was to the minimum livable income in that area. Organizers then subtracted income taxes paid in that area.
Finally, smart asset.com calculated purchasing power by determining the weighted cost of living as a percentage of median income. The top locations were those with the highest median income relative to the cost of living.
Neighboring parishes, Madison and Tensas also made the list.
Madison Parish ranked number one in most favorable cost of living, according to the website. Cost of living in Madison Parish calculated to be $27,196 with a median income of $29,424.
Tensas Parish ranked fifth with the cost of living averaging
$28,766 and median income at $21,906.
According to the website, average of living statewide was $33,860 while median income was $46,710.