Cost of Living in Franks Field, Wisconsin

Published: September 17, 2020 9:15 pm

Cost of Living in Franks Field, Wisconsin

Franks Field is a Census-designated place in Ashland County, Wisconsin, with a population of 163. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Franks Field is $34,652 a year — about the same as the annual cost of living for Wisconsin of $34,139 yet less than the national figure of $38,433.

Using cost of living data from the nonprofift think tank Economic Policy Institute, 24/7 Wall St. estimated the cost of living in Franks Field and over 29,000 other cities and towns in the US.

Housing Costs in Franks Field, Wisconsin

Housing is one of the largest components of cost of living. In Franks Field, the median home value is $16,600, less than the national median home value of $204,900.

Renting is a sometimes lower cost alternative to homeownership. In Franks Field, some 49.30% of occupied homes are rented, greater than the 36.2% national renter rate. The typical renter in Franks Field spends $294 a month on housing, greater than the $1,023 national median monthly rent.

Transportation Costs in Franks Field, Wisconsin

Transportation can also be a significant component of cost of living. In Franks Field, 87.30% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 100.00% of workers commute to jobs outside of Franks Field, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Franks Field is 21.9 minutes long, compared to the 26.6-minute average commute nationwide. Taking into account the cost of gas, as well as public transit and car maintenance, the EPI estimates that a single person in Franks Field spends $10,808 a year on transportation, more than the national average of $9,760.

Health Care Costs in Franks Field, Wisconsin

Out-of-pocket health care costs and insurance premiums — assuming at least a basic level of health insurance coverage — are far higher than they are on average nationwide in Franks Field and also above what they are across Wisconsin as a whole.

For a single adult living in the area, average health care costs come out to $4,860 per year, compared to an average of $4,474 across Wisconsin and $4,266 nationwide.

Child care Costs in Franks Field, Wisconsin

For families with children, child care adds thousands of dollars to overall annual spending. In Franks Field, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $14,179, about $1,800 less than the comparable average of $16,005 across all of Wisconsin. Meanwhile, across the U.S. as a whole, childcare expenses for two children averages $15,853 per year.

Food Costs in Franks Field, Wisconsin

Food is another every day expense that has a significant impact on overall cost of living. Data from the U.S. Department of Agriculture shows that the cost of food varies from city to city and town to town.

In Franks Field, a single adult spends an average of $3,164 on food annually, and a family of four spends $9,137 on average. For context, average annual food expenditure across Wisconsin and the U.S., respectively, are $2,977 and $3,240 for a single adult, and $8,596 and $9,354 for a family of four. These estimates are calculated for a nutritionally adequate diet of food purchased at a grocery store for at-home preparation.

Taxes in Franks Field, Wisconsin

Few expenses vary as much from city to city and town to town as taxes. Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll taxes, the average adult working in Franks Field, Wisconsin pays $5,870 annually — closely in line with the statewide average of $5,741.

It is important to note that these calculations do not include other common taxes such as property, sales, and excise taxes. Accounting for these taxes, while excluding taxes levied at the federal level, Franks Field residents live in a state with a modest average tax burden. Per capita state tax collections in Wisconsin total $3,224 per year, compared to the $3,151 average across all states.

Methodology

To estimate the cost of housing, food, transportation, health care, child care, taxes, and other necessities, 24/7 Wall St. assigned county-level Economic Policy Institute data to cities, towns, villages and Census-designated places based on boundary definitions from the U.S. Census Bureau. For places that span multiple counties, data was aggregated based on the percentage of boundary overlap.

Cost of Living in Franks Field, Wisconsin