The typical owner-occupied home in Franklin County is worth about $136,000, 35% below the Alabama median of $209,900 and 59% below the national median of $332,700. Owners pay a median $433 a year in property taxes, about 0.32% of their home's value, lower than the Alabama rate of 0.38%. The median household earns $53,338 a year, so the median home costs 2.5 times the median income (3.3 times for Alabama). 72% of occupied homes here are lived in by their owners, and 37% of those owners still have a mortgage.
Franklin County at a glance
| Franklin County | Alabama | U.S. | |
|---|---|---|---|
| Median home value | $136,000 | $209,900 | $332,700 |
| Median property tax paid per year | $433 | $788 | $3,119 |
| Property tax as a share of value | 0.32% | 0.38% | 0.94% |
| Median household income | $53,338 | $63,999 | $80,734 |
| Homes lived in by their owners | 72% | 70% | 65% |
| Owner homes with a mortgage | 37% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,181 | $1,433 | $1,963 |
| Those costs as a share of the owners' income | 17.8% | 19.0% | 21.0% |
| Median rent | $676 | $1,007 | $1,413 |
| Rent as a share of renters' income | 22.8% | 29.5% | 30.6% |
| Median year homes were built | 1983 | 1986 | 1980 |
| Vacant homes | 14.6% | 14.5% | 10.1% |
| Population | 31,966 | 5,086,768 | 334,922,499 |
What a typical home costs per month in Franklin County
At this week's average 30-year rate of 7.11%, buying the median Franklin County home of $136,000 with 20% down costs about $825 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,051, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $35,350 for the 20%-down payment. That payment is 19% of the median Franklin County household income of $53,338; at that income and 20% down, the 28% guideline points to a home of about $205,000.
The median rent here is $676 a month, so owning the median home costs about $149 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $27,200 |
|---|---|
| Loan amount | $108,800 |
| Principal and interest | $732 |
| Property taxes (0.32% a year) | $36 |
| Homeowners insurance (our estimate, 0.5% a year) | $57 |
| PMI | $0 |
| Total per month | $825 |
Change the numbers in the calculator
| Down payment | $4,760 |
|---|---|
| Loan amount | $133,537 |
| Principal and interest | $898 |
| Property taxes (0.32% a year) | $36 |
| Homeowners insurance (our estimate, 0.5% a year) | $57 |
| FHA mortgage insurance | $60 |
| Total per month | $1,051 |
Change the numbers in the calculator
Questions about home buying in Franklin County
What is the median home value in Franklin County?
About $136,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Franklin County?
Homeowners pay a median $433 a year, which is about 0.32% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Franklin County?
For the median home with 20% down at 7.11%, the payment is about $825 a month. Keeping that under 28% of gross income takes about $35,350 a year.
More about Franklin County
- Mortgage Refinance in Franklin County
- Debt Relief in Franklin County
- Home Equity Loans in Franklin County
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data