The typical owner-occupied home in Franklin County is worth about $89,000, 66% below the Illinois median of $263,300 and 73% below the national median of $332,700. Owners pay a median $1,394 a year in property taxes, about 1.57% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $56,740 a year, so the median home costs 1.6 times the median income (3.2 times for Illinois). 74% of occupied homes here are lived in by their owners, and 41% of those owners still have a mortgage.
Franklin County at a glance
| Franklin County | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $89,000 | $263,300 | $332,700 |
| Median property tax paid per year | $1,394 | $5,298 | $3,119 |
| Property tax as a share of value | 1.57% | 2.01% | 0.94% |
| Median household income | $56,740 | $83,390 | $80,734 |
| Homes lived in by their owners | 74% | 67% | 65% |
| Owner homes with a mortgage | 41% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,171 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 18.7% | 20.6% | 21.0% |
| Median rent | $803 | $1,274 | $1,413 |
| Rent as a share of renters' income | 30.8% | 29.1% | 30.6% |
| Median year homes were built | 1963 | 1971 | 1980 |
| Vacant homes | 12.6% | 7.7% | 10.1% |
| Population | 37,323 | 12,694,798 | 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 $89,000 with 20% down costs about $632 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $781, 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 $27,107 for the 20%-down payment. That payment is 13% of the median Franklin County household income of $56,740; at that income and 20% down, the 28% guideline points to a home of about $186,000.
The median rent here is $803 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $17,800 |
|---|---|
| Loan amount | $71,200 |
| Principal and interest | $479 |
| Property taxes (1.57% a year) | $116 |
| Homeowners insurance (our estimate, 0.5% a year) | $37 |
| PMI | $0 |
| Total per month | $632 |
Change the numbers in the calculator
| Down payment | $3,115 |
|---|---|
| Loan amount | $87,388 |
| Principal and interest | $588 |
| Property taxes (1.57% a year) | $116 |
| Homeowners insurance (our estimate, 0.5% a year) | $37 |
| FHA mortgage insurance | $39 |
| Total per month | $781 |
Change the numbers in the calculator
Questions about home buying in Franklin County
What is the median home value in Franklin County?
About $89,000 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 $1,394 a year, which is about 1.57% 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 $632 a month. Keeping that under 28% of gross income takes about $27,107 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