The typical owner-occupied home in Franklin County is worth about $249,500, 14% above the Indiana median of $218,200 and 25% below the national median of $332,700. Owners pay a median $1,479 a year in property taxes, about 0.59% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $78,074 a year, so the median home costs 3.2 times the median income (3.0 times for Indiana). 82% of occupied homes here are lived in by their owners, and 57% of those owners still have a mortgage.
Franklin County at a glance
| Franklin County | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $249,500 | $218,200 | $332,700 |
| Median property tax paid per year | $1,479 | $1,614 | $3,119 |
| Property tax as a share of value | 0.59% | 0.74% | 0.94% |
| Median household income | $78,074 | $71,957 | $80,734 |
| Homes lived in by their owners | 82% | 71% | 65% |
| Owner homes with a mortgage | 57% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,548 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 18.8% | 18.1% | 21.0% |
| Median rent | $870 | $1,062 | $1,413 |
| Rent as a share of renters' income | 27.4% | 29.1% | 30.6% |
| Median year homes were built | 1981 | 1976 | 1980 |
| Vacant homes | 6.0% | 8.8% | 10.1% |
| Population | 23,020 | 6,851,073 | 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 $249,500 with 20% down costs about $1,569 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,985, 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 $67,258 for the 20%-down payment. That payment is 24% of the median Franklin County household income of $78,074; at that income and 20% down, the 28% guideline points to a home of about $290,000.
The median rent here is $870 a month, so owning the median home costs about $699 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $49,900 |
|---|---|
| Loan amount | $199,600 |
| Principal and interest | $1,343 |
| Property taxes (0.59% a year) | $123 |
| Homeowners insurance (our estimate, 0.5% a year) | $104 |
| PMI | $0 |
| Total per month | $1,569 |
Change the numbers in the calculator
| Down payment | $8,732 |
|---|---|
| Loan amount | $244,981 |
| Principal and interest | $1,648 |
| Property taxes (0.59% a year) | $123 |
| Homeowners insurance (our estimate, 0.5% a year) | $104 |
| FHA mortgage insurance | $110 |
| Total per month | $1,985 |
Change the numbers in the calculator
Questions about home buying in Franklin County
What is the median home value in Franklin County?
About $249,500 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 $1,479 a year, which is about 0.59% 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 $1,569 a month. Keeping that under 28% of gross income takes about $67,258 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