The typical owner-occupied home in Franklin is worth about $104,400, 52% below the Louisiana median of $216,500 and 69% below the national median of $332,700. Owners pay a median $248 a year in property taxes, about 0.24% of their home's value, lower than the Louisiana rate of 0.55%. The median household earns $39,518 a year, so the median home costs 2.6 times the median income (3.6 times for Louisiana). 61% of occupied homes here are lived in by their owners, and 35% of those owners still have a mortgage.
Franklin at a glance
| Franklin | Louisiana | U.S. | |
|---|---|---|---|
| Median home value | $104,400 | $216,500 | $332,700 |
| Median property tax paid per year | $248 | $1,180 | $3,119 |
| Property tax as a share of value | 0.24% | 0.55% | 0.94% |
| Median household income | $39,518 | $60,756 | $80,734 |
| Homes lived in by their owners | 61% | 67% | 65% |
| Owner homes with a mortgage | 35% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,233 | $1,604 | $1,963 |
| Those costs as a share of the owners' income | 26.0% | 20.4% | 21.0% |
| Median rent | $814 | $1,064 | $1,413 |
| Rent as a share of renters' income | 28.6% | 32.8% | 30.6% |
| Median year homes were built | 1966 | 1983 | 1980 |
| Vacant homes | 18.9% | 14.4% | 10.1% |
| Population | 6,461 | 4,611,961 | 334,922,499 |
What a typical home costs per month in Franklin
At this week's average 30-year rate of 7.11%, buying the median Franklin home of $104,400 with 20% down costs about $626 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $800, 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 $26,838 for the 20%-down payment. That payment is 19% of the median Franklin household income of $39,518; at that income and 20% down, the 28% guideline points to a home of about $154,000.
The median rent here is $814 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $20,880 |
|---|---|
| Loan amount | $83,520 |
| Principal and interest | $562 |
| Property taxes (0.24% a year) | $21 |
| Homeowners insurance (our estimate, 0.5% a year) | $44 |
| PMI | $0 |
| Total per month | $626 |
Change the numbers in the calculator
| Down payment | $3,654 |
|---|---|
| Loan amount | $102,509 |
| Principal and interest | $690 |
| Property taxes (0.24% a year) | $21 |
| Homeowners insurance (our estimate, 0.5% a year) | $44 |
| FHA mortgage insurance | $46 |
| Total per month | $800 |
Change the numbers in the calculator
Questions about home buying in Franklin
What is the median home value in Franklin?
About $104,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Franklin?
Homeowners pay a median $248 a year, which is about 0.24% 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?
For the median home with 20% down at 7.11%, the payment is about $626 a month. Keeping that under 28% of gross income takes about $26,838 a year.
More about Franklin
- Mortgage Refinance in Franklin
- Debt Relief in Franklin
- Home Equity Loans in Franklin
- 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