The typical owner-occupied home in Franklin is worth about $774,900, 3.3 times the Michigan median of $231,600 and 2.3 times the national median of $332,700. Owners pay a median $9,379 a year in property taxes, about 1.21% of their home's value, close to the Michigan rate of 1.25%. The median household earns $194,079 a year, so the median home costs 4.0 times the median income (3.2 times for Michigan). 98% of occupied homes here are lived in by their owners, and 57% of those owners still have a mortgage.
Franklin at a glance
| Franklin | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $774,900 | $231,600 | $332,700 |
| Median property tax paid per year | $9,379 | $2,904 | $3,119 |
| Property tax as a share of value | 1.21% | 1.25% | 0.94% |
| Median household income | $194,079 | $72,875 | $80,734 |
| Homes lived in by their owners | 98% | 73% | 65% |
| Owner homes with a mortgage | 57% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $3,244 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 17.3% | 19.3% | 21.0% |
| Median rent | – | $1,129 | $1,413 |
| Median year homes were built | 1958 | 1972 | 1980 |
| Vacant homes | 6.4% | 11.8% | 10.1% |
| Population | 2,554 | 10,077,761 | 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 $774,900 with 20% down costs about $5,274 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $6,690, 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 $226,049 for the 20%-down payment. That payment is 33% of the median Franklin household income of $194,079; at that income and 20% down, the 28% guideline points to a home of about $665,000.
| Down payment | $154,980 |
|---|---|
| Loan amount | $619,920 |
| Principal and interest | $4,170 |
| Property taxes (1.21% a year) | $781 |
| Homeowners insurance (our estimate, 0.5% a year) | $323 |
| PMI | $0 |
| Total per month | $5,274 |
Change the numbers in the calculator
| Down payment | $27,122 |
|---|---|
| Loan amount | $760,865 |
| Principal and interest | $5,118 |
| Property taxes (1.21% a year) | $781 |
| Homeowners insurance (our estimate, 0.5% a year) | $323 |
| FHA mortgage insurance | $467 |
| Total per month | $6,690 |
Change the numbers in the calculator
Questions about home buying in Franklin
What is the median home value in Franklin?
About $774,900 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 $9,379 a year, which is about 1.21% 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 $5,274 a month. Keeping that under 28% of gross income takes about $226,049 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