Living in Franklin, Illinois
Cost of living, income, home prices, rent and demographics of Franklin · Census data 2020–2024
Franklin has 650 residents with a median age of 36.4. The median household income is $75,714 (9% lower than the Illinois median), the median home value is $116,400, the median rent is $940/month.
Franklin is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Franklin at a glance
- Population
- 650
- Median age
- 36.4State: 39
- Median household income
- $75,714State: $83,390
- Median home value
- $116,400State: $263,300
- Median rent
- $940/moState: $1,274
- Homeowners
- 65.8%
- Bachelor's degree or higher
- 20.9%
- Average commute
- 24 min
Is Franklin a good place to live?
Pros: Home values 56% lower than the state median; an average commute of 24 minutes; a poverty rate of 6.2%.
Cons: Median household income 9% lower than the Illinois median; unemployment of 6.4%.
The weather is best in May–June and August–September.
Cost of living in Franklin
Housing is the biggest part of the cost of living. In Franklin the median home value is $116,400, 65% lower than the U.S. median. Renters pay a median of $940 per month, which is 24.6% of household income. Homeowners with a mortgage pay $1,272 a month in housing costs.
Franklin median household income
The median household income in Franklin is $75,714 and the income per person is $47,836. 6.2% of residents live below the poverty line (Illinois: 11.8%).
Housing in Franklin: homes for sale and rent
- Housing units
- 261
- Owner-occupied
- 65.8%
- Renter-occupied
- 34.2%
- Vacant
- 10.3%Includes seasonal homes
- Median year built
- 1962
- Average household size
- 2.78
Franklin demographics
- Population
- 650
- Median age
- 36.4
- Under 18
- 25.7%
- 65 and older
- 18.8%
- Households
- 234
- Foreign-born
- 1.2%
- Veterans
- 8.5%Adults 18+
Hispanic or Latino can be of any race. Population history of Franklin ›
Education in Franklin
20.9% of adults 25 and older in Franklin have a bachelor's degree or higher (Illinois: 37.8%), and 8.4% have a graduate or professional degree.
Jobs and commute in Franklin
- Unemployment rate
- 6.4%State: 5.8%
- Average commute
- 24 minState: 28 min
- Work from home
- 12.4%
- Drive alone
- 81.7%
- Public transit
- 0%
- Walk to work
- 3.9%
- Homes with broadband
- 90.2%
Franklin vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Franklin | 650 | $75,714 | $116,400 | $940 |
| Waverly | 1,375 | $55,671 | $98,400 | $772 |
| Woodson | 550 | $80,750 | $131,500 | $932 |
| New Berlin | 1,442 | $70,179 | $163,400 | $643 |
| Modesto | 145 | $70,417 | $81,400 | — |
| South Jacksonville | 3,239 | $49,587 | $135,800 | $647 |
| Murrayville | 617 | $46,528 | $106,800 | $875 |
| Loami | 782 | $57,813 | $131,900 | $907 |
| Berlin | 103 | $66,250 | — | — |
More for people moving to Franklin
Franklin ZIP code ›Weather and climate ›Living in Franklin: FAQ
What is the median household income in Franklin, IL?
The median household income in Franklin is $75,714, 9% lower than the Illinois median of $83,390 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Franklin?
The median home value in Franklin is $116,400, compared with $263,300 in Illinois.
How much is rent in Franklin?
The median gross rent in Franklin is $940 per month, about 24.6% of household income.
Is Franklin, IL a good place to live?
Pluses: home values 56% lower than the state median; an average commute of 24 minutes; a poverty rate of 6.2%. Minuses: median household income 9% lower than the Illinois median; unemployment of 6.4%.
What is the median age in Franklin?
The median age in Franklin is 36.4 years (Illinois: 39).
How long is the commute in Franklin?
The average commute to work in Franklin is 24 minutes; 12.4% of workers work from home.
What is the unemployment rate in Franklin?
The unemployment rate in Franklin is 6.4% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Franklin?
20.9% of adults in Franklin have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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