Living in Franklin, Michigan
Cost of living, income, home prices, rent and demographics of Franklin · Census data 2020–2024
Franklin has 2,554 residents with a median age of 49.5. The median household income is $194,079 (166% higher than the Michigan median), the median home value is $774,900.
Franklin at a glance
- Population
- 2,554
- Median age
- 49.5State: 40.2
- Median household income
- $194,079State: $72,875
- Median home value
- $774,900State: $231,600
- Homeowners
- 98.2%
- Bachelor's degree or higher
- 80.2%
- Average commute
- 26 min
Is Franklin a good place to live?
Pros: Median household income 166% higher than the Michigan median; unemployment of 2%; a poverty rate of 2.8%.
Cons: Home values 235% higher than the state median; an average commute of 26 minutes.
The weather is best in June to September.
Cost of living in Franklin
Housing is the biggest part of the cost of living. In Franklin the median home value is $774,900, 133% higher than the U.S. median. Renters pay a median of — per month. Homeowners with a mortgage pay $3,244 a month in housing costs.
Franklin median household income
The median household income in Franklin is $194,079 and the income per person is $125,797. 2.8% of residents live below the poverty line (Michigan: 13.2%).
Housing in Franklin: homes for sale and rent
- Housing units
- 1,103
- Owner-occupied
- 98.2%
- Renter-occupied
- 1.8%
- Vacant
- 6.4%Includes seasonal homes
- Median year built
- 1958
- Average household size
- 2.47
Franklin demographics
- Population
- 2,554
- Median age
- 49.5
- Under 18
- 21.7%
- 65 and older
- 25.6%
- Households
- 1,032
- Foreign-born
- 11.3%
- Veterans
- 1.8%Adults 18+
Hispanic or Latino can be of any race. Population history of Franklin ›
Education in Franklin
80.2% of adults 25 and older in Franklin have a bachelor's degree or higher (Michigan: 32.4%), and 45.4% have a graduate or professional degree.
Jobs and commute in Franklin
- Unemployment rate
- 2%State: 5.7%
- Average commute
- 26 minState: 24 min
- Work from home
- 22.8%
- Drive alone
- 73.2%
- Public transit
- 0.4%
- Walk to work
- 1.4%
- Homes with broadband
- 98.9%
Franklin vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Franklin | 2,554 | $194,079 | $774,900 | — |
| Bingham Farms | 1,680 | $244,618 | $580,500 | $3,501 |
| Beverly Hills | 10,524 | $177,412 | $511,000 | $2,077 |
| Southfield | 76,236 | $68,166 | $236,200 | $1,340 |
| Lathrup Village | 4,059 | $109,893 | $310,600 | $1,483 |
| Farmington Hills | 83,515 | $104,836 | $354,500 | $1,551 |
| Birmingham | 21,763 | $153,510 | $698,300 | $1,902 |
| Bloomfield Hills | 4,415 | $189,942 | $947,900 | $3,501 |
| Farmington | 11,504 | $97,750 | $297,200 | $1,340 |
More for people moving to Franklin
Franklin ZIP code ›Weather and climate ›Living in Franklin: FAQ
What is the median household income in Franklin, MI?
The median household income in Franklin is $194,079, 166% higher than the Michigan median of $72,875 (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 $774,900, compared with $231,600 in Michigan.
Is Franklin, MI a good place to live?
Pluses: median household income 166% higher than the Michigan median; unemployment of 2%; a poverty rate of 2.8%. Minuses: home values 235% higher than the state median; an average commute of 26 minutes.
What is the median age in Franklin?
The median age in Franklin is 49.5 years (Michigan: 40.2).
How long is the commute in Franklin?
The average commute to work in Franklin is 26 minutes; 22.8% of workers work from home.
What is the unemployment rate in Franklin?
The unemployment rate in Franklin is 2% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Franklin?
80.2% 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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