Living in Franklin, Minnesota
Cost of living, income, home prices, rent and demographics of Franklin · Census data 2020–2024
Franklin has 526 residents with a median age of 38.8. The median household income is $51,500 (42% lower than the Minnesota median), the median home value is $89,800, the median rent is $838/month.
Franklin is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Franklin at a glance
- Population
- 526
- Median age
- 38.8State: 38.8
- Median household income
- $51,500State: $89,062
- Median home value
- $89,800State: $329,300
- Median rent
- $838/moState: $1,280
- Homeowners
- 83.9%
- Bachelor's degree or higher
- 10.3%
- Average commute
- 23 min
Is Franklin a good place to live?
Pros: Home values 73% lower than the state median; unemployment of 3.3%.
Cons: Median household income 42% lower than the Minnesota median; an average commute of 23 minutes; a poverty rate of 16.1%.
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 $89,800, 73% lower than the U.S. median. Renters pay a median of $838 per month, which is 35.4% of household income. Homeowners with a mortgage pay $1,196 a month in housing costs.
Franklin median household income
The median household income in Franklin is $51,500 and the income per person is $29,082. 16.1% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Franklin: homes for sale and rent
- Housing units
- 225
- Owner-occupied
- 83.9%
- Renter-occupied
- 16.1%
- Vacant
- 3.1%Includes seasonal homes
- Median year built
- 1958
- Average household size
- 2.25
Franklin demographics
- Population
- 526
- Median age
- 38.8
- Under 18
- 25.9%
- 65 and older
- 20.3%
- Households
- 218
- Foreign-born
- 7.6%
- Veterans
- 9%Adults 18+
Hispanic or Latino can be of any race. Population history of Franklin ›
Education in Franklin
10.3% of adults 25 and older in Franklin have a bachelor's degree or higher (Minnesota: 39.4%), and 0% have a graduate or professional degree.
Jobs and commute in Franklin
- Unemployment rate
- 3.3%State: 4.1%
- Average commute
- 23 minState: 23 min
- Work from home
- 7.6%
- Drive alone
- 85.9%
- Public transit
- 0%
- Walk to work
- 0%
- Homes with broadband
- 90.4%
Franklin vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Franklin | 526 | $51,500 | $89,800 | $838 |
| Morton | 384 | $53,036 | $78,100 | $825 |
| Fairfax | 1,088 | $60,172 | $116,300 | $432 |
| Morgan | 925 | $55,833 | $117,400 | $1,018 |
| Redwood Falls | 5,068 | $61,750 | $162,100 | $832 |
| Clements | 109 | $54,375 | $63,100 | — |
| Bird Island | 930 | $75,833 | $142,100 | $617 |
| Hector | 1,130 | $63,362 | $132,000 | $1,125 |
| Gibbon | 918 | $55,278 | $102,700 | $950 |
More for people moving to Franklin
Franklin ZIP code ›Weather and climate ›Living in Franklin: FAQ
What is the median household income in Franklin, MN?
The median household income in Franklin is $51,500, 42% lower than the Minnesota median of $89,062 (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 $89,800, compared with $329,300 in Minnesota.
How much is rent in Franklin?
The median gross rent in Franklin is $838 per month, about 35.4% of household income.
Is Franklin, MN a good place to live?
Pluses: home values 73% lower than the state median; unemployment of 3.3%. Minuses: median household income 42% lower than the Minnesota median; an average commute of 23 minutes; a poverty rate of 16.1%.
What is the median age in Franklin?
The median age in Franklin is 38.8 years (Minnesota: 38.8).
How long is the commute in Franklin?
The average commute to work in Franklin is 23 minutes; 7.6% of workers work from home.
What is the unemployment rate in Franklin?
The unemployment rate in Franklin is 3.3% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Franklin?
10.3% 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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