Affordability evidence
Franklin, TN home values, income, and owner costs
A borrower-focused reading of the latest ACS value, income, and owner-cost evidence for Franklin, TN.
Source: U.S. Census Bureau
Last updated . Article facts reviewed through this date. Time-sensitive figures show their own as-of dates.
In Franklin, TN, the 2024 ACS reports a median owner-occupied home value of $705,400, median household income of $119,528, and median selected monthly owner costs of $2,542 for owners with a mortgage. For the decision at hand, together, those three reference points may help a borrower identify which search-price, income, and recurring-cost assumptions need current verification first. They remain separate medians, not the finances of one representative household, and the $2,542 measure combines recurring ownership expenses instead of real estate taxes alone. In practical terms, a useful affordability review starts with $705,400, $119,528, and $2,542, then replaces them with the borrower's documented income, cash, debts, property taxes, insurance, association charges, loan terms, and intended occupancy.
Franklin, TN's $705,400 median home-value estimate is above the statewide $286,700 estimate, with a reported city-to-state gap of 146.0%. For the decision at hand, that 146.0% gap is useful for showing that a statewide midpoint may be a poor substitute for a local search range in Franklin, TN.