In Franklin, a typical home is worth $231,500 and typical rent is $1,186 a month. Compared with all of Johnson County, the typical home value is 19% lower, typical household income is 9% lower, and the share of households that own their home is 7 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $221,765 to $282,316.
Typical rent
$1,687a month
▲ 4.5% more than 12 months ago
Typical rent from Zillow, September 2021 to September 2026: from $1,302 to $1,687.
From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).
Franklin is in Johnson County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Johnson County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Shelbyville, the typical home value is $174,700: 25% less than in Franklin ($231,500).
2
Nearby, in Shelbyville, the typical rent is $995: 16% less than in Franklin ($1,186).
3
The typical home in Franklin is worth $231,500,19% less than in Johnson County as a whole ($284,600).
4
66% of households in Franklin own their home, against 73% in Johnson County.
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Franklin
What homes there are in Franklin, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Franklin
Johnson County
Indiana
United States
Kind of home: Franklin and its comparisons
Measure
Franklin
Johnson County
Indiana
United States
Detached house
75%
77%
73%
61%
Attached house
6%
5%
4%
6%
Building of 2 to 4
6%
4%
6%
8%
Apartments (5 or more)
Unreliable estimate
12%
13%
19%
Mobile home
4%
2%
4%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
As in Johnson County, most homes in Franklin are detached houses (75%).
Year built
Before 19601960–19791980–19992000–20092010 or later
Franklin
Johnson County
Indiana
United States
Year built: Franklin and its comparisons
Measure
Franklin
Johnson County
Indiana
United States
Before 1960
22%
15%
31%
26%
1960–1979
14%
19%
24%
24%
1980–1999
28%
29%
23%
25%
2000–2009
24%
21%
12%
14%
2010 or later
13%
16%
10%
11%
By age, homes in Franklin look like those in Johnson County: the typical year built is 1994.
Homes in Franklin are smaller: 69% have 3 bedrooms or more; in Johnson County, 73%.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limitUnreliable estimate
Under $100K11%
$100K–$200K26%
$200K–$300K39%
$300K–$500K20%
$500K–$750K3%
FHA limit: $541,287
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Franklin and its comparisons
Measure
Franklin
Under $100K
11%
$100K–$200K
26%
$200K–$300K
39%
$300K–$500K
20%
$500K–$750K
3%
$750K–$1M
Unreliable
$1M or more
Unreliable estimate
About 97% of owner-occupied homes in Franklin are worth less than the FHA loan limit for Johnson County ($541,287).
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99933%
$1,000–$1,49934%
$1,500–$1,99919%
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Franklin and its comparisons
Measure
Franklin
Under $500
Unreliable estimate
$500–$999
33%
$1,000–$1,499
34%
$1,500–$1,999
19%
$2,000–$2,499
Unreliable estimate
$2,500–$2,999
Unreliable estimate
$3,000 or more
Unreliable estimate
With a mortgage
$1,404 a month
Johnson County: $1,583 a month
Without a mortgage
$542 a month
Johnson County: $564 a month
Owners with a mortgage
75%
Johnson County: 70%
The typical cost for an owner with a mortgage in Franklin is $1,404 a month, less than in Johnson County ($1,583); without one, $542.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Franklin+79%
Johnson County+73%
Indiana+54%
United States+53%
Typical rent
Franklin+35%
Johnson County+33%
Indiana+29%
United States+33%
Typical household income
Franklin+38%
Johnson County+25%
Indiana+28%
United States+29%
Change since 2015–2019: Franklin and its comparisons
Measure
Franklin
Johnson County
Indiana
United States
Typical home value
+79%
+73%
+54%
+53%
Typical rent
+35%
+33%
+29%
+33%
Typical household income
+38%
+25%
+28%
+29%
The typical home value in Franklin rose 79% since 2015–2019, more than in Johnson County (73%).
Much as in Johnson County, the typical rent in Franklin rose 35% since 2015–2019.
The typical household income in Franklin rose 38% over that time; home values changed +79% and rent +35%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Franklin and its comparisons
Measure
Franklin
Johnson County
Indiana
United States
Rental vacancy
Unreliable estimate
5.8%
5.6%
5.5%
Homeowner vacancy
Unreliable estimate
Unreliable estimate
0.8%
0.9%
More than one person per room
Unreliable estimate
1.6%
1.8%
3.4%
People per household
2.60
2.61
2.46
2.53
Drive alone
77%
77%
76%
69%
Carpool
9%
7%
9%
9%
Public transit
Unreliable estimate
Unreliable estimate
1%
3%
Walk or bike
1%
1%
2%
3%
Work from home
12%
14%
11%
15%
Other means
Unreliable estimate
1%
1%
2%
Typical commute
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
Much as in Johnson County, a household in Franklin has 2.60 people on average.
To get to work, 77% of workers in Franklin drive alone; in Johnson County, 77%.
Do the math
What would you pay each month for a home in Franklin?
A typical home is within reach of the typical income
We start with a typical home in Franklin, worth $231,500, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 28% of the typical household income in Franklin, which is $82,380 a year.
The calculator's FHA and conventional loan limits are those of all of Johnson County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Franklin. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $8,103 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$1,889
at 7.18% · 30 years
Loan amount
$227,306
Total interest
$327,041
Paid off in
November 2056
Includes $3,909 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,922 a month
Your payment · 28%
Tight
$1,922 to $2,471 a month
Hard
more than $2,471 a month
Compared with the typical household income in Franklin ($82,380 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,540
Property tax
$151
Home insurance
$97
FHA mortgage insurance (MIP)
$102
You need at least $8,103 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $1,889; principal and interest $1,540.
The city and its county
Franklin and Johnson County
Franklin is in Johnson County, Indiana. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Franklin
Map of Johnson County, Indiana, with Franklin marked. Around it, the neighboring counties.
Franklin
Johnson County
Other cities with a page
Franklin's own numbers
Typical home value
$231,500
Typical monthly rent
$1,186
Typical yearly household income
$82,380
Households that own their home
66%
Effective property tax rate
0.78%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Johnson County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,536
Price change over 5 years (FHFA)
+56%
Homes in a high flood-risk zone
2.7%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Johnson County.
A typical home in Franklin is worth $231,500: 19% below the county and 6% above Indiana. With the typical household income in Franklin ($82,380 a year), a typical home costs 2.8 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Franklin2.8 years
Johnson3.1 years
Indiana3.0 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Johnson County
According to FHFA’s house price index, home prices in Johnson County rose 105% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Johnson County.
Yearly change in FHFA’s price index in Johnson County, 2016 to 2025
2016: +4.6% +4.6% 2016
2017: +4.2% +4.2% 2017
2018: +8.8% +8.8% 2018
2019: +6.3% +6.3% 2019
2020: +4.6% +4.6% 2020
2021: +13.6% +13.6% 2021
2022: +17.5% +17.5% 2022
2023: +7.7% +7.7% 2023
2024: +3.2% +3.2% 2024
2025: +4.8% +4.8% 2025
Change in FHFA’s price index in Johnson County, Indiana and the United States
Period
County
Indiana
U.S.
Last year (2025)
+4.8%
+4.3%
+2.9%
5 years (2020–2025)
+56%
+53%
+47%
10 years (2015–2025)
+105%
+95%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Franklin next to Johnson County, Indiana and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Franklin$231,500
Johnson$284,600
Indiana$218,200
United States$332,700
Typical monthly rent
Franklin$1,186
Johnson$1,271
Indiana$1,062
United States$1,413
Typical yearly household income
Franklin$82,380
Johnson$90,454
Indiana$71,957
United States$80,734
See the full table
Franklin next to Johnson County and Indiana
Measure
Franklin
Johnson County
Indiana
U.S.
Typical home value
$231,500 ▼19% below the county
$284,600
$218,200
$332,700
Typical monthly rent
$1,186 ▼7% below the county
$1,271
$1,062
$1,413
Typical yearly household income
$82,380 ▼9% below the county
$90,454
$71,957
$80,734
Households that own their home
66% ▼7 points below the county
73%
71%
65%
Typical yearly property tax
$1,806 ▼11% below the county
$2,024
$1,614
$3,119
Effective property tax rate
0.78% ▲0.07 points above the county
0.71%
0.74%
0.94%
Renters with high rent for their income
46% ▲3 points above the county
43%
48%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Johnson County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Franklin
For a typical $231,500 home in Franklin, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Franklin's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$1,889a month
Least cash to close
Down payment
$8,103
Cash to close
$15,048
Rate
7.18%
Mortgage insurance
FHA MIP · $102
Conventional, 5% down$1,847a month
Down payment
$11,575
Cash to close
$18,520
Rate
7.18%
Mortgage insurance
PMI · $110
Conventional, 20% down, no PMI$1,502a month
Down payment
$46,300
Cash to close
$53,245
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,716a month
Down payment
$34,725
Cash to close
$41,670
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Franklin
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$1,889
$8,103
$227,307
7.18%
FHA MIP · $102
$15,048
580
Conventional, 5% down
$1,847
$11,575
$219,925
7.18%
PMI · $110
$18,520
620*
Conventional, 20% down, no PMI
$1,502
$46,300
$185,200
7.18%
None
$53,245
620*
ITIN, 15% down (example)
$1,716
$34,725
$196,775
8.18%
None
$41,670
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Franklin is $1,186 a month: 7% below the county. In Franklin, 46% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Johnson County, by unit size. To pay the 2-bedroom one ($1,536 a month) without spending more than 30% of your income, you would need to earn $29.54 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Johnson County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,187
$22.83
$47,480
1 bedroom
$1,336
$25.69
$53,440
2 bedrooms
$1,536
$29.54
$61,440
3 bedrooms
$1,991
$38.29
$79,640
4 bedrooms
$2,425
$46.63
$97,000
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Franklin
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Franklin is in ZIP code 46131.
For 2 bedrooms it is $1,500: $36 less than the fair market rent for Johnson County ($1,536).
Fair market rent by ZIP code and size in Franklin, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
46131
$1,160
$1,300
$1,500
$1,940
$2,370
ZIP code2 bd3 bd
46131 $1,500$1,940
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Franklin when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
We found no HUD-approved agencies with an office in Johnson County. The nearest ones are below; many serve by phone or online.
No down payment, repair or rent-help program on our list is for Franklin or Johnson County. The ones below are statewide in Indiana: they work in Franklin the same as in the rest of the state.
Indiana state agency program with down payment assistance of 2.5% or 3.5% of the price, alongside a 30-year FHA or conventional mortgage.Offered by Indiana Housing and Community Development Authority (IHCDA).
Indiana state agency 30-year FHA or conventional mortgage for first-time buyers (or homes in designated areas), with down payment assistance as a second mortgage with no interest or payments, repaid when the first mortgage ends.Offered by Indiana Housing and Community Development Authority (IHCDA).
No legal help resource on our list is for Franklin or Johnson County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Franklin and all of Johnson County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Franklin?
The typical home value in Franklin is $231,500, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Johnson County it is $284,600.
How much does it cost to rent in Franklin?
Typical rent in Franklin is $1,186 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Johnson County is $1,536.
What is the FHA loan limit in Franklin?
Franklin uses the FHA limit for all of Johnson County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Franklin?
The typical homeowner in Franklin pays $1,806 a year, according to the U.S. Census Bureau. That is 0.78% of the home’s value; in Johnson County, the rate is 0.71%.
Where can I find free help to buy or rent in Franklin?
We found no HUD-approved counseling agencies with an office in Johnson County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.
