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City · 10,360 residents · Simpson County, Kentucky

Franklin , Kentucky

In Franklin, a typical home is worth $195,400 and typical rent is $1,010 a month. Compared with all of Simpson County, the typical home value is 15% lower and the share of households that own their home is 12 points lower.

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  • Typical home value

    $195,400

    15% below the county

    5% below Kentucky

    • Franklin
    • Simpson
    • Kentucky

  • Typical rent

    $1,010a month

    About the same as the county

    4% above Kentucky

    • Franklin
    • Simpson
    • Kentucky

  • Typical household income

    $59,052a year

    About the same as the county

    7% below Kentucky

    • Franklin
    • Simpson
    • Kentucky

  • Households that own their home

    55%

    12 points below the county

    13 points below Kentucky

    • Franklin
    • Simpson
    • Kentucky

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$247,473
about the same as 12 months ago
Typical rent
$1,348 a month

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Franklin is in Simpson 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 Simpson County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Franklin apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Russellville, the typical rent is $738: 27% less than in Franklin ($1,010).

  2. Nearby, in Oak Grove, the typical home value is $148,700: 24% less than in Franklin ($195,400).

  3. 55% of households in Franklin own their home, against 67% in Simpson 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

In Franklin, 8 in 10 homes are single-family detached houses, about the same as in Simpson County.

Year built

Homes in Franklin are older: the typical year built is 1973; in Simpson County, 1979.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

With an FHA limit of $541,287, at least 95% of owner-occupied homes in Franklin sit below it: they are worth less than $500,000.

Monthly rent with utilities

With a mortgage

$1,246 a month

Simpson County: $1,299 a month

Without a mortgage

$477 a month

Simpson County: $480 a month

Owners with a mortgage

64%

Simpson County: 61%

Owning costs about the same in Franklin as in Simpson County: with a mortgage, $1,246 a month; without one, $477.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Franklin rose 77% since 2015–2019, more than in Simpson County (70%).

Rents in Franklin rose at about the same pace as in Simpson County: 26% since 2015–2019, against 26%.

To compare: typical income in Franklin rose 39%; the home, +77%; the rent, +26%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureFranklinSimpson CountyKentuckyUnited States
Rental vacancy Unreliable estimateUnreliable estimate4.6%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.9%0.9%
More than one person per room Unreliable estimateUnreliable estimate2.0%3.4%
People per household 2.502.442.432.53
Drive alone 78%79%77%69%
Carpool 13%13%9%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike Unreliable estimateUnreliable estimate2%3%
Work from home Unreliable estimate5%10%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute 10 to 19 minutes10 to 19 minutes20 to 29 minutes20 to 29 minutes

By size, households in Franklin look like those in Simpson County: 2.50 people on average.

The car rules in Franklin: 78% of workers drive to work alone, and the typical trip takes 10 to 19 minutes.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Franklin?

A typical home is tight for the typical income

We start with a typical home in Franklin, worth $195,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 32% of the typical household income in Franklin, which is $59,052 a year. For that payment to be 28% of income, a household would need to earn about $67,572 a year.

The calculator's FHA and conventional loan limits are those of all of Simpson County.

Your numbers

Local data
$

Starts at the typical home value in Franklin. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $6,839 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,577

at 7.18% · 30 years

Loan amount
$191,861
Total interest
$276,043
Paid off in
November 2056

Includes $3,300 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,378 a month

  • Tight

    $1,378 to $1,772 a month

    Your payment · 32%

  • Hard

    more than $1,772 a month

Compared with the typical household income in Franklin ($59,052 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,577
Principal & interest$1,300
Property tax$109
Home insurance$81
FHA mortgage insurance (MIP)$86

You need at least $6,839 for the down payment, plus closing costs.

Next step

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.

The city and its county

Franklin and Simpson County

Franklin is in Simpson County, Kentucky. 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's own numbers

Typical home value
$195,400
Typical monthly rent
$1,010
Typical yearly household income
$59,052
Households that own their home
55%
Effective property tax rate
0.67%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Simpson County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,122
Price change over 5 years (FHFA)
+60%
Homes in a high flood-risk zone
0.9%

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 Simpson County.

Everything about Simpson County

Buying

Buying a home in Franklin

A typical home in Franklin is worth $195,400: 15% below the county and 5% below Kentucky. With the typical household income in Franklin ($59,052 a year), a typical home costs 3.3 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.

  • Franklin 3.3 years
  • Simpson 3.8 years
  • Kentucky 3.2 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Simpson County

According to FHFA’s house price index, home prices in Simpson County rose 98% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Simpson County.

Period County Kentucky U.S.
Last year (2025) +4.5% +3.9% +2.9%
5 years (2020–2025) +60% +50% +47%
10 years (2015–2025) +98% +84% +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 Simpson County, Kentucky and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Franklin $195,400
  • Simpson $229,400
  • Kentucky $205,600
  • United States $332,700
Typical monthly rent
  • Franklin $1,010
  • Simpson $1,012
  • Kentucky $967
  • United States $1,413
Typical yearly household income
  • Franklin $59,052
  • Simpson $59,858
  • Kentucky $63,726
  • United States $80,734
See the full table
Franklin next to Simpson County and Kentucky
Measure Franklin Simpson County Kentucky U.S.
Typical home value $195,400 $229,400 $205,600 $332,700
Typical monthly rent $1,010 $1,012 $967 $1,413
Typical yearly household income $59,052 $59,858 $63,726 $80,734
Households that own their home 55% 67% 68% 65%
Typical yearly property tax $1,313 $1,371 $1,544 $3,119
Effective property tax rate 0.67% 0.6% 0.75% 0.94%
Renters with high rent for their income 44% 44% 45% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Simpson 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 $195,400 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 $1,577a month

    Least cash to close
    Down payment
    $6,839
    Cash to close
    $12,701
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $86

  • Conventional, 5% down $1,541a month

    Down payment
    $9,770
    Cash to close
    $15,632
    Rate
    7.18%
    Mortgage insurance
    PMI · $93

  • Conventional, 20% down, no PMI $1,249a month

    Down payment
    $39,080
    Cash to close
    $44,942
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,430a month

    Down payment
    $29,310
    Cash to close
    $35,172
    Rate
    8.18%
    Mortgage insurance
    None

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.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Franklin and for Simpson County.

Property tax

Effective rate in Franklin

0.67%of the home’s value each year

$1,313 a year for the typical owner in Franklin.

  • Franklin 0.67%
  • Simpson 0.6%
  • Kentucky 0.75%

What Kentucky publishes Homestead exemption for owners 65 or older or totally disabled (Kentucky Department of Revenue)

Exemptions and deadlines in Kentucky

Flood risk in Simpson County

FEMA does not publish these numbers by city: they are for all of Simpson County.

Homes in the high-risk zone
0.9%
64
Of those, with NFIP insurance
36%
County Kentucky U.S.
Homes in the high-risk zone 0.9% 3.5% 3.5%
Of those, with NFIP insurance 36% 19% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Franklin

Typical rent in Franklin is $1,010 a month: about the same as the county. In Franklin, 44% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Simpson County, by unit size. To pay the 2-bedroom one ($1,122 a month) without spending more than 30% of your income, you would need to earn $21.58 an hour working full time.

HUD fair market rent for all of Simpson County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $802 $15.42 $32,080
1 bedroom $984 $18.92 $39,360
2 bedrooms $1,122 $21.58 $44,880
3 bedrooms $1,491 $28.67 $59,640
4 bedrooms $1,568 $30.15 $62,720

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 42134.

For 2 bedrooms it is $1,110: $12 less than the fair market rent for Simpson County ($1,122).

  • 42134 $1,110$1,480

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 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Franklin

HUD lists 6 buildings with rents for lower incomes in Franklin. These are the largest.

  • Ashmore Village 201 Brentmore Dr, Franklin 42134 112 homes, 108 low-income · Run by Housing Authority of Franklin · Average payment: $498 a month (270) 586-8500
  • Walnut Forest Apartments Morgantown Road, Franklin 42134 48 low-income homes · 1 bd: 16 · 2 bd: 24 · 3 bd: 8 · In service since 2010 · For families
  • Ridgewood Apartments Filter Plant RD., Franklin 42134 40 low-income homes · 2 bd: 32 · 3 bd: 8 · In service since 2003
  • Kelsey Manor Crestmore Drive, Franklin 42134 32 low-income homes · 1 bd: 8 · 2 bd: 16 · 3 bd: 8 · In service since 2008
  • Joshua Place Crestmore Drive, Franklin 42134 24 low-income homes · 2 bd: 24 · In service since 2008

See all 6 buildings in Simpson County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Franklin

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 Simpson County. The nearest ones are below; many serve by phone or online.

A man leans over the armchair to help a teenage girl with her book.

HUD counseling is free or low-cost

Assistance programs in Franklin

No down payment, repair or rent-help program on our list is for Franklin or Simpson County. The ones below are statewide in Kentucky: they work in Franklin the same as in the rest of the state.

Which programs do I qualify for? All programs in Kentucky

  • KHC Down Payment Assistance (DPA)

    Statewide in Kentucky

    Kentucky state corporation loan of up to $12,500 for the down payment and closing costs, repaid over 15 years as a second loan, for buyers who take a KHC mortgage. Offered by Kentucky Housing Corporation (KHC).

    Repayable

    See the program Official page

Housing counselors near Franklin

The HUD-approved agencies closest to the center of Franklin, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Housing Assistance and Development Services, Inc.

    2530 Scottsville Rd Ste 106A, Bowling Green · 18 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 4 more
    (270) 796-4176

  • Kentucky Legal Aid

    1700 Destiny Ln, Bowling Green · 18 miles away · Spanish

    • Mortgage delinquency and default
    • Home improvement and repairs
    • and 3 more
    (270) 782-1924

  • Live the Dream Development, Inc

    247 Double Springs Rd, Bowling Green · 21 miles away

    • Budget and financial counseling
    • Budget and credit workshops
    • and 2 more
    (270) 843-6071

All counseling agencies in Kentucky

Help in Spanish near Franklin

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Franklin

HUD’s record names them for Franklin or Simpson County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

All housing agencies in Kentucky Source: HUD

Cities

Nearby cities

The cities closest to Franklin, with the typical home value.

Everything about Simpson County Housing in Kentucky

Neighboring counties

If Simpson County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Franklin.

All guides
A father smiles as he carries his baby on his shoulders outdoors.

Questions

Housing questions about Franklin

Short answers with the numbers for Franklin and all of Simpson 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 $195,400, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Simpson County it is $229,400.

How much does it cost to rent in Franklin?

Typical rent in Franklin is $1,010 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Simpson County is $1,122.

What is the FHA loan limit in Franklin?

Franklin uses the FHA limit for all of Simpson 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 $1,313 a year, according to the U.S. Census Bureau. That is 0.67% of the home’s value; in Simpson County, the rate is 0.6%.

Where can I find free help to buy or rent in Franklin?

We found no HUD-approved counseling agencies with an office in Simpson County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).