Franklin, IL
Population 554 · Illinois
About Franklin, IL
Franklin is a small community located in Illinois with a population of 554 residents according to the latest US Census Bureau American Community Survey data. The median household income is $66,250 per year, which is 12% below the national median of $75,149. The median age of 36.3 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Franklin features a median home value of $103,300, which is 58% below the national median of $244,900. This makes Franklin one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $915, 21% below the national average of $1,163/month. Of the 236 total housing units, 69% are owner-occupied (143 units) and 31% are renter-occupied (65 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Franklin shows an unemployment rate of 2.4%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 7.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Franklin have an average one-way commute time of 26.9 minutes.
Education & Demographics
23.4% of Franklin residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.0% White, 0.4% Hispanic or Latino, 0.0% Black or African American, and 0.5% Asian residents, with 1.6% of the population being foreign-born.
Cost of Living in Franklin, IL
Compared to national averages, Franklin has a median household income of $66,250 (12% below the national median of $75,149). Home values average $103,300, which is 58% below the national median. Monthly rent at $915 is 21% below the US average of $1,163. Within Illinois, Franklin's income is 12% below the state average of $75,072, and home values are 38% below the state median of $165,779.
Why Live in Franklin, IL?
Franklin offers affordable housing with a median home value of $103,300, below the US average of $244,900, and rent that’s lower than the national average at $915/month, and a strong job market with an unemployment rate of just 2.4%. Additionally, the city features a low poverty rate of 7.3%, better than the national average.
Potential considerations include median household income ($66,250) that falls below the national average. However, Franklin’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Franklin has a population of 554 with a median age of 36.3 years. Compare Franklin with other cities to see how it stacks up, or explore all cities in Illinois.
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Economy & Education
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Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Franklin
What is the population of Franklin, IL?
The population of Franklin, IL is 554 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Illinois.
What is the median household income in Franklin?
The median household income in Franklin, IL is $66,250 per year, which is 12% below the national median of $75,149.
What is the median home value in Franklin?
The median home value in Franklin, IL is $103,300, which is 58% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Franklin?
The median monthly rent in Franklin, IL is $915, which is 21% below the national average of $1,163/month.
What is the unemployment rate in Franklin?
The unemployment rate in Franklin, IL is 2.4%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Franklin, IL a good place to live?
Franklin offers a moderate cost of living, affordable housing, and a strong job market. With a population of 554 and a median age of 36.3, the city appeals to a broad range of residents.
How educated is Franklin, IL?
23.4% of residents in Franklin aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Franklin?
Key cost-of-living indicators for Franklin, IL: median home value is $103,300 (58% below national), median rent is $915/month, and median household income is $66,250. The home-value-to-income ratio is 1.6x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Franklin?
The poverty rate in Franklin, IL is 7.3%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Franklin, IL?
Franklin's population is 0.0% White, 0.4% Hispanic or Latino, 0.0% Black or African American, 0.5% Asian, and 0.0% two or more races. 1.6% of residents are foreign-born.