Franklin, IL
Population 554 · Illinois
About Franklin, IL
Franklin is a small community in Illinois with a population of 554 residents. The median household income is $66,250 per year, which is near the national average. The median age in Franklin is 36.3 years.
Housing in Franklin has a median home value of $103,300 and median monthly rent of $915. Of the 236 total housing units, the majority are owner-occupied, with 143 owner-occupied and 65 renter-occupied units.
The unemployment rate in Franklin is 2.4% and the poverty rate is 7.3%. 23.4% of residents hold a bachelor's degree or higher. The average commute time is 26.9 minutes.
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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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 Census data.
What is the median household income in Franklin?
The median household income in Franklin, IL is $66,250 per year.
What is the median home value in Franklin?
The median home value in Franklin, IL is $103,300.
What is the average rent in Franklin?
The median monthly rent in Franklin, IL is $915.
What is the unemployment rate in Franklin?
The unemployment rate in Franklin, IL is 2.4%.