Franklin Grove, IL
Population 1,086 · Illinois
About Franklin Grove, IL
Franklin Grove is a small town located in Illinois with a population of 1,086 residents according to the latest US Census Bureau American Community Survey data. The median household income is $60,833 per year, which is 19% below the national median of $75,149. The median age of 41.5 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Franklin Grove features a median home value of $136,800, which is 44% below the national median of $244,900. This makes Franklin Grove one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $850, 27% below the national average of $1,163/month. Of the 424 total housing units, 66% are owner-occupied (258 units) and 34% are renter-occupied (132 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Franklin Grove shows an unemployment rate of 1.3%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 11.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Franklin Grove have an average one-way commute time of 28.5 minutes.
Education & Demographics
19.1% of Franklin Grove 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 11.0% White, 3.5% Hispanic or Latino, 0.0% Black or African American, and 1.6% Asian residents, with 2.3% of the population being foreign-born.
Cost of Living in Franklin Grove, IL
Compared to national averages, Franklin Grove has a median household income of $60,833 (19% below the national median of $75,149). Home values average $136,800, which is 44% below the national median. Monthly rent at $850 is 27% below the US average of $1,163. Within Illinois, Franklin Grove's income is 19% below the state average of $75,072, and home values are 17% below the state median of $165,779.
Why Live in Franklin Grove, IL?
Franklin Grove offers affordable housing with a median home value of $136,800, below the US average of $244,900, and rent that’s lower than the national average at $850/month, and a strong job market with an unemployment rate of just 1.3%. Additionally, the city features a low poverty rate of 11.3%, better than the national average.
Potential considerations include median household income ($60,833) that falls below the national average. However, Franklin Grove’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Franklin Grove has a population of 1,086 with a median age of 41.5 years. Compare Franklin Grove with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Franklin Grove
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| La Harpe | 1,085 | $49,028 | $84,200 | Compare |
| McCullom Lake | 1,087 | $71,000 | $180,700 | Compare |
| Lake Catherine | 1,091 | $94,821 | $237,100 | Compare |
| Astoria | 1,094 | $49,345 | $63,700 | Compare |
| Grandview | 1,077 | $48,906 | $72,900 | Compare |
| Royalton | 1,076 | $49,625 | $51,900 | Compare |
| Warrensburg | 1,076 | $88,897 | $141,100 | Compare |
| Andalusia | 1,073 | $72,589 | $150,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Franklin Grove With Other Cities
Frequently Asked Questions about Franklin Grove
What is the population of Franklin Grove, IL?
The population of Franklin Grove, IL is 1,086 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Illinois.
What is the median household income in Franklin Grove?
The median household income in Franklin Grove, IL is $60,833 per year, which is 19% below the national median of $75,149.
What is the median home value in Franklin Grove?
The median home value in Franklin Grove, IL is $136,800, which is 44% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Franklin Grove?
The median monthly rent in Franklin Grove, IL is $850, which is 27% below the national average of $1,163/month.
What is the unemployment rate in Franklin Grove?
The unemployment rate in Franklin Grove, IL is 1.3%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Franklin Grove, IL a good place to live?
Franklin Grove offers a moderate cost of living, affordable housing, and a strong job market. With a population of 1,086 and a median age of 41.5, the city appeals to a broad range of residents.
How educated is Franklin Grove, IL?
19.1% of residents in Franklin Grove 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 Grove?
Key cost-of-living indicators for Franklin Grove, IL: median home value is $136,800 (44% below national), median rent is $850/month, and median household income is $60,833. The home-value-to-income ratio is 2.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Franklin Grove?
The poverty rate in Franklin Grove, IL is 11.3%, 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 Grove, IL?
Franklin Grove's population is 11.0% White, 3.5% Hispanic or Latino, 0.0% Black or African American, 1.6% Asian, and 0.4% two or more races. 2.3% of residents are foreign-born.