Franklin, MI
Population 2,610 · Michigan
About Franklin, MI
Franklin is a small town located in Michigan with a population of 2,610 residents according to the latest US Census Bureau American Community Survey data. The median household income is $176,571 per year, which is 135% above the national median of $75,149. The median age of 49.6 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Franklin features a median home value of $696,700, which is 184% above the national median of $244,900. This places Franklin in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $3,175, 173% above the national average of $1,163/month. Of the 1,100 total housing units, 95% are owner-occupied (1,007 units) and 5% are renter-occupied (54 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Franklin shows an unemployment rate of 1.9%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 2.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Franklin have an average one-way commute time of 23.8 minutes.
Education & Demographics
80.3% of Franklin residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 1.0% White, 0.1% Hispanic or Latino, 1.6% Black or African American, and 3.1% Asian residents, with 9.0% of the population being foreign-born.
How Franklin Ranks in Michigan
Cost of Living in Franklin, MI
Compared to national averages, Franklin has a median household income of $176,571 (135% above the national median of $75,149). Home values average $696,700, which is 184% above the national median. Monthly rent at $3,175 is 173% above the US average of $1,163. Within Michigan, Franklin's income is 167% above the state average of $66,017, and home values are 280% above the state median of $183,391.
Why Live in Franklin, MI?
Franklin offers a strong local economy with a median household income of $176,571, well above the national average, and a strong job market with an unemployment rate of just 1.9%, and a well-educated community where 80.3% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 2.3%, better than the national average, and short commute times averaging just 23.8 minutes.
Potential considerations include a competitive housing market where the typical home costs $696,700. However, Franklin’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Franklin has a population of 2,610 with a median age of 49.6 years. Compare Franklin with other cities to see how it stacks up, or explore all cities in Michigan.
Similar Cities Near Franklin
Cities in Michigan with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Pleasant Ridge | 2,607 | $161,058 | $435,500 | Compare |
| Mattawan | 2,615 | $82,026 | $177,500 | Compare |
| Montague | 2,630 | $69,375 | $184,700 | Compare |
| Village of Grosse Pointe Shores | 2,589 | $182,000 | $671,600 | Compare |
| Carleton | 2,635 | $63,826 | $177,800 | Compare |
| Shelby | 2,571 | $53,309 | $124,000 | Compare |
| Croswell | 2,667 | $55,101 | $136,500 | Compare |
| East Tawas | 2,686 | $41,619 | $114,400 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Michigan
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Franklin With Other Cities
Frequently Asked Questions about Franklin
What is the population of Franklin, MI?
The population of Franklin, MI is 2,610 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Michigan.
What is the median household income in Franklin?
The median household income in Franklin, MI is $176,571 per year, which is 135% above the national median of $75,149.
What is the median home value in Franklin?
The median home value in Franklin, MI is $696,700, which is 184% above 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, MI is $3,175, which is 173% above the national average of $1,163/month.
What is the unemployment rate in Franklin?
The unemployment rate in Franklin, MI is 1.9%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Franklin, MI a good place to live?
Franklin offers above-average incomes, a competitive housing market, and a strong job market. With a population of 2,610 and a median age of 49.6, the city appeals to established professionals and retirees.
How educated is Franklin, MI?
80.3% of residents in Franklin aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Franklin?
Key cost-of-living indicators for Franklin, MI: median home value is $696,700 (184% above national), median rent is $3,175/month, and median household income is $176,571. The home-value-to-income ratio is 3.9x, a moderate figure by national standards.
What is the poverty rate in Franklin?
The poverty rate in Franklin, MI is 2.3%, 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, MI?
Franklin's population is 1.0% White, 0.1% Hispanic or Latino, 1.6% Black or African American, 3.1% Asian, and 13.1% two or more races. 9.0% of residents are foreign-born.