Franklin, MI
Population 2,610 · Michigan
About Franklin, MI
Franklin is a small community in Michigan with a population of 2,610 residents. The median household income is $176,571 per year, which is above the national average. The median age in Franklin is 49.6 years.
Housing in Franklin has a median home value of $696,700 and median monthly rent of $3,175. Of the 1,100 total housing units, the majority are owner-occupied, with 1,007 owner-occupied and 54 renter-occupied units.
The unemployment rate in Franklin is 1.9% and the poverty rate is 2.3%. 80.3% of residents hold a bachelor's degree or higher. The average commute time is 23.8 minutes.
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.
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Frequently Asked Questions about Franklin
What is the population of Franklin, MI?
The population of Franklin, MI is 2,610 according to the latest Census data.
What is the median household income in Franklin?
The median household income in Franklin, MI is $176,571 per year.
What is the median home value in Franklin?
The median home value in Franklin, MI is $696,700.
What is the average rent in Franklin?
The median monthly rent in Franklin, MI is $3,175.
What is the unemployment rate in Franklin?
The unemployment rate in Franklin, MI is 1.9%.