Franklin, TN
Population 85,575 · Tennessee
About Franklin, TN
Franklin is a mid-sized city located in Tennessee with a population of 85,575 residents according to the latest US Census Bureau American Community Survey data. The median household income is $115,000 per year, which is 53% above the national median of $75,149. The median age of 37.8 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 $646,300, which is 164% 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 $1,861, 60% above the national average of $1,163/month. Of the 34,971 total housing units, 64% are owner-occupied (21,318 units) and 36% are renter-occupied (11,840 units). The balanced mix of owners and renters indicates a diverse housing market.
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 4.8%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Franklin have an average one-way commute time of 24.5 minutes.
Education & Demographics
64.3% 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 3.8% White, 1.2% Hispanic or Latino, 0.6% Black or African American, and 2.3% Asian residents, with 11.5% of the population being foreign-born.
How Franklin Ranks in Tennessee
Cost of Living in Franklin, TN
Compared to national averages, Franklin has a median household income of $115,000 (53% above the national median of $75,149). Home values average $646,300, which is 164% above the national median. Monthly rent at $1,861 is 60% above the US average of $1,163. Within Tennessee, Franklin's income is 83% above the state average of $62,849, and home values are 201% above the state median of $214,371.
Why Live in Franklin, TN?
Franklin offers a strong local economy with a median household income of $115,000, well above the national average, and a strong job market with an unemployment rate of just 2.4%, and a well-educated community where 64.3% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 4.8%, better than the national average, and short commute times averaging just 24.5 minutes.
Potential considerations include a competitive housing market where the typical home costs $646,300. However, as a mid-sized city, Franklin provides access to a wide range of amenities and services.
Franklin has a population of 85,575 with a median age of 37.8 years. Compare Franklin with other cities to see how it stacks up, or explore all cities in Tennessee.
Similar Cities Near Franklin
Cities in Tennessee with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Johnson City | 71,455 | $55,429 | $238,000 | Compare |
| Jackson | 68,098 | $51,552 | $195,000 | Compare |
| Hendersonville | 62,390 | $91,503 | $396,500 | Compare |
| Bartlett | 56,998 | $100,660 | $283,700 | Compare |
| Kingsport | 55,807 | $50,436 | $203,000 | Compare |
| Smyrna | 55,066 | $78,409 | $326,700 | Compare |
| Spring Hill | 53,585 | $106,658 | $452,400 | Compare |
| Collierville | 51,212 | $134,319 | $458,300 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Tennessee
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, TN?
The population of Franklin, TN is 85,575 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Tennessee.
What is the median household income in Franklin?
The median household income in Franklin, TN is $115,000 per year, which is 53% above the national median of $75,149.
What is the median home value in Franklin?
The median home value in Franklin, TN is $646,300, which is 164% 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, TN is $1,861, which is 60% above the national average of $1,163/month.
What is the unemployment rate in Franklin?
The unemployment rate in Franklin, TN 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, TN a good place to live?
Franklin offers above-average incomes, a competitive housing market, and a strong job market. With a population of 85,575 and a median age of 37.8, the city appeals to a broad range of residents.
How educated is Franklin, TN?
64.3% 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, TN: median home value is $646,300 (164% above national), median rent is $1,861/month, and median household income is $115,000. The home-value-to-income ratio is 5.6x, a moderate figure by national standards.
What is the poverty rate in Franklin?
The poverty rate in Franklin, TN is 4.8%, 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, TN?
Franklin's population is 3.8% White, 1.2% Hispanic or Latino, 0.6% Black or African American, 2.3% Asian, and 5.8% two or more races. 11.5% of residents are foreign-born.