89th most affordable of 199 in Metro Detroit
Cost of Living in Franklin, MI
A typical home in Franklin costs about $3,244 a month, 20.1% of the median household income of $194,079. That makes Franklin the 30th most affordable of 56 places in Oakland County and 89th of 199 across Metro Detroit.
- Median rent a month
- $0
- Median home value
- $774,900
- Owner cost with a mortgage
- $3,244
- Of income on housing
- 20.1%
Franklin against Oakland County and the metro
| Census median | Franklin | Oakland County | Metro Detroit |
|---|---|---|---|
| Median rent (monthly) | $0 | $1,376 | $1,207 |
| Median home value | $774,900 | $343,600 | $249,700 |
| Owner cost with a mortgage (monthly) | $3,244 | $1,998 | $1,720 |
| Median household income (yearly) | $194,079 | $97,760 | $76,664 |
| Share of income on housing | 20.1% | 20.7% | 22.9% |
Ranked 30th most affordable of 56 in Oakland County. See all 56.
Cost of living near Franklin
The towns around Franklin, each with its own page.
- Southfield Rent $1,340 · Home $236,200 179th most affordable in the metro
- Farmington Hills Rent $1,551 · Home $354,500 111th most affordable in the metro
- Bingham Farms Rent $3,501 · Home $580,500 23rd most affordable in the metro
- Bloomfield Township Rent $1,574 · Home $604,800 29th most affordable in the metro
- Southfield Township Rent $2,112 · Home $544,100 8th most affordable in the metro
- Beverly Hills Rent $2,077 · Home $511,000 11th most affordable in the metro
- Lathrup Village Rent $1,483 · Home $310,600 60th most affordable in the metro
- Birmingham Rent $1,902 · Home $698,300 112th most affordable in the metro
Living in Franklin
- Homes for sale in Franklin Listings and off-market deals
- Rentals in Franklin Houses and apartments for rent
- Franklin neighborhoods Every neighborhood on a map
- Franklin crime rate From Franklin's own police reports
- Cost of living in Oakland County Every town in the county, ranked
- Most affordable cities in Metro Detroit All six counties, ranked
- Franklin city guide Pros, homes and city services
Franklin cost of living questions
5 questions
Is Franklin, MI expensive to live in?
A typical home in Franklin takes 20.1% of the median household income, against 22.9% across Metro Detroit, which ranks it 89th most affordable of 199 places.
What is the average rent in Franklin?
The median gross rent is $0 a month, rent plus the utilities the renter pays.
How much does a house cost in Franklin?
Owners put the median home value at $774,900, 210% above the metro. With a mortgage, the median owner pays $3,244 a month for the mortgage, taxes, insurance and utilities.
What income do you need to live in Franklin?
Spending no more than 30% of income on housing, the usual rule, a typical Franklin home at $3,244 a month calls for about $130,000 a year. The median household here earns $194,079.
Where do these numbers come from?
The U.S. Census Bureau's American Community Survey 2020-2024 5-year estimates for Franklin. They are medians, half above and half below, and today's listings and rents can differ.
Source: U.S. Census Bureau, American Community Survey 2020-2024 5-year estimates.