Housing affordability · NY · 2024
Franklin Housing Affordability
9th most affordable of 62 New York counties · price-to-income ratio
Franklin at a glance
Franklin is among the more accessible housing markets in New York on both ownership and rental measures — home prices relative to income sit below the state median at 2.2×, and renters face a lower-than-average cost burden.
At Franklin's median household income of $65,151, a renter paying the median monthly rent of $843 would commit 16% of gross annual income to housing — below the 30% threshold widely used to define cost burden.
For owner-occupied households, 11% spend more than 30% of their income on housing costs — the standard definition of owner cost burden.
Franklin FAQ
What is the median home price in Franklin?
The median home value in Franklin, NY is $145,400 (2024 ACS 5-year estimate). This is 66% below the New York state median of $423,800.
Is Franklin an affordable place to buy a home?
Franklin is rated Affordable on the USInsights affordability scale. The price-to-income ratio is 2.2×, meaning the median home costs roughly 2.2 years of median household income ($65,151). Under 3.5× is generally considered affordable.
What is the average rent in Franklin?
The median gross rent in Franklin is $843 per month (2024 ACS 5-year estimate). 33% of renters spend more than 30% of their income on housing. The New York state median is $1,621.
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