Quick facts: Franklin, IN

Quick Facts

95.3
Cost of Living
below US average
25,728
Population
13.37
Crime Rate per 1000
below US average
$72,344
Median Income
below US average
$319,900
Median House Price
above US average
$1620.21
Average Rent
above US average
9%
Poverty Rate
below US average
4.1%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $72,344.

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Income Needed to Buy

βœ— Stretch
$100k/year
Based on $319,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $100k vs median $72,344
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Income Needed to Rent

βœ“ Affordable
$69k/year
Based on $1620.21/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($72,344) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Franklin, IN

Franklin, Indiana, is a charming city located in Johnson County, approximately 20 miles south of Indianapolis. Known for its rich history, Franklin was established in 1823 and features a vibrant downtown area with preserved 19th-century buildings. The city is home to several historical landmarks, including the Johnson County Museum of History, which showcases the area's past. Franklin boasts a strong sense of community, with various annual events such as the Franklin Fall Fest and the Johnson County Fair that bring residents together. The city also offers recreational opportunities, with parks like Province Park and Franklin Community Park providing green spaces for outdoor activities. For families, Franklin Community Schools serve the area, offering quality education and a range of extracurricular activities. The city is also recognized for its close-knit atmosphere, friendly residents, and growing economy, supported by local businesses and a robust manufacturing sector. Overall, Franklin, IN, combines small-town charm with convenient access to larger city amenities, making it an appealing place to live, work, and visit.

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