Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Franklin County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $186,785 | $123,805 | $242,182 |
| Price Trend (Annual %) | 51.2% | 5.2% | 8.2% |
| Median Gross Rent | $716 | $913 | $1,342 |
| Rent Trend (Annual %) | 2.9% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Franklin County is about 51% higher than in Arkansas. Rent is about 22% lower than the Arkansas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Franklin County, up about 51.2% and 2.9% a year respectively. Home prices are changing faster.
Median rent in Franklin County rose about 22.9% between 2015 and 2023, from $583 to $716. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Franklin County.
Buying the median-priced home in Franklin County costs roughly 21.7 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Franklin County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Franklin County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $186,785 | $123,805 | $242,182 |
| Median Household Income | $51,914 | $58,772 | $78,145 |
| Price-to-Income Ratio | 3.6 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Franklin County rose about 117.6%, while median household income rose about 67.8% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Franklin County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.7% | 56.9% | 58.2% |
| Rental Rate | 23.0% | 29.1% | 31.3% |
| Vacancy Rate | 11.3% | 14.0% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Franklin County has a homeownership rate of 65.7%, higher than the Arkansas average of 56.9%. Its housing vacancy rate is 11.3%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Franklin County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1984 | 1986 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 | 5.5 |
The typical housing unit in Franklin County was built around 1984. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Franklin County, Arkansas.
What is the median home price in Franklin County, Arkansas?
The median home price in Franklin County, Arkansas is $186,785, higher than the Arkansas average of $123,805.
What is the average home price in Franklin County, Arkansas?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Franklin County, Arkansas?
The median gross rent in Franklin County, Arkansas is $716 per month, lower than the Arkansas average of $913.
What was the median gross rent in Franklin County in 2020?
In 2020, the median gross rent in Franklin County, Arkansas was $606 per month.
What is the price-to-rent ratio in Franklin County, Arkansas?
The price-to-rent ratio in Franklin County, Arkansas is about 21.7, meaning it would take roughly 21.7 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Franklin County.
Are home prices or rent rising faster in Franklin County, Arkansas?
Both home prices and rent are rising in Franklin County, up about 51.2% and 2.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Franklin County, Arkansas?
65.7% of households in Franklin County, Arkansas own their home, higher than the Arkansas average of 56.9%.
What is the vacancy rate in Franklin County, Arkansas?
The housing vacancy rate in Franklin County, Arkansas is 11.3%, lower than the Arkansas average of 14.0%.