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 Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $208,790 | $166,764 | $242,182 |
| Price Trend (Annual %) | 17.6% | 4.5% | 8.2% |
| Median Gross Rent | $719 | $1,038 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Franklin Parish is about 25% higher than in Louisiana. Rent is about 31% lower than the Louisiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Franklin Parish, up about 17.6% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Franklin Parish rose about 45.2% between 2015 and 2023, from $495 to $719. Over the same span, rent in Louisiana rose about 31.9%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in Franklin Parish.
Buying the median-priced home in Franklin Parish costs roughly 24.2 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 Parish. The price-to-rent ratio in Louisiana is about 13.4.
| Metric | Franklin Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $208,790 | $166,764 | $242,182 |
| Median Household Income | $44,317 | $60,029 | $78,145 |
| Price-to-Income Ratio | 4.7 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Franklin Parish rose about 185.5%, while median household income rose about 41.2% 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 Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.6% | 57.3% | 58.2% |
| Rental Rate | 21.6% | 27.8% | 31.3% |
| Vacancy Rate | 17.7% | 14.8% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Franklin Parish has a homeownership rate of 60.6%, higher than the Louisiana average of 57.3%. Its housing vacancy rate is 17.7%, compared with 14.8% in Louisiana.
Housing Stock
| Metric | Franklin Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.52 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1980 | 1982 | 1978 |
| Median Number of Rooms | 5.7 | 5.5 | 5.5 |
The typical housing unit in Franklin Parish was built around 1980. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Franklin Parish, Louisiana.
What is the median home price in Franklin Parish, Louisiana?
The median home price in Franklin Parish, Louisiana is $208,790, higher than the Louisiana average of $166,764.
What is the average home price in Franklin Parish, Louisiana?
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 Parish, Louisiana?
The median gross rent in Franklin Parish, Louisiana is $719 per month, lower than the Louisiana average of $1,038.
What was the median gross rent in Franklin Parish in 2020?
In 2020, the median gross rent in Franklin Parish, Louisiana was $626 per month.
What is the price-to-rent ratio in Franklin Parish, Louisiana?
The price-to-rent ratio in Franklin Parish, Louisiana is about 24.2, meaning it would take roughly 24.2 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 Parish.
Are home prices or rent rising faster in Franklin Parish, Louisiana?
Both home prices and rent are rising in Franklin Parish, up about 17.6% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Franklin Parish, Louisiana?
60.6% of households in Franklin Parish, Louisiana own their home, higher than the Louisiana average of 57.3%.
What is the vacancy rate in Franklin Parish, Louisiana?
The housing vacancy rate in Franklin Parish, Louisiana is 17.7%, higher than the Louisiana average of 14.8%.