Franklin Town, Massachusetts Income Statistics
Franklin Town Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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A+
Franklin Town Top grade
Source: Map AI Methodology
Income Statistics Overview
| Metric | Franklin Town | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Household Income | $143,537 | $104,336 | $80,455 |
| Median Personal Income | $100,983 | $80,230 | $60,758 |
| Average Yearly Income Growth | 3.8% | 4.9% | 4.8% |
| Six-Figure Earners | 30.1% | 20.6% | 13.9% |
| $200k+ Households | 35.1% | 22.3% | 13.2% |
The median household income in Franklin Town is about 38% higher than in Massachusetts. Income has been growing slower in Franklin Town (3.8%/yr) than in Massachusetts (4.9%/yr).
About 30% of adults in Franklin Town earn six figures ($100,000 or more) a year, higher than the Massachusetts average of 21%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Franklin Town, Massachusetts grew by 57.2% from 2009 to 2024, reaching $143,537 in 2024. That's an average of about 3.8% per year.
Income Inequality and the Gender Pay Gap in Franklin Town
| Metric | Franklin Town | Massachusetts Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.517 | 0.531 | 0.552 |
| Male Median Income | $119,130 | $90,842 | $69,667 |
| Female Median Income | $86,996 | $75,629 | $56,850 |
| Gender Pay Gap | 27.0% | 16.7% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Franklin Town, it is 0.517, lower than Massachusetts's 0.531, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 37% more than women's income in Franklin Town, Massachusetts. Over a 35-year career, a 37% wage gap accumulates to roughly $1,124,690 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Franklin Town, Massachusetts has narrowed from about 41% to 27% in 2024. Over that period the gap was narrowest at 23% in 2022. In dollar terms, the gap has widened by $81 since 2009.
Employment
| Metric | Franklin Town | Massachusetts Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.2% | 5.1% | 5.2% |
| Working from Home | 22.1% | 18.6% | 15.0% |
| Commute time (minutes) | 31 | 25 | 22 |
Approximately 1,003 people are unemployed in Franklin Town, Massachusetts.
The average commute time in Franklin Town is 31 minutes, longer than the 25 minutes in Massachusetts.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Franklin Town, Massachusetts has fallen from 6.3% to 5.2% in 2024. Over that period the rate peaked at 7.2% in 2013 and fell as low as 4.1% in 2019.
Franklin Town, MA Wealth Compared With Nearby Cities
How Franklin Town, MA compares with the 2 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Franklin Town, MA | 33,154 | $143,537 #1/3 | 3.8%/yr #2/3 | 5.2% #2/3 | 0.517 #3/3 |
| Milford, MA | 24,865 | $93,170 | 3.6%/yr | 4.7% | 0.515 |
| Woonsocket, RI | 43,521 | $61,013 | 6.4%/yr | 6.8% | 0.514 |
Conclusion
Considering all these factors, Franklin Town, Massachusetts has an overall wealth index grade of A+, making it somewhat better than Massachusetts, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Franklin Town, Massachusetts.
How Rich Is Franklin Town, Massachusetts?
Franklin Town has a wealth index grade of A+. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A+ grade means it is one of the most prosperous areas in the country. The median household income is $143,537, about 38% higher than the Massachusetts average of $104,336.
How fast is household income rising in Franklin Town, Massachusetts?
Between 2009 and 2024, the median household income in Franklin Town, Massachusetts rose 57%, from $91,320 to $143,537. Over the same years, income here lagged behind Massachusetts as a whole: +57% against +61%.
What was the median household income in Franklin Town in 2023?
In 2023, the median household income in Franklin Town, Massachusetts was $141,579, up 3% from $137,889 in 2022. The Massachusetts median that year was $101,513.
What was the median household income in Franklin Town in 2020?
In 2020, the median household income in Franklin Town, Massachusetts was $116,762. By 2024 it had risen 23% to $143,537.
Do many residents of Franklin Town, Massachusetts earn over $100,000?
Yes. 30% of adults in Franklin Town, Massachusetts earn $100,000 or more a year (about 1 in 3), against 21% (about 1 in 5) in Massachusetts. 35% of households have a combined income of $200,000 or more, compared with 22% in Massachusetts.
What is the Gini coefficient in Franklin Town, Massachusetts?
The Gini coefficient in Franklin Town is 0.517. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Franklin Town, Massachusetts?
Since 2009, the income gap between men and women in Franklin Town, Massachusetts has narrowed from about 41% to 27% in 2024. Over that period the gap was narrowest at 23% in 2022. In dollar terms, the gap has widened by $81 since 2009.
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