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 | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $94,615 | $119,791 | $242,182 |
| Price Trend (Annual %) | -0.3% | 5.1% | 8.2% |
| Median Gross Rent | $706 | $923 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Franklin County is about 21% lower than in Mississippi. Rent is about 24% lower than the Mississippi average.
Median Home and Rent Price Trends
Median Home Prices, 2016-2020
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Franklin County: home prices fell about 0.3% a year while rent rose about 6.0% a year. That is an unusual pattern worth watching.
Median rent in Franklin County rose about 35.1% between 2015 and 2023, from $522 to $706. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Franklin County.
Buying the median-priced home in Franklin County costs roughly 11.2 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Franklin County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Franklin County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $94,615 | $119,791 | $242,182 |
| Median Household Income | $45,611 | $55,084 | $78,145 |
| Price-to-Income Ratio | 2.1 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2016 and 2020, the median home price in Franklin County fell about 1.3%, while median household income rose about 34.0% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Franklin County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.8% | 59.0% | 58.2% |
| Rental Rate | 13.7% | 25.9% | 31.3% |
| Vacancy Rate | 31.5% | 15.1% | 10.6% |
| Median Tenure (years) | 21.0 | 16.0 | 15.0 |
| Median Year Moved In | 2005 | 2010 | 2011 |
Franklin County has a homeownership rate of 54.8%, lower than the Mississippi average of 59.0%. Its housing vacancy rate is 31.5%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Franklin County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1982 | 1985 | 1978 |
| Median Number of Rooms | 5.4 | 5.7 | 5.5 |
The typical housing unit in Franklin County was built around 1982. On average, 2.6 people live in a home with about 5.4 rooms, staying for about 21.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Franklin County, Mississippi.
What is the median home price in Franklin County, Mississippi?
The median home price in Franklin County, Mississippi is $94,615, lower than the Mississippi average of $119,791.
What is the average home price in Franklin County, Mississippi?
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, Mississippi?
The median gross rent in Franklin County, Mississippi is $706 per month, lower than the Mississippi average of $923.
What was the median gross rent in Franklin County in 2020?
In 2020, the median gross rent in Franklin County, Mississippi was $506 per month.
What is the price-to-rent ratio in Franklin County, Mississippi?
The price-to-rent ratio in Franklin County, Mississippi is about 11.2, meaning it would take roughly 11.2 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Franklin County.
Are home prices or rent rising faster in Franklin County, Mississippi?
Home prices and rent are moving in opposite directions in Franklin County: home prices fell about 0.3% a year while rent rose about 6.0% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Franklin County, Mississippi?
54.8% of households in Franklin County, Mississippi own their home, lower than the Mississippi average of 59.0%.
What is the vacancy rate in Franklin County, Mississippi?
The housing vacancy rate in Franklin County, Mississippi is 31.5%, higher than the Mississippi average of 15.1%.