Franklin County, North Carolina Housing Market Prices
Franklin County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 5% above the North Carolina median More expensive than 77% of counties in North Carolina$292,591
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Median rent 12% below the North Carolina median$1,083
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Franklin County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $292,591 | $278,288 | $248,835 |
| Price Trend (Annual %) | 39.0% | 9.3% | 7.5% |
| Median Gross Rent | $1,083 | $1,227 | $1,407 |
| Rent Trend (Annual %) | 5.1% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Franklin County is about 5% higher than in North Carolina. Rent is about 12% lower than the North Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Franklin County, up about 39.0% and 5.1% a year respectively. Home prices are changing faster.
Median rent in Franklin County rose about 48.6% between 2015 and 2024, from $729 to $1,083. Over the same span, rent in North Carolina rose about 54.2%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Franklin County.
Buying the median-priced home in Franklin County costs roughly 22.5 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 North Carolina is about 18.9.
| Metric | Franklin County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $292,591 | $278,288 | $248,835 |
| Median Household Income | $74,339 | $72,438 | $80,455 |
| Price-to-Income Ratio | 3.9 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Franklin County rose about 267.3%, while median household income rose about 61.1% between 2009 and 2025 — 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 | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.6% | 58.3% | 58.5% |
| Rental Rate | 19.2% | 29.2% | 31.2% |
| Vacancy Rate | 10.2% | 12.5% | 10.2% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Franklin County has a homeownership rate of 70.6%, higher than the North Carolina average of 58.3%. Its housing vacancy rate is 10.2%, compared with 12.5% in North Carolina.
Housing Stock
| Metric | Franklin County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1999 | 1989 | 1978 |
| Median Number of Rooms | 6.0 | 5.6 | 5.5 |
The typical housing unit in Franklin County was built around 1999. On average, 2.6 people live in a home with about 6.0 rooms, staying for about 15.0 years on average.
Franklin County, NC Housing Compared With Nearby Counties
Franklin County, NC is the 3rd largest of the 6 counties compared here, 74,421 residents against a local median of 60,874. Franklin County, NC's median home price, at $292,591, runs 60% above the $182,462 typical of the counties around it.
Homeownership tells the same story from another angle: 78.6% against a local median of 64.1%, 23% above it. The one measure here that carries a verdict is homeownership, and at 23% above the local median it puts Franklin County, NC at the better end of the local range. The counties themselves spread $316,169 on median home price, so Franklin County, NC sits at one end of an already wide local range rather than apart from it. Franklin County, NC has the 2nd highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Franklin County, NC | 74,421 | $292,591 #2/6 | $1,083 #2/6 | 78.6% #1/6 |
| Vance County, NC | 42,305 | $134,971 | $882 | 60.1% |
| Nash County, NC | 96,212 | $182,462 | $952 | 63.6% |
| Warren County, NC | 18,783 | $281,001 | $789 | 69.3% |
| Granville County, NC | 60,874 | $113,314 | $1,008 | 77.1% |
| Wake County, NC | 1,178,613 | $429,483 | $1,622 | 64.1% |
Frequently Asked Questions
Common questions about the housing market in Franklin County, North Carolina.
What is the median home price in Franklin County, North Carolina?
The median home price in Franklin County, North Carolina is $292,591, higher than the North Carolina average of $278,288.
What is the average home price in Franklin County, North Carolina?
The typical home price in Franklin County, North Carolina, reported as the median sale price, is $292,591. 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, North Carolina?
The median gross rent in Franklin County, North Carolina is $1,083 per month, lower than the North Carolina average of $1,227.
What was the median gross rent in Franklin County in 2020?
In 2020, the median gross rent in Franklin County, North Carolina was $855 per month.
What is the price-to-rent ratio in Franklin County, North Carolina?
The price-to-rent ratio in Franklin County, North Carolina is about 22.5, meaning it would take roughly 22.5 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, North Carolina?
Both home prices and rent are rising in Franklin County, up about 39.0% and 5.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Franklin County, North Carolina?
70.6% of households in Franklin County, North Carolina own their home, higher than the North Carolina average of 58.3%.
What is the vacancy rate in Franklin County, North Carolina?
The housing vacancy rate in Franklin County, North Carolina is 10.2%, lower than the North Carolina average of 12.5%.
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