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 | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $120,394 | $436,407 | $242,182 |
| Price Trend (Annual %) | 4.5% | 6.9% | 8.2% |
| Median Gross Rent | $818 | $1,576 | $1,342 |
| Rent Trend (Annual %) | 3.0% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Franklin County is about 72% lower than in New York. Rent is about 48% lower than the New York 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 County, up about 4.5% and 3.0% a year respectively. Home prices are changing faster.
Median rent in Franklin County rose about 22.0% between 2015 and 2023, from $671 to $818. Over the same span, rent in New York rose about 39.2%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Franklin County.
Buying the median-priced home in Franklin County costs roughly 12.3 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 New York is about 23.1.
| Metric | Franklin County | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $120,394 | $436,407 | $242,182 |
| Median Household Income | $64,109 | $85,191 | $78,145 |
| Price-to-Income Ratio | 1.9 | 5.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Franklin County rose about 29.8%, while median household income rose about 57.7% 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 | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.8% | 48.7% | 58.2% |
| Rental Rate | 21.8% | 41.1% | 31.3% |
| Vacancy Rate | 24.4% | 10.2% | 10.6% |
| Median Tenure (years) | 19.0 | 17.0 | 15.0 |
| Median Year Moved In | 2007 | 2009 | 2011 |
Franklin County has a homeownership rate of 53.8%, higher than the New York average of 48.7%. Its housing vacancy rate is 24.4%, compared with 10.2% in New York.
Housing Stock
| Metric | Franklin County | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.24 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1964 | 1960 | 1978 |
| Median Number of Rooms | 5.7 | 5.0 | 5.5 |
The typical housing unit in Franklin County was built around 1964. On average, 2.2 people live in a home with about 5.7 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Franklin County, New York.
What is the median home price in Franklin County, New York?
The median home price in Franklin County, New York is $120,394, lower than the New York average of $436,407.
What is the average home price in Franklin County, New York?
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, New York?
The median gross rent in Franklin County, New York is $818 per month, lower than the New York average of $1,576.
What was the median gross rent in Franklin County in 2020?
In 2020, the median gross rent in Franklin County, New York was $705 per month.
What is the price-to-rent ratio in Franklin County, New York?
The price-to-rent ratio in Franklin County, New York is about 12.3, meaning it would take roughly 12.3 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, New York?
Both home prices and rent are rising in Franklin County, up about 4.5% and 3.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Franklin County, New York?
53.8% of households in Franklin County, New York own their home, higher than the New York average of 48.7%.
What is the vacancy rate in Franklin County, New York?
The housing vacancy rate in Franklin County, New York is 24.4%, higher than the New York average of 10.2%.