Franklin Square, New York Housing Market Prices
Franklin Square 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 55% above the New York median$731,555
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Median rent 30% above the New York median$2,101
Housing Market Overview
| Metric | Franklin Square | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $731,555 | $471,885 | $248,835 |
| Price Trend (Annual %) | 7.0% | 7.1% | 7.5% |
| Median Gross Rent | $2,101 | $1,621 | $1,407 |
| Rent Trend (Annual %) | 5.1% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Franklin Square is about 55% higher than in New York. Rent is about 30% higher than the New York 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 Square, up about 7.0% and 5.1% a year respectively. Home prices are changing faster.
Median rent in Franklin Square rose about 43.1% between 2015 and 2024, from $1,468 to $2,101. Over the same span, rent in New York rose about 43.2%.
Affordability
On average, housing unit costs 5.3 yearly household incomes in Franklin Square.
Buying the median-priced home in Franklin Square costs roughly 29.0 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 Square. The price-to-rent ratio in New York is about 24.3.
| Metric | Franklin Square | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $731,555 | $471,885 | $248,835 |
| Median Household Income | $137,510 | $86,556 | $80,455 |
| Price-to-Income Ratio | 5.3 | 5.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Franklin Square rose about 77.1%, while median household income rose about 60.2% 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 Square | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 80.6% | 48.8% | 58.5% |
| Rental Rate | 16.2% | 41.1% | 31.2% |
| Vacancy Rate | 3.2% | 10.1% | 10.2% |
| Median Tenure (years) | 19.0 | 17.0 | 15.0 |
| Median Year Moved In | 2007 | 2009 | 2011 |
Franklin Square has a homeownership rate of 80.6%, higher than the New York average of 48.8%. Its housing vacancy rate is 3.2%, compared with 10.1% in New York.
Housing Stock
| Metric | Franklin Square | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.15 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1954 | 1960 | 1978 |
| Median Number of Rooms | 6.4 | 5.0 | 5.5 |
The typical housing unit in Franklin Square was built around 1954. On average, 3.2 people live in a home with about 6.4 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Franklin Square, New York.
What is the median home price in Franklin Square, New York?
The median home price in Franklin Square, New York is $731,555, higher than the New York average of $471,885.
What is the average home price in Franklin Square, New York?
The typical home price in Franklin Square, New York, reported as the median sale price, is $731,555. 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 Square, New York?
The median gross rent in Franklin Square, New York is $2,101 per month, higher than the New York average of $1,621.
What was the median gross rent in Franklin Square in 2020?
In 2020, the median gross rent in Franklin Square, New York was $1,777 per month.
What is the price-to-rent ratio in Franklin Square, New York?
The price-to-rent ratio in Franklin Square, New York is about 29.0, meaning it would take roughly 29.0 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 Square.
Are home prices or rent rising faster in Franklin Square, New York?
Both home prices and rent are rising in Franklin Square, up about 7.0% and 5.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Franklin Square, New York?
80.6% of households in Franklin Square, New York own their home, higher than the New York average of 48.8%.
What is the vacancy rate in Franklin Square, New York?
The housing vacancy rate in Franklin Square, New York is 3.2%, lower than the New York average of 10.1%.
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