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 | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $176,099 | $154,283 | $242,182 |
| Price Trend (Annual %) | 7.3% | 4.4% | 8.2% |
| Median Gross Rent | $1,071 | $1,161 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Franklin County is about 14% higher than in Pennsylvania. Rent is about 8% lower than the Pennsylvania 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 7.3% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Franklin County rose about 32.4% between 2015 and 2023, from $809 to $1,071. Over the same span, rent in Pennsylvania rose about 38.3%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Franklin County.
Buying the median-priced home in Franklin County costs roughly 13.7 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 Pennsylvania is about 11.1.
| Metric | Franklin County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $176,099 | $154,283 | $242,182 |
| Median Household Income | $74,941 | $76,231 | $78,145 |
| Price-to-Income Ratio | 2.3 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Franklin County rose about 13.2%, while median household income rose about 48.1% 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 | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.1% | 62.8% | 58.2% |
| Rental Rate | 25.3% | 27.8% | 31.3% |
| Vacancy Rate | 5.6% | 9.4% | 10.6% |
| Median Tenure (years) | 17.0 | 17.0 | 15.0 |
| Median Year Moved In | 2009 | 2009 | 2011 |
Franklin County has a homeownership rate of 69.1%, higher than the Pennsylvania average of 62.8%. Its housing vacancy rate is 5.6%, compared with 9.4% in Pennsylvania.
Housing Stock
| Metric | Franklin County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1977 | 1965 | 1978 |
| Median Number of Rooms | 6.1 | 6.0 | 5.5 |
The typical housing unit in Franklin County was built around 1977. On average, 2.5 people live in a home with about 6.1 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Franklin County, Pennsylvania.
What is the median home price in Franklin County, Pennsylvania?
The median home price in Franklin County, Pennsylvania is $176,099, higher than the Pennsylvania average of $154,283.
What is the average home price in Franklin County, Pennsylvania?
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, Pennsylvania?
The median gross rent in Franklin County, Pennsylvania is $1,071 per month, lower than the Pennsylvania average of $1,161.
What was the median gross rent in Franklin County in 2020?
In 2020, the median gross rent in Franklin County, Pennsylvania was $904 per month.
What is the price-to-rent ratio in Franklin County, Pennsylvania?
The price-to-rent ratio in Franklin County, Pennsylvania is about 13.7, meaning it would take roughly 13.7 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, Pennsylvania?
Both home prices and rent are rising in Franklin County, up about 7.3% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Franklin County, Pennsylvania?
69.1% of households in Franklin County, Pennsylvania own their home, higher than the Pennsylvania average of 62.8%.
What is the vacancy rate in Franklin County, Pennsylvania?
The housing vacancy rate in Franklin County, Pennsylvania is 5.6%, lower than the Pennsylvania average of 9.4%.