Franklin, Tennessee Income Statistics
Franklin Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
A
Franklin Above average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Franklin | Tennessee Avg | US Average |
|---|---|---|---|
| Median Household Income | $114,018 | $69,901 | $80,455 |
| Median Personal Income | $78,648 | $53,263 | $60,758 |
| Average Yearly Income Growth | 3.3% | 5.2% | 4.8% |
| Six-Figure Earners | 22.6% | 10.4% | 13.9% |
| $200k+ Households | 22.4% | 9.0% | 13.2% |
The median household income in Franklin is about 63% higher than in Tennessee. Income has been growing slower in Franklin (3.3%/yr) than in Tennessee (5.2%/yr).
About 23% of adults in Franklin earn six figures ($100,000 or more) a year, higher than the Tennessee average of 10%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Franklin, Tennessee grew by 49.6% from 2009 to 2024, reaching $114,018 in 2024. That's an average of about 3.3% per year.
Income Inequality and the Gender Pay Gap in Franklin
| Metric | Franklin | Tennessee Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.516 | 0.542 | 0.552 |
| Male Median Income | $94,089 | $61,993 | $69,667 |
| Female Median Income | $67,043 | $50,108 | $56,850 |
| Gender Pay Gap | 28.7% | 19.2% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Franklin, it is 0.516, lower than Tennessee's 0.542, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 40% more than women's income in Franklin, Tennessee. Over a 35-year career, a 40% wage gap accumulates to roughly $946,610 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Franklin, Tennessee has narrowed from about 38% to 29% in 2024. Over that period the gap was widest at 39% in 2011. In dollar terms, the gap has widened by $78 since 2009.
Employment
| Metric | Franklin | Tennessee Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.3% | 4.6% | 5.2% |
| Working from Home | 27.4% | 12.9% | 15.0% |
| Commute time (minutes) | 20 | 22 | 22 |
Approximately 812 people are unemployed in Franklin, Tennessee.
The average commute time in Franklin is 20 minutes, shorter than the 22 minutes in Tennessee.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Franklin, Tennessee has fallen from 5.8% to 2.3% in 2024.
Franklin, TN Wealth Compared With Nearby Cities
How Franklin, TN compares with the 1 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Franklin, TN | 65,220 | $114,018 #2/2 | 3.3%/yr #1/2 | 2.3% #1/2 | 0.516 #1/2 |
| Brentwood, TN | 44,549 | $177,913 | 3.1%/yr | 2.5% | 0.551 |
Conclusion
Considering all these factors, Franklin, Tennessee has an overall wealth index grade of A, making it far better than Tennessee, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Franklin, Tennessee.
How Rich Is Franklin, Tennessee?
Franklin has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $114,018, about 63% higher than the Tennessee average of $69,901.
How fast is household income rising in Franklin, Tennessee?
Between 2009 and 2024, the median household income in Franklin, Tennessee rose 50%, from $76,203 to $114,018. Over the same years, income here lagged behind Tennessee as a whole: +50% against +63%.
What was the median household income in Franklin in 2023?
In 2023, the median household income in Franklin, Tennessee was $110,281, up 6% from $103,854 in 2022. The Tennessee median that year was $67,483.
What was the median household income in Franklin in 2020?
In 2020, the median household income in Franklin, Tennessee was $95,615. By 2024 it had risen 19% to $114,018.
Do many residents of Franklin, Tennessee earn over $100,000?
Yes. 23% of adults in Franklin, Tennessee earn $100,000 or more a year (about 1 in 4), against 10% (about 1 in 10) in Tennessee. 22% of households have a combined income of $200,000 or more, compared with 9% in Tennessee.
How strong is the job market in Franklin, Tennessee?
Unemployment in Franklin, Tennessee is only 2.3%, well below the Tennessee rate of 4.6%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Franklin, Tennessee?
The Gini coefficient in Franklin is 0.516. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Franklin, Tennessee?
Since 2009, the income gap between men and women in Franklin, Tennessee has narrowed from about 38% to 29% in 2024. Over that period the gap was widest at 39% in 2011. In dollar terms, the gap has widened by $78 since 2009.
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