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 | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $267,613 | $248,418 | $242,182 |
| Price Trend (Annual %) | 83.8% | 9.9% | 8.2% |
| Median Gross Rent | $947 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Franklin County is about 8% higher than in Texas. Rent is about 29% lower than the Texas 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 83.8% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Franklin County rose about 35.2% between 2015 and 2023, from $700 to $947. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Franklin County.
Buying the median-priced home in Franklin County costs roughly 23.5 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 Texas is about 15.5.
| Metric | Franklin County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $267,613 | $248,418 | $242,182 |
| Median Household Income | $63,635 | $76,510 | $78,145 |
| Price-to-Income Ratio | 4.2 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Franklin County rose about 99.2%, while median household income rose about 44.4% between 2009 and 2023 — 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 | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.1% | 56.5% | 58.2% |
| Rental Rate | 15.9% | 33.8% | 31.3% |
| Vacancy Rate | 23.0% | 9.6% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Franklin County has a homeownership rate of 61.1%, higher than the Texas average of 56.5%. Its housing vacancy rate is 23.0%, compared with 9.6% in Texas.
Housing Stock
| Metric | Franklin County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1988 | 1989 | 1978 |
| Median Number of Rooms | 5.4 | 5.4 | 5.5 |
The typical housing unit in Franklin County was built around 1988. On average, 2.6 people live in a home with about 5.4 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Franklin County, Texas.
What is the median home price in Franklin County, Texas?
The median home price in Franklin County, Texas is $267,613, higher than the Texas average of $248,418.
What is the average home price in Franklin County, Texas?
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, Texas?
The median gross rent in Franklin County, Texas is $947 per month, lower than the Texas average of $1,338.
What was the median gross rent in Franklin County in 2020?
In 2020, the median gross rent in Franklin County, Texas was $840 per month.
What is the price-to-rent ratio in Franklin County, Texas?
The price-to-rent ratio in Franklin County, Texas is about 23.5, meaning it would take roughly 23.5 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, Texas?
Both home prices and rent are rising in Franklin County, up about 83.8% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Franklin County, Texas?
61.1% of households in Franklin County, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Franklin County, Texas?
The housing vacancy rate in Franklin County, Texas is 23.0%, higher than the Texas average of 9.6%.