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City Report · IL

Franklin Park

Pop. 18,197·82nd most expensive in Illinois·Rental market data updated monthly for Franklin Park, IL
Median rent (all units)
$1,700/mo
Year-over-Year
Stable
Month-over-Month
+9.7%
vs US Median
-$265
Rising (Monthly)
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Most AffordableMost Expensive
Franklin Park · $1,700
More affordable than 61% of US cities · National median $1,965/mo
Affordability
27% of income
AFFORDABLE
0%30% benchmark60%+

At $1,700/mo, rent takes about 27% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$68,000/yr
Local median income
$76,519/yr
Based on the 30%-of-income rule using Franklin Park's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,190
1 BR
$1,280
2 BR
$1,440
3 BR
$1,850
4 BR+
$2,170
Research median
$1,440/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: May 18, 2026

Annual cost
$20,400/yr
At $1,700/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 0.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+0.0% YoY, +9.7% MoM), not inventory.
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Demographics

Who lives here

Franklin Park, IL is majority owner-occupied, 19.7% of residents hold a bachelor's degree or higher.

Population
18,197
Median income
$76,519
Median age
38.3
Renters
24.9%
Age distribution
23.9%
23.4%
28.1%
13%
Under 1823.9%
18–3423.4%
35–5428.1%
55–6413%
65+11.6%
Gender
49%
51%
Male49%
Female51%
Race & ethnicity
39.2%
62.2%
White39.2%
Black0.8%
Hispanic62.2%
Asian2.3%
Education (25+)
22.7%
31.4%
26.3%
19.7%
No HS diploma22.7%
HS diploma31.4%
Some college26.3%
Bachelor's+19.7%
Housing tenure
75.1%
24.9%
Owner75.1%
Renter24.9%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Franklin Park, IL has changed in 5 years

Income
$70,221 → $76,519
up 9.0%
Population
18,435 → 18,197
down 1.3%
Renter share
26.7% → 24.9%
-1.8 pts
Bachelor's+
16.1% → 19.7%
+3.6 pts

Household income in the area moved from $70,221 to $76,519 across the same window, up 9.0% versus 2021. The population has contracted by 1.3% since 2021, moving from about 18,435 residents to roughly 18,197. Renters now make up 24.9% of households, compared with 26.7% five years ago. College-educated residents now make up 19.7% of adults here, versus 16.1% in 2021.

Community

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View Franklin Park rent history (2015–2026) →
Salary vs rent

Can you afford rent in Franklin Park on your salary?

At $1,700/mo, how Franklin Park rent compares to typical pay (30% rule).

By apartment size

Franklin Park rent by bedroom count

Median rent for each apartment size in Franklin Park. Click any size for full breakdown.

Local insights

Tips for renters in Franklin Park

About renting in Franklin Park, IL

Last updated: May 18, 2026

The median rent in Franklin Park is $1,700/mo as of May 2026. A studio apartment averages $1,190/mo while a 2-bedroom runs $1,440/mo. One-bedroom apartments average $1,280/mo and 3-bedroom units go for $1,850/mo.

At 27% of local median household income ($76,519/yr), Franklin Park ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Franklin Park an affordable city for renters?

Franklin Park is considered affordable for renters. At $1,700/mo, rent takes approximately 27% of the local median household income ($76,519/yr). The standard benchmark is 30%. Franklin Park falls comfortably within that range.

How much income do you need to rent in Franklin Park?

To keep rent at or below 30% of gross income, you would need to earn at least $68,000/year (~$33/hour full-time) to afford the median rent of $1,700/mo in Franklin Park. The local median household income is $76,519/yr, meaning the typical Franklin Park household meets that threshold.

Is rent going up or down in Franklin Park?

Rent in Franklin Park has been relatively stable over the past year, with a 0.0% change year over year as of May 2026.

How does Franklin Park rent compare to other cities in Illinois?

Franklin Park is middle-of-the-pack for Illinois for rent, ranking #82 out of 139 tracked cities at $1,700/mo.

Which nearby cities are cheaper to rent in than Franklin Park?

Several nearby cities have lower median rents than Franklin Park ($1,700/mo): Maywood ($1,424/mo), Elmwood Park ($1,671/mo).

What percentage of Franklin Park residents rent vs. own?

According to Census data, approximately 24.9% of Franklin Park households are renters, while 75.1% are owner-occupied. Franklin Park leans toward homeownership, which can mean a smaller rental inventory.

How does Franklin Park rent compare to the national average?

Franklin Park's median rent of $1,700/mo is $265 (13%) below the US national median of $1,965/mo. Within Illinois, it ranks #82 out of 139 tracked cities.
Income Affordability
27%
AFFORDABLE

At $1,700/mo, rent takes ~27% of Franklin Park's median household income ($76,519/yr). The standard benchmark is 30%.

Franklin Park 27%Benchmark 30%
State income tax4.95%
Run the Franklin Park affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Franklin Park, IL

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