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City Report · KY

Franklin

Pop. 10,360·19th most expensive in Kentucky·Rental market data updated monthly for Franklin, KY
Median rent (all units)
$1,538/mo
Year-over-Year
Stable
Month-over-Month
+13.9%
vs US Median
-$424
Rising (Monthly)
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Most AffordableMost Expensive
Franklin · $1,538
More affordable than 73% of US cities · National median $1,962/mo
Affordability
31% of income
MODERATE
0%30% benchmark60%+

At $1,538/mo, rent takes about 31% of the local median household income, slightly above the 30% benchmark.

Income to afford
$62,000/yr
Local median income
$59,052/yr
Based on the 30%-of-income rule using Franklin's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

1 BR
$849
2 BR
$876
3 BR
$1,132
4 BR+
$1,309
Fair Market Rent (HUD)
$876/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,538 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$18,456/yr
At $1,538/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, +13.9% MoM), not inventory.
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Demographics

Who lives here

Franklin, KY is roughly split between renters and owners, has a median income below the national average, 15.5% of residents hold a bachelor's degree or higher.

Population
10,360
Median income
$59,052
Median age
35.8
Renters
45%
Age distribution
24.4%
24.4%
22.9%
12.1%
16.3%
Under 1824.4%
18–3424.4%
35–5422.9%
55–6412.1%
65+16.3%
Gender
50.7%
49.3%
Male50.7%
Female49.3%
Race & ethnicity
81%
White81%
Black8.6%
Hispanic3.5%
Other6.6%
Education (25+)
39.8%
33.3%
15.5%
No HS diploma11.5%
HS diploma39.8%
Some college33.3%
Bachelor's+15.5%
Housing tenure
55%
45%
Owner55%
Renter45%

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

2021 vs 2026

How Franklin, KY has changed in 5 years

Income
$51,324 → $59,052
up 15.1%
Population
9,885 → 10,360
up 4.8%
Renter share
49.3% → 45%
-4.3 pts
Bachelor's+
13.5% → 15.5%
+2.0 pts
Median age
34.4 → 35.8
+1.4 yrs

Local incomes tracked alongside that move, going from a median of $51,324 in 2021 to $59,052 more recently. Census counts show Franklin, KY adding about 475 residents over the five-year window, up 4.8% on net. The renter share has eased from 49.3% to 45%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 13.5% to 15.5% across the same window.

Community

Discussions about Franklin

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

Can you afford rent in Franklin on your salary?

At $1,538/mo, how Franklin rent compares to typical pay (30% rule).

By apartment size

Franklin rent by bedroom count

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

Local insights

Tips for renters in Franklin

About renting in Franklin, KY

Last updated: August 17, 2026

The median rent in Franklin is $1,538/mo as of August 2026. a 2-bedroom runs $876/mo. One-bedroom apartments average $849/mo and 3-bedroom units go for $1,132/mo.

At 31% of local median household income ($59,052/yr), Franklin ranks as moderate compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Franklin an affordable city for renters?

Franklin is considered moderate for renters. At $1,538/mo, rent takes approximately 31% of the local median household income ($59,052/yr). The standard benchmark is 30%. Franklin slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Franklin?

To keep rent at or below 30% of gross income, you would need to earn at least $62,000/year (~$30/hour full-time) to afford the median rent of $1,538/mo in Franklin. The local median household income is $59,052/yr, meaning the typical Franklin household falls short of that threshold.

Is rent going up or down in Franklin?

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

How does Franklin rent compare to other cities in Kentucky?

Franklin is middle-of-the-pack for Kentucky for rent, ranking #19 out of 36 tracked cities at $1,538/mo.

Which nearby cities are cheaper to rent in than Franklin?

Several nearby cities have lower median rents than Franklin ($1,538/mo): Frankfort ($1,035/mo), Lawrenceburg ($1,132/mo).

What percentage of Franklin residents rent vs. own?

According to Census data, approximately 45% of Franklin households are renters, while 55% are owner-occupied. Franklin leans toward homeownership, which can mean a smaller rental inventory.

How does Franklin rent compare to the national average?

Franklin's median rent of $1,538/mo is $424 (22%) below the US national median of $1,962/mo. Within Kentucky, it ranks #19 out of 36 tracked cities.
Income Affordability
31%
MODERATE

At $1,538/mo, rent takes ~31% of Franklin's median household income ($59,052/yr). The standard benchmark is 30%.

Franklin 31%Benchmark 30%
State income tax4%
Run the Franklin affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Franklin, KY

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