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City Report · NY

Franklin Square

Pop. 30,897·46th most expensive in New York·One of the pricier rental markets in the US
Median rent (all units)
$3,100/mo
Year-over-Year
Stable
Month-over-Month
+8.8%
vs US Median
+$1,138
Rising (Monthly)
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Most AffordableMost Expensive
Franklin Square · $3,100
More expensive than 92% of US cities · National median $1,962/mo
Affordability
26% of income
AFFORDABLE
0%30% benchmark60%+

At $3,100/mo, rent takes about 26% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$124,000/yr
Local median income
$143,263/yr
Based on the 30%-of-income rule using Franklin Square's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

1 BR
$1,345
2 BR
$2,140
3 BR
$2,169
Fair Market Rent (HUD)
$2,140/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $3,100 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
$37,200/yr
At $3,100/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, +8.8% MoM), not inventory.
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Demographics

Who lives here

Franklin Square, NY is majority owner-occupied, has a median income above the national average, 38.4% of residents hold a bachelor's degree or higher.

Population
30,897
Median income
$143,263
Median age
40
Renters
16.8%
Age distribution
19.9%
22.7%
26%
13.9%
17.5%
Under 1819.9%
18–3422.7%
35–5426%
55–6413.9%
65+17.5%
Gender
49.2%
50.8%
Male49.2%
Female50.8%
Race & ethnicity
56.2%
21.3%
16.5%
White56.2%
Black5.2%
Hispanic21.3%
Asian16.5%
Other0.7%
Education (25+)
27%
26.6%
38.4%
No HS diploma8%
HS diploma27%
Some college26.6%
Bachelor's+38.4%
Housing tenure
83.2%
16.8%
Owner83.2%
Renter16.8%

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

2021 vs 2026

How Franklin Square, NY has changed in 5 years

Income
$123,334 → $143,263
up 16.2%
Population
32,381 → 30,897
down 4.6%
Renter share
15.7% → 16.8%
+1.1 pts
Bachelor's+
37.6% → 38.4%
+0.8 pts
Median age
40.5 → 40
-0.5 yrs

Household income in the area moved from $123,334 to $143,263 across the same window, up 16.2% versus 2021. Census counts show Franklin Square, NY losing about 1,484 residents over the five-year window, down 4.6% on net.

Community

Discussions about Franklin Square

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

Can you afford rent in Franklin Square on your salary?

At $3,100/mo, how Franklin Square rent compares to typical pay (30% rule).

By apartment size

Franklin Square rent by bedroom count

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

Local insights

Tips for renters in Franklin Square

About renting in Franklin Square, NY

Last updated: August 17, 2026

The median rent in Franklin Square is $3,100/mo as of August 2026. a 2-bedroom runs $2,140/mo. One-bedroom apartments average $1,345/mo and 3-bedroom units go for $2,169/mo.

At 26% of local median household income ($143,263/yr), Franklin Square 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 Square an affordable city for renters?

Franklin Square is considered affordable for renters. At $3,100/mo, rent takes approximately 26% of the local median household income ($143,263/yr). The standard benchmark is 30%. Franklin Square falls comfortably within that range.

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

To keep rent at or below 30% of gross income, you would need to earn at least $124,000/year (~$60/hour full-time) to afford the median rent of $3,100/mo in Franklin Square. The local median household income is $143,263/yr, meaning the typical Franklin Square household meets that threshold.

Is rent going up or down in Franklin Square?

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

How does Franklin Square rent compare to other cities in New York?

Franklin Square is middle-of-the-pack for New York for rent, ranking #46 out of 125 tracked cities at $3,100/mo.

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

Valley Stream is nearby and more affordable at $2,967/mo, which is $133 less than Franklin Square.

What percentage of Franklin Square residents rent vs. own?

According to Census data, approximately 16.8% of Franklin Square households are renters, while 83.2% are owner-occupied. Franklin Square leans toward homeownership, which can mean a smaller rental inventory.

How does Franklin Square rent compare to the national average?

Franklin Square's median rent of $3,100/mo is $1,138 (58%) above the US national median of $1,962/mo. Within New York, it ranks #46 out of 125 tracked cities.
Income Affordability
26%
AFFORDABLE

At $3,100/mo, rent takes ~26% of Franklin Square's median household income ($143,263/yr). The standard benchmark is 30%.

Franklin Square 26%Benchmark 30%
State income tax4–10.9%
Run the Franklin Square affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Franklin Square, NY

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