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City Report · OH

Franklin

Pop. 11,712·98th most expensive in Ohio·One of the most affordable rental markets in the US
Median rent (all units)
$1,198/mo
Year-over-Year
Stable
Month-over-Month
-4.8%
vs US Median
-$764
Falling (Monthly)
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Most AffordableMost Expensive
Franklin · $1,198
More affordable than 93% of US cities · National median $1,962/mo
Affordability
25% of income
AFFORDABLE
0%30% benchmark60%+

At $1,198/mo, rent takes about 25% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$48,000/yr
Local median income
$58,587/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

Studio
$840
1 BR
$950
2 BR
$1,230
3 BR
$1,630
4 BR+
$1,800
Fair Market Rent (HUD)
$1,230/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,198 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
$14,376/yr
At $1,198/mo median
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 0.0% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (+0.0% YoY, -4.8% MoM), not inventory.
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Demographics

Who lives here

Franklin, OH is majority owner-occupied, has a median income below the national average, 15.8% of residents hold a bachelor's degree or higher.

Population
11,712
Median income
$58,587
Median age
35.2
Renters
39.3%
Age distribution
20.9%
28.8%
22.7%
15.3%
12.2%
Under 1820.9%
18–3428.8%
35–5422.7%
55–6415.3%
65+12.2%
Gender
50.5%
49.5%
Male50.5%
Female49.5%
Race & ethnicity
87%
White87%
Black3%
Hispanic4.9%
Asian3.7%
Other1.4%
Education (25+)
47.6%
27.2%
15.8%
No HS diploma9.4%
HS diploma47.6%
Some college27.2%
Bachelor's+15.8%
Housing tenure
60.7%
39.3%
Owner60.7%
Renter39.3%

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

2021 vs 2026

How Franklin, OH has changed in 5 years

Income
$52,750 → $58,587
up 11.1%
Population
11,650 → 11,712
up 0.5%
Renter share
42.6% → 39.3%
-3.3 pts
Bachelor's+
11.4% → 15.8%
+4.4 pts
Median age
36.1 → 35.2
-0.9 yrs

Household income in the area moved from $52,750 to $58,587 across the same window, up 11.1% versus 2021. About 39.3% of households rent today, against 42.6% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 11.4% to 15.8%.

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 $1,198/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, OH

Last updated: August 17, 2026

The median rent in Franklin is $1,198/mo as of August 2026. A studio apartment averages $840/mo while a 2-bedroom runs $1,230/mo. One-bedroom apartments average $950/mo and 3-bedroom units go for $1,630/mo.

At 25% of local median household income ($58,587/yr), Franklin 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 an affordable city for renters?

Franklin is considered affordable for renters. At $1,198/mo, rent takes approximately 25% of the local median household income ($58,587/yr). The standard benchmark is 30%. Franklin falls comfortably within that range.

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 $48,000/year (~$23/hour full-time) to afford the median rent of $1,198/mo in Franklin. The local median household income is $58,587/yr, meaning the typical Franklin household meets 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 Ohio?

Franklin is one of the more affordable cities in Ohio for rent, ranking #98 out of 124 tracked cities at $1,198/mo.

What percentage of Franklin residents rent vs. own?

According to Census data, approximately 39.3% of Franklin households are renters, while 60.7% 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 $1,198/mo is $764 (39%) below the US national median of $1,962/mo. Within Ohio, it ranks #98 out of 124 tracked cities.
Income Affordability
25%
AFFORDABLE

At $1,198/mo, rent takes ~25% of Franklin's median household income ($58,587/yr). The standard benchmark is 30%.

Franklin 25%Benchmark 30%
State income tax2.75–3.5%
Run the Franklin affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Franklin, OH

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