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City Report · WI

Franklin

Pop. 35,886·5th most expensive in Wisconsin·Rental market data updated monthly for Franklin, WI
Median rent (all units)
$1,947/mo
Year-over-Year
Stable
Month-over-Month
+2.2%
vs US Median
-$18
Rising (Monthly)
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Most AffordableMost Expensive
Franklin · $1,947
More expensive than 56% of US cities · National median $1,965/mo
Affordability
22% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,947/mo, rent takes about 22% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$78,000/yr
Local median income
$106,894/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
$1,130
1 BR
$1,270
2 BR
$1,510
3 BR
$1,870
4 BR+
$2,040
Research median
$1,510/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: July 20, 2026

Annual cost
$23,364/yr
At $1,947/mo median
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+0.0% YoY, +2.2% MoM), not inventory.
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Demographics

Who lives here

Franklin, WI is majority owner-occupied, has a median income above the national average, 44.3% of residents hold a bachelor's degree or higher.

Population
35,886
Median income
$106,894
Median age
43
Renters
22.7%
Age distribution
22.3%
16.1%
27.6%
14.4%
19.6%
Under 1822.3%
18–3416.1%
35–5427.6%
55–6414.4%
65+19.6%
Gender
49.8%
50.2%
Male49.8%
Female50.2%
Race & ethnicity
83%
White83%
Black2.9%
Hispanic6.1%
Asian5.9%
Other2.1%
Education (25+)
23.1%
27.7%
44.3%
No HS diploma4.9%
HS diploma23.1%
Some college27.7%
Bachelor's+44.3%
Housing tenure
77.3%
22.7%
Owner77.3%
Renter22.7%

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

2021 vs 2026

How Franklin, WI has changed in 5 years

Income
$89,927 → $106,894
up 18.9%
Population
36,685 → 35,886
down 2.2%
Renter share
22.5% → 22.7%
+0.2 pts
Bachelor's+
41.5% → 44.3%
+2.8 pts
Median age
43.5 → 43
-0.5 yrs

On the earnings side, the typical household in Franklin, WI now reports about $106,894, up from $89,927 in 2021. Headcount in the area went from 36,685 to 35,886 between 2021 and 2024, a 2.2% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 41.5% to 44.3%.

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 $1,947/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, WI

Last updated: July 20, 2026

The median rent in Franklin is $1,947/mo as of July 2026. A studio apartment averages $1,130/mo while a 2-bedroom runs $1,510/mo. One-bedroom apartments average $1,270/mo and 3-bedroom units go for $1,870/mo.

At 22% of local median household income ($106,894/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 very affordable for renters. At $1,947/mo, rent takes approximately 22% of the local median household income ($106,894/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 $78,000/year (~$38/hour full-time) to afford the median rent of $1,947/mo in Franklin. The local median household income is $106,894/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 July 2026.

How does Franklin rent compare to other cities in Wisconsin?

Franklin is one of the pricier cities in Wisconsin for rent, ranking #5 out of 62 tracked cities at $1,947/mo.

Which nearby cities are cheaper to rent in than Franklin?

Several nearby cities have lower median rents than Franklin ($1,947/mo): South Milwaukee ($1,250/mo), West Allis ($1,372/mo), Cudahy ($1,386/mo).

What percentage of Franklin residents rent vs. own?

According to Census data, approximately 22.7% of Franklin households are renters, while 77.3% 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 $1,947/mo is $18 (1%) below the US national median of $1,965/mo. Within Wisconsin, it ranks #5 out of 62 tracked cities.
Income Affordability
22%
VERY AFFORDABLE

At $1,947/mo, rent takes ~22% of Franklin's median household income ($106,894/yr). The standard benchmark is 30%.

Franklin 22%Benchmark 30%
State income tax3.5–7.65%
Run the Franklin affordability calculator →
Lowest-rent ZIP codes in Franklin
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Franklin, WI

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