Town Of Franklin Data & Demographics (As of July 1, 2024)
POPULATION
Total Population
1,109 (100%)
Population in Households
1,109 (100.0%)
Population in Families
963 (86.8%)
Population in Group Quarters1
0
Population Density
22
Diversity Index2
10
INCOME
Median Household Income
$81,647
Average Household Income
$88,977
% of Income for Mortgage4
26%
Per Capita Income
$32,093
Wealth Index5
74
HOUSING
Total HU (Housing Units)
462 (100%)
Owner Occupied HU
344 (74.5%)
Renter Occupied HU
56 (12.1%)
Vacant Housing Units
62 (13.4%)
Median Home Value
$336,449
Average Home Value
$395,422
Housing Affordability Index3
90
HOUSEHOLDS
Total Households
400
Average Household Size
2.77000000000
Family Households
285
Average Family Size
3
NOTES
Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
