Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 6,453, 2,576 total housing units (homes and apartments), and a median house value of $98,579, house prices in Franklin are some of the most affordable in Louisiana as well as the nation.
Single-family detached homes are the single most common housing type in Franklin, accounting for 76.90% of the city's housing units. Other types of housing that are prevalent in Franklin include mobile homes or trailers ( 13.22%), large apartment complexes or high rise apartments ( 5.72%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.28%).
The most prevalent building size and type in Franklin are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.34% owning and 41.66% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Franklin's housing was primarily built during this period, from the '40s through the '60s. A full 47.23% of the city's housing hails from this era. Other housing ages represented in Franklin include homes built between 1970-1999 ( 34.26%) and housing constructed before 1939 ( 12.41%). There's also some housing in Franklin built between 2000 and later ( 6.10%).
Vacant housing appears to be an issue in Franklin. Fully 19.47% of the housing stock is classified as vacant. Left unchecked, vacant Franklin homes and apartments can be a drag on the real estate market, holding Franklin real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Franklin, where house values have increased just 23.03%, which is annualized rate of 2.09%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Franklin appreciation rates have trailed the rest of the nation. In the last twelve months, Franklin's appreciation rate has been 1.87%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Franklin were at -3.70%, which equates to an annual appreciation rate of -14.01%.
Notably, Franklin's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Louisiana, our data show that Franklin's latest annual appreciation rate is lower than 50% of the other cities and towns in Louisiana.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Franklin differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Franklin - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Franklin real estate investment or home purchase decisions.
$98,579
for Louisiana
for nation
2,576
$1,236 / per month