Median Income
$178,167
household / year
Median Home Value
$710,700
owner-occupied
Median Rent
$3,343
gross / month
Cost of Living
98
national avg = 100

Is Franklin, MI a Good Place to Live?

Franklin is a small town of 2,653 in Michigan, with a median household income of $178,167 and a 2.0% unemployment rate. Its cost of living index is 98 (US average = 100), which is 2% below the national average.

Strengths: Franklin stands out for lower-than-average crime, a well-educated population, short average commutes.

Trade-offs: Potential downsides include high home prices. Whether Franklin is right for you depends on your priorities — the full breakdown is below.

All Franklin city data on this page comes from official government sources — the US Census Bureau, FBI, NCES, BEA, and NOAA — updated annually.

Cost of Living

Index: 98.0

Franklin's overall cost of living index is 98.0, where 100 represents the US national average. Living in Franklin costs roughly 2% less than the average American city.

Metric Franklin, MI National Avg
Median Home Value $710,700 $244,900
Median Monthly Rent $3,343 $1,163
Homeownership Rate 93.2% 65.9%
Median Household Income $178,167 $74,755

Crime & Safety

Very Safe

Franklin's violent crime rate is 32.2 per 100,000 residents — 92% lower than the national average of ~380 per 100,000.

Violent Crime
32.2 /100k
Property Crime
610.9 /100k

Vertical marker = national average. Source: FBI UCR Program.

Schools & Education

Metric Franklin, MI National Avg
School District N/A —
Elementary Schools N/A —
Middle Schools N/A —
High Schools N/A —
Student/Teacher Ratio N/A 16:1
Bachelor's Degree or Higher 79.3% 35.4%
High School Diploma or Higher 97.7% 91.1%

Weather & Climate

Franklin sees average highs of 30.4°F in January and 82.9°F in July, with 34.7 inches of annual precipitation and 36.0 inches of snow per year.

MetricFranklin, MI
Average High — January30.4°F
Average High — July82.9°F
Annual Precipitation34.7"
Annual Snowfall36.0"

Demographics

MetricFranklin, MINational Avg
Population2,653—
Median Age48.338.9
Unemployment Rate2.0%3.7%
Avg Commute Time22.2 min26 min
White (non-Hispanic)72.4%59.3%
Black or African American14.4%13.6%
Hispanic or Latino2.8%18.9%
Asian6.6%6.3%
Under 1820.5%22.2%
65 and over23.7%16.8%

Nearby Cities

Bingham Farms, MI 1 mi Beverly Hills, MI 3 mi Southfield, MI 4 mi Lathrup Village, MI 4 mi Farmington Hills, MI 4 mi

Franklin vs Other Cities

Franklin, MI vs Bingham Farms, MI Franklin, MI vs Beverly Hills, MI Franklin, MI vs Southfield, MI Franklin, MI vs Lathrup Village, MI Franklin, MI vs Farmington Hills, MI

Frequently Asked Questions

Franklin's cost of living index is 98, where 100 is the national average. That makes Franklin roughly 2% less expensive than a typical US city — a meaningful affordability advantage. The median home price is $710,700 and median rent is $3,343/month.
Franklin's violent crime rate is 32.2 per 100,000 residents — the national average is ~380 per 100,000. Property crime is 610.9 per 100,000 (national avg ~2,100). Data from the FBI Uniform Crime Reporting Program.
School district information is sourced from NCES Common Core of Data.
Franklin, MI has a population of 2,653, a median household income of $178,167, and an unemployment rate of 2.0%. Whether it's right for you depends on your priorities — use the compare tool above to stack it against another city you're considering.
Franklin averages 30.4°F in January and 82.9°F in July. Annual rainfall is 34.7 inches with about 36.0 inches of snow per year. Based on NOAA 30-year climate normals (1991–2020).
The population of Franklin, Michigan is 2,653 with a median age of 48.3. Source: US Census ACS 5-Year Estimates.
Key numbers for living in Franklin: cost of living index 98 (100 = US average), median home $710,700, median household income $178,167, crime index 17 (100 = US average, lower is safer). Whether these are benefits or drawbacks depends on where you're coming from — compare Franklin side by side with your current city to see the trade-offs.