Side-by-side comparison of home prices, mortgage payments, and housing costs between Franklin and Jackson, Tennessee. Using Tennessee's 0.56% property tax rate and $2,400/year insurance. Updated for 2026.
Jackson is significantly more affordable than Franklin, with homes priced 69% lower on average. That translates to $2,808/month in savings on your total housing payment. For budget-conscious buyers in Tennessee, Jackson offers a much more accessible path to homeownership.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI. Uses Tennessee's 0.56% property tax rate.
Buying in Jackson saves you approximately $2,808/month ($33,696/year) compared to Franklin, based on median home prices with identical loan terms.
Jackson is the better choice for first-time buyers, with a median price of $195K versus $625K in Franklin. That's $430K less to save for a down payment. You'd need roughly $7K for an FHA 3.5% down payment in Jackson, compared to $22K in Franklin. Tennessee offers the THDA Great Choice Home Loan program (Up to $25,000 DPA) which applies in both cities.
Jackson has the better price-to-rent ratio at 17.1x versus 25.4x in Franklin. A lower ratio generally signals better rental income relative to purchase price. Average rent in Jackson is $950/month on a $195K median home, making it a stronger candidate for buy-and-rent investors.
Franklin (pop. 83,454) offers more amenities, schools, and services typical of a larger city, while Jackson (pop. 68,205) may offer a quieter, more community-oriented lifestyle. Families on a budget may prefer Jackson, where lower housing costs free up more income for childcare, education, and savings.