Mortgage payment estimates, closing cost breakdowns, and homebuying data for Franklin, Tennessee.
Pre-filled with Franklin median home price and Tennessee tax/insurance rates. Adjust for your property.
Estimated closing costs based on Tennessee rates and fees applied to Franklin prices.
The median home price in Franklin is $625,000, 84% above the Tennessee state median of $340,000. With a population of 83,454, Franklin is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Tennessee average 0.56% annually. This low property tax rate is a significant advantage for Franklin buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Tennessee runs approximately $2,400 per year. This is within the normal range nationally.
Average rent in Franklin is $2,050/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Franklin is a higher-cost market. At $625K median, buyers need significant savings or strong income. Down payment assistance through Tennessee's THDA Great Choice Home Loan program becomes especially important.