Market Overview
Home Prices in Franklin Park, IL
The median home value in Franklin Park, IL is $326,102 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5.1% compared to a year ago and up 3.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in Franklin Park are priced20% below average. Franklin Park is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Franklin Park home values have risen by approximately30.8%, reflecting strong long-term appreciation in this market.
Price History
Franklin Park Home Price Trend
City Comparison
Franklin Park vs. National Median
At $326,102, homes in Franklin Park cost 20% below the national median of $410,000. This makes Franklin Park a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Franklin Park?
20% Down Payment
$65,220
on $326,102
Monthly P&I
$1,701/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,160/mo
incl. taxes & insurance
Income Needed
$86,400
gross annual (30% rule)
10% Down Option
$32,610
+ PMI applies
Loan Amount (20% dn)
$260,882
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Franklin Park, IL?
The median home value in Franklin Park is $326,102 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5.1% year-over-year.
How much have home prices changed in Franklin Park?
Over the past year, home values in Franklin Park have increased by 5.1%. Over five years, prices have risen approximately 30.8%.
How much do I need to earn to buy a home in Franklin Park?
To comfortably afford the median home price of $326,102 with a 20% down payment ($65,220) at today's rates (6.8%), you'd need a gross annual income of approximately $86,400. This assumes keeping total housing costs at or below 30% of gross income.
How does Franklin Park compare to the national average home price?
The national median home value is approximately $410,000. At $326,102, homes in Franklin Park are 20% below the national average.
What metro area is Franklin Park part of?
Franklin Park is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.