Market Overview
Home Prices in Franklin, IL
The median home value in Franklin, IL is $147,188 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 1.5% compared to a year ago and up 4.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Franklin are priced64% below average. Franklin is part of the Jacksonville, IL metro area.
Over the past five years, Franklin home values have risen by approximately23.9%, reflecting strong long-term appreciation in this market.
Price History
Franklin Home Price Trend
City Comparison
Franklin vs. National Median
At $147,188, homes in Franklin cost 64% below the national median of $410,000. This makes Franklin a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Franklin?
20% Down Payment
$29,438
on $147,188
Monthly P&I
$768/mo
30-yr @ 6.8%
Total Monthly Est.
~$975/mo
incl. taxes & insurance
Income Needed
$39,000
gross annual (30% rule)
10% Down Option
$14,719
+ PMI applies
Loan Amount (20% dn)
$117,750
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, IL?
The median home value in Franklin is $147,188 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 1.5% year-over-year.
How much have home prices changed in Franklin?
Over the past year, home values in Franklin have decreased by 1.5%. Over five years, prices have risen approximately 23.9%.
How much do I need to earn to buy a home in Franklin?
To comfortably afford the median home price of $147,188 with a 20% down payment ($29,438) at today's rates (6.8%), you'd need a gross annual income of approximately $39,000. This assumes keeping total housing costs at or below 30% of gross income.
How does Franklin compare to the national average home price?
The national median home value is approximately $410,000. At $147,188, homes in Franklin are 64% below the national average.
What metro area is Franklin part of?
Franklin is part of the Jacksonville, IL metropolitan area. Home prices and market conditions can vary across the broader metro region.