Affordable

What Salary Do You Need to Live in Franklin Park?

To afford a 2-bedroom in Franklin Park, you need to earn at least $53,840/year based on estimated fair market rent data. The median household income here is $74,167, which means the typical resident is $20,327 above the threshold.

Census ACS Data Pop. 18,374

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$942	$3,140	$37,680	$-36,487
1 Bedroom	$1,117	$3,723	$44,680	$-29,487
2 Bedroom BENCHMARK	$1,346	$4,487	$53,840	$-20,327
3 Bedroom	$1,642	$5,473	$65,680	$-8,487
4 Bedroom	$2,019	$6,730	$80,760	+$6,593

Affordability Breakdown

Where the required salary line crosses above Franklin Park's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$74,167

Annual household

2BR Required Salary

$53,840

Under 30% rule

Income Gap

+$20,327

Surplus

Verdict

Affordable

Ratio: 21.8%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Franklin Park

Your Annual Salary

Pre-filled with Franklin Park's median household income

Max monthly rent you can afford$1,854

Studio

$942/mo

1 BR

$1,117/mo

2 BR

$1,346/mo

3 BR

$1,642/mo

4 BR

$2,019/mo

Your salary is $0 above the median income in Franklin Park.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Franklin Park's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Franklin Park

Franklin Park, Illinois stands out as one of the more financially accessible housing markets in the state. The median household income of $74,167 significantly exceeds the $53,840 needed to comfortably afford a 2-bedroom at 30% of gross income — leaving a $20,327 annual surplus for savings, debt repayment, or lifestyle spending.

For remote workers or relocators evaluating Franklin Park, a studio at $942/month offers an even more aggressive savings rate. Even a 3-bedroom at $1,642/month remains accessible for dual-income households earning above $65,680.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $80,760 would position you well — though many residents in Franklin Park manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Franklin Park, Illinois.

With a total population of 18,374, the city supports an active civilian workforce of 9,590 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $53,840 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

9,590

Active civilian employees in Franklin Park

Frequently Asked Questions About Renting in Franklin Park

What salary do I need to live in Franklin Park, Illinois?

To afford a 2-bedroom in Franklin Park under the 30% rule, you need an annual salary of at least $53,840. The median household income in Franklin Park is $74,167.

Can I afford a 2-bedroom in Franklin Park on $74,167?

The affordability verdict for Franklin Park is "Affordable". The rent-to-income ratio is 21.8%, meaning median earners have a $20,327 surplus.

What is the average rent in Franklin Park compared to median income?

The median gross rent in Franklin Park is $1,117/month. With a median household income of $74,167, residents spend approximately 21.8% of their income on rent.

What salary do I need for a studio in Franklin Park?

A studio in Franklin Park rents for approximately $942/month. Under the 30% rule, you need an annual salary of $37,680 to afford this.

Is Franklin Park considered an affordable place to live?

Based on the surplus of $20,327 and an affordability verdict of "Affordable", Franklin Park is considered a affordable rental market when comparing the required 2-bedroom salary of $53,840 to the local median household income.

How Franklin Park Compares

Other cities in Illinois with salary requirements