Manageable

What Salary Do You Need to Live in Franklin?

To afford a 2-bedroom in Franklin, you need to earn at least $47,440/year based on estimated fair market rent data. The median household income here is $54,784, which means the typical resident is $7,344 above the threshold.

Census ACS Data Pop. 10,141

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$830	$2,767	$33,200	$-21,584
1 Bedroom	$984	$3,280	$39,360	$-15,424
2 Bedroom BENCHMARK	$1,186	$3,953	$47,440	$-7,344
3 Bedroom	$1,447	$4,823	$57,880	+$3,096
4 Bedroom	$1,779	$5,930	$71,160	+$16,376

Affordability Breakdown

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

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$54,784

Annual household

2BR Required Salary

$47,440

Under 30% rule

Income Gap

+$7,344

Surplus

Verdict

Manageable

Ratio: 26.0%

The 30% Rule Calculator

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

Your Annual Salary

Pre-filled with Franklin's median household income

Max monthly rent you can afford$1,370

Studio

$830/mo

1 BR

$984/mo

2 BR

$1,186/mo

3 BR

$1,447/mo

4 BR

$1,779/mo

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

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Franklin'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

Renting in Franklin, Kentucky is doable for median earners, but tight. A 2-bedroom requires roughly $47,440/year under the 30% rule, and with a median income of $54,784, residents are operating close to the threshold.

Downsizing to a 1-bedroom ($984/month) or studio ($830/month) materially improves the math. For those needing more space, a 3-bedroom in Franklin pushes the required income to $57,880.

For comfortable living in Franklin without financial stress, target a household income of at least $71,160 — this accounts for rent being approximately 30% of take-home pay while leaving adequate room for Kentucky's cost of living.

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, Kentucky.

With a total population of 10,141, the city supports an active civilian workforce of 3,895 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $47,440 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

3,895

Active civilian employees in Franklin

Frequently Asked Questions About Renting in Franklin

What salary do I need to live in Franklin, Kentucky?

To afford a 2-bedroom in Franklin under the 30% rule, you need an annual salary of at least $47,440. The median household income in Franklin is $54,784.

Can I afford a 2-bedroom in Franklin on $54,784?

The affordability verdict for Franklin is "Manageable". The rent-to-income ratio is 26.0%, meaning median earners have a $7,344 surplus.

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

The median gross rent in Franklin is $984/month. With a median household income of $54,784, residents spend approximately 26.0% of their income on rent.

What salary do I need for a studio in Franklin?

A studio in Franklin rents for approximately $830/month. Under the 30% rule, you need an annual salary of $33,200 to afford this.

Is Franklin considered an affordable place to live?

Based on the surplus of $7,344 and an affordability verdict of "Manageable", Franklin is considered a manageable rental market when comparing the required 2-bedroom salary of $47,440 to the local median household income.

How Franklin Compares

Other cities in Kentucky with salary requirements