Franklin, MI Real Estate
According to census data in the year 2000 there were 1,118 housing units in Franklin.
This represents a 10.7% growth from 1,010 in 1990.
Of those housing units, 1,118 were located in either urbanized areas or urban clusters, and none were located in what is classified as a rural area.
Homeownership rate in Franklin is about 97.1%.
Franklin's vacancy rate, including seasonal lodging, is about 4%.
Average household size is 2.73 people.
The majority of houses, apartments or condos in Franklin were built after 1959.
Statistics
Housing Size
| Housing Units by Size |
|---|
| Studio Type | 0% |
| One Bedroom | 0.40% |
| Two Bedrooms | 7.10% |
| Three Bedrooms | 42.50% |
| Four Bedrooms | 41.90% |
| Five Bedrooms or more | 8.20% |
Owned Homes, Apartments and Condos
| Average Household Size | 2.72 |
| Median year structure was built | 1959 |
| Median Value of occupied units | $414,400 |
| Median Price asked for vacant units | $372,200 |
Rented Homes, Apartments and Condos
| Average Household Size | 2.94 |
| Median year structure was built | 1960 |
| Median Monthly Rent asked for vacant units | $2,001 |
Owners Finance Status
| Housing Finance |
|---|
| Second Mortgage & Equity Loan | 0.90% |
| Second Mortgage | 2.80% |
| Home Equity Loan | 9.70% |
| Simple Mortgage | 60.40% |
| Debt Free | 26.30% |
| Median part of Monthly Household Income dedicated to covering home ownership costs | 17.1% |
