Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 4,967 people, 2,209 houses or apartments, and a median cost of homes of $368,581, Franklin real estate values are some of the lowest in New Jersey, although compared to real estate around the nation, Franklin homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Franklin, accounting for 50.04% of the borough's housing units. Other types of housing that are prevalent in Franklin include large apartment complexes or high rise apartments ( 21.93%), duplexes, homes converted to apartments or other small apartment buildings ( 13.59%), and a few row houses and other attached homes ( 7.67%).
People in Franklin primarily live in small (one, two or no bedroom) single-family detached homes. Franklin has a mixture of owner-occupied and renter-occupied housing.
The housing in Franklin was primarily built before 1939 ( 35.69%), making the housing stock in Franklin some of the oldest overall in America, although there is a range of ages of homes in Franklin. The next most important housing age is between 1970-1999 ( 32.54%), followed by between 1940-1969 ( 22.79%). There's also some housing in Franklin built between 2000 and later ( 8.99%).
Real estate appreciation rates in Franklin's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.31% during the period.
Appreciation rates are so strong in Franklin that despite a nationwide downturn in the housing market, Franklin real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Franklin appreciation rates continue to be some of the highest in America, at 9.92%, which is higher than appreciation rates in 86.96% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Franklin. Franklin appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.
Relative to New Jersey, our data show that Franklin's latest annual appreciation rate is lower than 60% of the other cities and towns in New Jersey.
$368,581
for New jersey
for nation
2,209
$2,147 / per month