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New Report Fall 2026 Housing Affordability Report: every state is less affordable than in late August as average 30-year mortgage rates passed 7%. Read the report

Franklin, AL Housing Affordability Index

Franklin, Alabama has an MBR Housing Affordability Index score of 285.0 (Highly Affordable) as of October 30, 2026, ranking 10th most affordable of 446 scored Alabama cities, compared with 134.1 statewide and 97.4 nationally. On a median-priced $77,900 home with 20% down, the Alabama average 30-year fixed rate of 7.19% means a monthly principal and interest payment of about $423, or 6% of the city’s $85,817 median household income.

The MBR Housing Affordability Index (MBR-HAI) for Franklin is updated every night from live Alabama mortgage rates and U.S. Census Bureau income, home value and housing cost data for the city. A score of 100 equals the national average; higher scores mean homeownership is more affordable.

Franklin MBR-HAI 285.0 Highly Affordable
Rank in Alabama 10 of 446 1 = most affordable
Alabama 134.1 Statewide score
National 97.4 100 = baseline
Avg 30-yr rate 7.19% Alabama lenders
Median home value $77,900 U.S. Census Bureau

Franklin is 150.9 points above the Alabama score. Scores as of October 30, 2026. See the Alabama index

View Franklin Mortgage Rates

See What You Can Afford in Franklin, Alabama

Use this Franklin, Alabama home affordability calculator to see how much house you can afford at today’s Alabama average 30-year mortgage rate of 7.19%. A household earning the Franklin median income of $85,817, with no other debts and $16,000 down, can afford a home of about $240,710, compared with a median home value of $77,900. Buying the median priced home with 20% down takes a household income of about $23,500 once property tax and insurance are counted.

Franklin median (Census)
Car, student loan, card minimums
Under 20% adds PMI
Alabama average, 30-year fixed
Franklin median bill (Census)
Estimate; use your quote
You can afford a home up to
$240,710
At or above the Franklin median home value of $77,900
Loan amount$224,710
Principal & interest$1,524/mo
Property tax$285/mo
Home insurance$100/mo
PMI$94/mo
Total monthly payment$2,002/mo
Compare Franklin Mortgage Rates

How much house can you afford in Franklin?

Most lenders use two limits. Your housing payment, including principal, interest, property tax, homeowners insurance and any PMI, should stay under about 28% of your gross monthly income, and all of your monthly debt payments together should stay under about 36%. The calculator takes whichever limit is lower, then works backward from that payment to the most expensive home it covers at the current rate.

In Franklin, property taxes run about 1.42% of a home’s value each year, based on the Census median tax bill, which counts against the same monthly budget as the mortgage. Each quarter point move in mortgage rates changes the price you can afford by roughly $4,260 for a median income household. A larger down payment, paying down other debts, or a lower rate from a local lender all raise your budget.

What It Takes to Buy in Franklin

$423/mo
Principal & Interest
Median home, 20% down, 7.19%
$18,100
Income Needed
To keep principal and interest at 28% of income
$85,817
Median Household Income
Alabama: $63,999
0.9x
Price-to-Income Ratio
Alabama: 3.3x
$815/mo
Median Owner Costs
Mortgage, taxes, insurance, utilities
$1,104/yr
Median Property Tax
1.42% of median value
9.8%
Owner Cost Burden
Owners spending 30%+ of income on housing
65.8%
Renter Cost Burden
Renters spending 30%+ of income on rent

Source: U.S. Census Bureau American Community Survey 5-Year Estimates (2024) for Franklin, Alabama. The rate is the Alabama average 30-year fixed rate from MonitorBankRates, since lenders publish rates by state.

Cite the Franklin Score

“MonitorBankRates (MBR) Housing Affordability Index, MonitorBankRates.com, October 30, 2026. Franklin, Alabama score: 285.0 (Highly Affordable), ranked 10 of 446 Alabama cities. monitorbankrates.com/housing-affordability-index/alabama/franklin”