Cost of Living in Franklin County, Iowa
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Franklin County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Franklin County ranks #229 of 3,144 counties for affordability (top 7%)
Data Story
About Cost of Living in Franklin County, Iowa
Franklin County ranks among most affordable
Franklin County residents spend just 12.2% of household income on rent—nearly 4 percentage points below the national trend. At $649 monthly with household incomes around $63,648, Franklin delivers genuine affordability by national standards.
Top performer in Iowa's affordability rankings
Franklin's 12.2% rent-to-income ratio significantly undercuts Iowa's 14.1% state average, making it one of the state's most affordable counties. Few Iowa communities offer housing costs this reasonable.
Franklin sets the region's affordability standard
Franklin County's $649 median rent is the lowest in the area, beating Floyd County ($672), Fremont ($753), Greene ($774), and Fayette ($813). Combined with reasonable incomes, Franklin residents keep more income in their pockets than anyone nearby.
Rent costs remarkably little here
Franklin households earn $63,648 annually while paying just $649 in median rent and $664 for homeownership—among the lowest housing costs statewide. With median home values of $118,500, Franklin offers genuine affordability across both rental and ownership markets.
Franklin offers unbeatable rural affordability
If you're seeking a rural Iowa home where housing costs barely dent your paycheck, Franklin County delivers the best value in this region. Low rents and low home values mean your relocation budget stretches furthest here.
Cost of Living Advisory: Franklin County
Affordability Verdict
Franklin County is affordable for renters, with a median gross rent of $649/month representing approximately 12.2% of median household income. The rent burden (GRAPI) stands at 19.0%.
Rent vs. Own
The median rent in Franklin County is $649/month, while owner costs run $664/month. Renting saves approximately $15/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $25,960/year. For owner costs at the 28% rule, the required income is roughly $28,457/year. With a median household income of $63,648, most households can comfortably afford rent here. Notably, 19.0% of renter households in Franklin County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Compared to Worth County where rent averages $703/month, Franklin County is approximately 8% less expensive.
Affordability Calculator
See how your income compares to housing costs in Franklin County
Rent Burden
12.2%
of gross income
Max Housing (28% Rule)
$1,485
per month
Owner Cost Burden
12.5%
of gross income
You can likely afford the median home in Franklin County
Median home value is $118,500. Estimated monthly cost: $946 vs. your max of $1,485.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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