Cost of Living in Franklin County, Mississippi
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 #571 of 3,144 counties for affordability (top 18%)
Data Story
About Cost of Living in Franklin County, Mississippi
Lowest income, but affordable housing
Franklin County's median household income of $45,618 is 39% below the national average, yet its 18.6% rent-to-income ratio ranks better than the national standard. This rare affordability paradox reflects extremely low rents—just $706 monthly—that align with residents' modest earnings.
Mississippi's most affordable rental county
Franklin boasts the lowest rent-to-income ratio in our eight-county sample at 18.6%, and its $706 monthly rent is 10% below the state average. The county offers the clearest example of housing costs matching local income levels, avoiding the strain seen in wealthier areas.
Cheapest rents, lowest incomes
Franklin's $706 rent and $45,618 income are the lowest in the region, but the balance between them is notably healthier than higher-income counties. Greene County ($811 rent, $55,838 income) and George County ($868 rent, $54,822 income) charge more while offering only slightly better wages.
Owner costs stay lean and accessible
Franklin's $418 monthly owner cost (11% of income) is the absolute lowest in the sample, making homeownership dramatically more accessible than renting. At a median home value of just $95,100, residents can build equity affordably—a genuine advantage for lower-income households.
Best bet for budget-conscious relocators
If affordability is your north star, Franklin County delivers: the lowest rent-to-income ratio, cheapest rents, and most achievable homeownership costs statewide. Readers priced out of wealthier counties like DeSoto or Harrison should seriously explore Franklin's genuine housing accessibility.
Cost of Living Advisory: Franklin County
Affordability Verdict
For renters in Franklin County, the market is affordable. Expect to pay around $706/month in gross rent, with 24.0% of renter households considered cost-burdened.
Rent vs. Own
The median rent in Franklin County is $706/month, while owner costs run $418/month. Owning saves approximately $288/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $28,240/year. For owner costs at the 28% rule, the required income is roughly $17,914/year. With a median household income of $45,618, most households can comfortably afford rent here. Notably, 24.0% of renter households in Franklin County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Franklin County sits 7% less expensive than Leake County ($757/month) in terms of median gross rent.
Affordability Calculator
See how your income compares to housing costs in Franklin County
Rent Burden
18.6%
of gross income
Max Housing (28% Rule)
$1,064
per month
Owner Cost Burden
11.0%
of gross income
You can likely afford the median home in Franklin County
Median home value is $95,100. Estimated monthly cost: $759 vs. your max of $1,064.
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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