Average Rent in Franklin County, IN↓ Rents falling 19.5% YoY🔻 2nd cheapest in IN
HUD FY2021 · Official government data · Updated annually · Metro pop. 22,929
Market Overview
Franklin County, IN has rental prices ranging from $499/month to $1,068/month in 2021, depending on unit size. The typical 1-bedroom apartment rents for $574/month — 59% below the national average of $1,400/month. With a median household income of $79,702/year, spending $574/month on a 1-bedroom represents 9% of gross income — within the recommended 30% threshold.
How Franklin County Compares
With an average 2-bedroom rent of $756/month, Franklin County ranks #76 most expensive of the 77 cities tracked in Indiana — more affordable than 98% of all US cities in our data.
The Franklin County Rental Market
The Franklin County, IN area has a population of about 22,929 and 19% of households renting rather than owning. That renter share runs below the US average of ~34%, a more homeowner-heavy market where rental inventory can be limited.
Rent Trends
2-bedroom rents in Franklin County, IN have fallen by $183/month (19.5%) over the past year, from $939 to $756. This rate of decrease is significant and reflects softening demand or increased inventory in the local market.
Affordability
To afford a 1-bedroom apartment in Franklin County, IN without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $22,960. The local median household income of $79,702 exceeds that threshold by $56,742, making Franklin County relatively accessible compared to local wages.
Economy & Jobs
Franklin County, IN has an unemployment rate of 3.0%, 0.9 percentage points below the national average of 3.9%. Strong employment conditions typically sustain rental demand, as workers relocate to the area and local residents maintain stable housing.
Fair Market Rents
HUD FY2021Is Franklin County, IN Affordable?
Income needed to rent or buy, price history, and how this city compares to nearby metros.
Affordability Index(30% income rule)
Nearby Cities in INlargest metros in the state
| City | Studio | 1BR | 2BR | 3BR | Home Value |
|---|---|---|---|---|---|
| Gary | $860 | $985 | $1,197 | $1,475 | — |
| Cincinnati | $883 | $993 | $1,287 | $1,707 | — |
| Anderson | $759 | $803 | $1,054 | $1,379 | — |
| Indianapolis | $955 | $1,097 | $1,283 | $1,669 | — |
| Louisville | $1,003 | $1,094 | $1,330 | $1,714 | — |
| Fort Wayne | $943 | $991 | $1,199 | $1,512 | — |
Rent or Buy in Franklin County?
Break-even analysis and mortgage estimates based on local market data.
Should I Rent or Buy?
Break-even analysis using real Franklin County data
Renting appears to be the better financial choice for this scenario.
Living in Franklin County
Cost of living, job market, crime rates, and moving cost estimates.
Moving Cost Estimator
Estimate your moving costs based on FMCSA public mover data
Select your origin state to see the estimate
Frequently Asked Questions
Explore More
Compare rent & home prices by neighborhood
💵Rent Affordability in Franklin CountySalary needed to afford rent here
🗺️All Cities in INSee how Franklin County ranks statewide
⚖️Compare Franklin CountySide-by-side rent & cost of living with any city
📋IN Tenant RightsDeposit limits, eviction laws & renters protections