District No. 48 School · Photo: Elkman · CC BY-SA 4.0Even on the area’s higher pay, Franklin Township costs more to live in than 86% of U.S. towns
It ranks #261 of 273 in Minnesota for affordability. Home prices around Franklin Township have risen about 36% over the past 5 years.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of the Minneapolis-St. Paul-Bloomington, MN-WI metro area ($100K). How TownRatings grades cost of living
Only 0 sales in September 2026: in a market this size, monthly medians swing a lot, so the typical value is the steadier guide.
The grade measures what housing costs against what households in the area earn. Franklin Township’s area earns well above the typical U.S. town ($100K against $74K), but homes, rent and taxes here run higher still. Owners keep up no better than renters: 28% of owners pay 30% or more of income for housing (typical U.S. town: 20%), against 19% of renters.
In dollars
- $1,520a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
- 105prices across the Minneapolis metro, where the U.S. is 100 (housing 112)BEA Regional Price Parities, 2024
In paychecks the grade
- 6.4 yrsof area income buys the typical home; the typical U.S. town: 3.3$100K, Minneapolis-area income
- 21%of area income goes to the median rent; the typical U.S. town: 18%Census 2020–24
- 28%of owners do; the typical U.S. town: 20%Census 2020–24
The short version on homes in Franklin Township
Renting costs far less than owning
A two-bedroom rents for about $1,520 a month. Owning the typical Franklin Township home, with 20% down at the calculator’s rate, runs about $4,060 with tax and insurance: more than twice as much. Can I afford it? ↓
Nearly every household owns
94% of Franklin Township households own their home, against 72% across Minnesota. There are only 47 renter households, so rentals are scarce. Property taxes ↓
Written from the data on this page. There’s no Zillow index for Franklin Township, so the typical value is an estimate: the Census median carried forward with the federal house price index; incomes, rents paid, taxes and ownership come from the Census American Community Survey.
What’s behind Franklin Township’s grade
Measured against what households in the area earn, Franklin Township is more affordable than 14% of U.S. towns, #261 of 273 in Minnesota. Home prices pull the grade down most; the share of households paying 30%+ for housing holds it up.
Home prices up 36% in 5 years
The federal house price index for the ZIP codes around Franklin Township rose 36% over the past 5 years, about the same as across Minnesota. Last year prices rose 3.5%. Carrying the Census median home value forward with that index puts the typical Franklin Township home at roughly $690,000 today.
Carrying the Census median forward with the index puts a typical home at about $690K.
Federal Housing Finance Agency House Price Index (annual) for the ZIP codes around Franklin Township, weighted by land area. It tracks repeat sales of the same homes, so it shows how prices changed, not what homes cost.
A typical home costs 6.4 years of area income
The calculator starts from the area income the grade uses. Switch to Franklin Township’s own median, or type yours.
That’s $293K short of a typical Franklin Township home.
A two-bedroom rents for about $1,520 a month here, $2,540 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Franklin Township’s typical property tax (0.78% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $1,520
Renters already here pay a median of $1,721.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
High tax bills, but a low tax rate
The median bill is $4,957 (Minnesota: $3,357), because homes cost more. As a share of value it’s 0.78% a year, against 1.02% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
The rest of a budget near Franklin Township
Only figures published free for the whole country, each labeled with the area it covers: the Minneapolis-St. Paul-Bloomington, MN-WI metro area, or Minnesota. Groceries follow the goods price level; nobody publishes them town by town.
| Cost | Here | Compared with | Area | Source |
|---|---|---|---|---|
| Prices overall U.S. = 100 | 105 | MN 99 | metro | BEA, 2024 |
| Goods (groceries, clothing, cars…) U.S. = 100 | 103 | MN 101 | metro | BEA, 2024 |
| Utilities U.S. = 100 | 93 | MN 91 | metro | BEA, 2024 |
| Other services U.S. = 100 | 104 | MN 100 | metro | BEA, 2024 |
Price levels: U.S. Bureau of Economic Analysis, Regional Price Parities 2024 (metro area and state). Electricity: U.S. Energy Information Administration, Electric Power Monthly, table 5.6.A.
Franklin Township vs. its neighbors
Zillow publishes no value for Franklin Township. Woodland Township and Rockford Township and Marysville Township have no Zillow value, so they are in the table only.
Cost next door · one source per column
| Town | Cost | Typical home Zillow, latest | Median value Census 2020–24 | Tax rate bill ÷ value | 2-bed rent HUD 2026 |
|---|---|---|---|---|---|
| Franklin Township | D | — | $638K | 0.78% | $1,520 |
| Rockford Township | B− | — | $405K | 0.92% | $1,520 |
| Delano | B | $441K | $375K | 1.04% | $1,520 |
| Greenfield | C− | $595K | $568K | 1.16% | $1,520 |
| Woodland Township | C+ | — | $460K | 0.88% | $1,540 |
| Rockford | B+ | $356K | $329K | 1.12% | $1,530 |
| Independence | C− | $811K | $663K | 0.97% | $1,520 |
| Marysville Township | B− | — | $396K | 0.82% | $1,530 |
“—” under Zillow: Zillow publishes no value for that town, so it’s left blank rather than mixed with Census figures.
Questions about the cost of living in Franklin Township
Is Franklin Township expensive to live in?
Measured against what households in the area earn, Franklin Township costs more than 86% of U.S. towns: a D for cost of living, #261 of 273 in Minnesota. The typical home costs 6.4 years of the median household income of the Minneapolis-St. Paul-Bloomington, MN-WI metro area ($100K).
How much is rent in Franklin Township?
HUD puts a two-bedroom at about $1,520 a month with utilities, the going rate for someone moving in. Renters already here pay a median of $1,721 (Census 2020–24).
What are property taxes in Franklin Township?
The median bill is $4,957 a year, 0.78% of the median home value (Minnesota: $3,357, 1.02%), from the Census 2020–24.
Neighbors talk housing
What Franklin Township buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center, September 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.