Franklin, Michigan Demographics & Population 2026
During the 2020–2024 ACS period, Franklin, Michigan had a total population of 2,554, the 264th largest village in Michigan, with a median household income of $194,079, which is 166% higher than the state average. The poverty rate is 2.8%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Household income is 166% above the state average — one of the wealthiest communities in Michigan.
- An exceptionally low poverty rate of 2.8% — among the lowest in Michigan.
- 80.2% of adults hold a bachelor's degree or higher — top 10% in Michigan.
- Near full employment with an unemployment rate of just 2.0%.
Franklin Quick Facts
How Franklin Changed
Change from the 2019–2023 ACS period to 2020–2024. These are rolling five-year estimates, not year-over-year measurements.
| Metric | 2019–2023 | 2020–2024 | Change |
|---|---|---|---|
| Population | 2,610 | 2,554 | -2.1% |
| Median household income | $176,571 | $194,079 | +9.9% |
| Median home value | $696,700 | $774,900 | +11.2% |
How Franklin Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Detailed income brackets
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
Diversity Index
A less diverse community where one racial or ethnic group represents a large majority.
State average: 45 | National average: 61
Education
Educational Attainment (Adults 25+)
Franklin Rankings in Michigan
Explore Michigan Rankings
Other Cities in Oakland County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Troy | 87,898 | $120,045 | 5.4% | $420,300 |
| Farmington Hills | 83,515 | $104,836 | 7.6% | $354,500 |
| Rochester Hills | 77,089 | $120,694 | 5.2% | $409,800 |
| Southfield | 76,236 | $68,166 | 10.3% | $236,200 |
| Novi | 66,717 | $110,723 | 5.4% | $421,900 |
| Pontiac | 62,104 | $44,329 | 24.4% | $121,700 |
| Royal Oak | 57,950 | $101,109 | 6.2% | $328,700 |
| Oak Park | 29,318 | $71,510 | 12.0% | $212,300 |
| Madison Heights | 28,419 | $69,503 | 10.8% | $199,100 |
| Auburn Hills | 25,105 | $84,375 | 11.1% | $245,000 |
Cities Similar to Franklin
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Pleasant Ridge | 2,602 | $171,125 | $448,700 | 79.3% | 2.5% |
| Village of Grosse Pointe Shores | 2,795 | $189,583 | $733,500 | 76.8% | 2.7% |
| Orchard Lake Village | 2,238 | $206,667 | $737,000 | 66.6% | 8.6% |
| South Gull Lake | 1,801 | $188,750 | N/A | 87.5% | 0.8% |
| Argentine | 2,190 | $125,313 | $328,700 | 33.7% | 4.9% |
Population Overview
Franklin is a small community located in Michigan, within Oakland County. The total population is 2,554. It ranks as the 264th most populous out of 745 Census-designated places in Michigan.
Age Demographics
The median age in Franklin is 49.5 years. This is 23% higher than the state median of 40.2 years. 12.1% of residents are 75 or older, suggesting a significant retirement-age population with implications for healthcare services and senior housing.
Economy, Income & Housing
The median household income in Franklin is $194,079. This is 166% higher than the state median of $72,875. It is also 140% higher than the national median of $80,734. The poverty rate stands at 2.8%. This is 79% lower than the state poverty rate of 13.2%. This exceptionally low poverty rate indicates strong economic prosperity across the community. The unemployment rate is 2.0%. This is 65% lower than the state rate of 5.7%. The median home value is $774,900. Housing costs are 235% higher than the state median of $231,600. The home-value-to-income ratio is 4.0x. 98.2% of occupied housing units are owner-occupied. This homeownership rate is 34% higher than the state average of 73.2%.
Race & Ethnicity
The largest racial or ethnic group in Franklin is White (non-Hispanic), making up 78.2% of the population. Black or African American residents account for 8.3%.
Education
80.2% of residents aged 25 and older hold a bachelor's degree or higher. This places Franklin in the top 10% of all cities in the state for educational attainment. This is 147% higher than the state rate of 32.5%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 97.3%. Notably, 45.5% of adults hold a graduate or professional degree, indicating a highly educated workforce.
Data Sources & Methodology
All demographic data for Franklin, Michigan is sourced from the U.S. Census Bureau's American Community Survey (ACS) 2020–2024 5-Year Estimates. The ACS collects data from approximately 3.5 million households annually and pools five years of responses so that even small communities can be measured, though the margin of error widens as the population falls. Comparisons are made against Michigan state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 745 Census-designated places in Michigan. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.
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Frequently Asked Questions
What is the population of Franklin, Michigan?
Franklin, Michigan has a population of 2,554 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Franklin, MI?
The median household income in Franklin is $194,079, which is 140% higher than the national median of $80,734.
What is the poverty rate in Franklin, MI?
The poverty rate in Franklin is 2.8%. This means approximately 71 residents live below the federal poverty line.
What is the racial makeup of Franklin, Michigan?
Franklin's population is 78.2% White, 8.3% Black, 7.2% Hispanic/Latino, and 3.0% Asian.
What is the median home value in Franklin, MI?
The median home value in Franklin is $774,900. The home-value-to-income ratio is 4.0x.
How educated is Franklin, Michigan?
80.2% of adults (25+) in Franklin hold a bachelor's degree or higher, and 45.5% hold a graduate or professional degree.