Total monthly cost of ownership
Cost to Own a Home in Franklin, Indiana
A $213,000 home here costs
$1,734per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,095. The real number is $639 higher every month — 58% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Franklin against Johnson County and Indiana
| Measure | Franklin | Johnson County |
|---|---|---|
| Median home value | $212,500 | $260,400 |
| Median property tax | $1,669 | $1,875 |
| Effective tax rate | 0.785% | 0.720% |
| Median gross rent | $1,127 | $1,208 |
| Population | 25,999 | 163,983 |
The weather behind that power bill
Franklin sits in Johnson County, which averages a high of 84.2°F in its hottest month and a low of 17.9°F in its coldest, with 45.36" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 897 cooling and 5,752 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Johnson County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Johnson County
Full Johnson County cost breakdown · Every county in Indiana
Common questions
How much does it cost to own a home in Franklin?
A $213,000 home in Franklin, Indiana costs approximately $1,734 per month with 20% down at 6.66%. That is $1,095 principal and interest, $139 property tax, $91 homeowners insurance, $231 utilities and $178 set aside for maintenance.
What is the property tax rate in Franklin?
Franklin has an effective property tax rate of 0.785%, based on a median home value of $212,500 and median real estate taxes of $1,669. That is higher than the Johnson County average of 0.720%.
What is the average home price in Franklin?
The median owner-occupied home value in Franklin, Indiana is $212,500, against $260,400 across Johnson County.
Is it cheaper to rent or buy in Franklin?
Median gross rent in Franklin is $1,127 a month, against $1,734 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Franklin — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Indiana.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.