Total monthly cost of ownership
Cost to Own a Home in Franklin, Tennessee
A $646,000 home here costs
$4,573per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $3,321. The real number is $1,252 higher every month — 38% 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 Williamson County and Tennessee
| Measure | Franklin | Williamson County |
|---|---|---|
| Median home value | $646,300 | $673,700 |
| Median property tax | $2,923 | $2,891 |
| Effective tax rate | 0.452% | 0.429% |
| Median gross rent | $1,861 | $1,895 |
| Population | 85,575 | 254,609 |
The weather behind that power bill
Franklin sits in Williamson County, which averages a high of 90.8°F in its hottest month and a low of 28.6°F in its coldest, with 53.79" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,686 cooling and 3,601 heating degree days, which is what sets the $130 electricity line above.
See the full climate breakdown for Williamson County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Williamson County
Full Williamson County cost breakdown · Every county in Tennessee
Common questions
How much does it cost to own a home in Franklin?
A $646,000 home in Franklin, Tennessee costs approximately $4,573 per month with 20% down at 6.66%. That is $3,321 principal and interest, $243 property tax, $272 homeowners insurance, $198 utilities and $538 set aside for maintenance.
What is the property tax rate in Franklin?
Franklin has an effective property tax rate of 0.452%, based on a median home value of $646,300 and median real estate taxes of $2,923. That is higher than the Williamson County average of 0.429%.
What is the average home price in Franklin?
The median owner-occupied home value in Franklin, Tennessee is $646,300, against $673,700 across Williamson County.
Is it cheaper to rent or buy in Franklin?
Median gross rent in Franklin is $1,861 a month, against $4,573 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 Tennessee.
- 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.