Franklin's population has declined from 6,499 in 2013 to 6,066 in 2022. Despite this decrease, the median income has increased from $44,241 in 2013 to $56,250 in 2022, suggesting a changing economic landscape. Racial demographics have remained relatively stable, with a slight decrease in the white population from 93% in 2013 to 89% in 2022. There has been a small increase in diversity, particularly in the Black population (from 1% to 5%) and those identifying as two or more races (from 1% to 5%).

The completion of Oak Hill Apartments in 2015 coincides with a period of population decline and increasing median income. This project may have been a response to the changing demographics and economic conditions in the city, aiming to provide affordable housing options as the overall cost of living potentially increased.

Franklin's LIHTC-funded affordable housing inventory addresses the housing needs of its low-income residents. With 207 units representing 8.9% of the estimated housing stock, these projects contribute substantially to the city's affordable housing landscape. The city has utilized over $1.2 million in tax credits to develop these units over a 26-year period. The declining population, increasing median income, and slight shifts in racial demographics suggest evolving housing needs that the LIHTC projects may be helping to address. The mix of unit sizes in these projects demonstrates an effort to accommodate diverse household sizes within the low-income population.