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Demographic Shifts in Franklin, Indiana: Analysis of Racial Composition from 2010 to 2022
CATEGORY
Demographics
DATA
Population
Median Income
Racial Distributions
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Demographics
Population
Median Income
Racial Distributions
Franklin, Indiana, exhibits a demographic profile classified as "Low Diversity". As of 2022, the white population comprises 89% of the total, exceeding the 75% threshold for this classification. The city's current median income is $64,425, with a population of 29,024 as of 2022.
Over the past decade, Franklin has maintained its "Low Diversity" categorization. However, subtle shifts indicate a slow transition towards increased diversity. The white population has decreased from 95% in 2017 to 89% in 2022. There has been a small but steady increase in the black population (from 1% to 3%) and Hispanic population (from 1% to 3%). The most significant change is in the "two or more races" category, increasing from 0% in 2017 to 4% in 2022.
The median income in Franklin has shown an overall upward trend, rising from $54,759 in 2013 to $71,818 in 2021, before decreasing to $64,425 in 2022. This general increase in median income correlates with the gradual diversification of the population. The population has steadily increased from 26,066 in 2010 to 29,024 in 2022, indicating a growing community.
The trends in Franklin align with broader national patterns of increasing diversity in suburban areas. The growth in the multiracial population is particularly noteworthy, as it reflects a national trend of increasing multiracial identifications.
Based on the observed trends, Franklin appears to be slowly transitioning away from its "Low Diversity" status. If current trends continue, we can predict that over the next decade, the city might move into the "Moderate Diversity" category. This transition would be marked by a continued decrease in the white population, potentially dropping below 75%, further increases in black, Hispanic, and multiracial populations, and possible growth in Asian and other minority populations.
Economically, if the correlation between increasing diversity and rising median incomes continues, we might expect further economic growth. However, the recent drop in median income in 2022 should be monitored to determine if it's an anomaly or the start of a new trend.
In conclusion, while Franklin currently remains a "Low Diversity" community, it shows early signs of evolving into a "Transitional Community." This gradual shift towards greater diversity, coupled with economic growth, suggests a changing landscape that may bring new opportunities and challenges to the area in the coming years.
