As homeownership rates declined, the percentage of renters in Franklin increased from 29% in 2014 to 37% in 2022. This shift coincided with a steady rise in average rent prices. In 2013, the average rent in Franklin was $1,098, which increased to $1,921 by 2022, representing a 75% increase over nine years. The growing population, which rose from 66,278 in 2012 to 86,904 in 2022, likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.

In 2023 and 2024, Franklin's housing market showed signs of stabilization. The average home price in 2023 was $850,576, slightly lower than the previous year, while in 2024 it increased marginally to $871,612. Notably, federal interest rates reached 5.02% in 2023 and 5.33% in 2024, marking a significant increase from previous years. These higher interest rates may continue to impact homeownership trends in the coming years.

Looking ahead, predictive models suggest that average home prices in Franklin may continue to rise, albeit at a slower pace than in recent years. Over the next five years, average home prices could potentially reach around $950,000 to $1 million, assuming current economic conditions persist. Average rent prices are also expected to increase, potentially reaching $2,200 to $2,400 per month within the same timeframe.

In summary, Franklin has experienced a notable decline in homeownership rates alongside substantial increases in both average home prices and average rent prices. The interplay between rising property values, increasing interest rates, and population growth has reshaped the city's housing landscape. As Franklin continues to evolve, these trends will likely play a crucial role in shaping the city's future housing market dynamics.