Franklin, KY Profile: Facts & Data

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Franklin, Kentucky - Basic Facts

The City of Franklin had a population of 10,664 as of July 1, 2023. Franklin ranks in the upper quartile for Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Kentucky. See peer rankings below.

The primary coordinate point for Franklin is located at latitude 36.7223 and longitude -86.5772 in Simpson County. The formal boundaries for the City of Franklin encompass a land area of 13.63 sq. miles and a water area of 0.11 sq. miles. Simpson County is in the Central time zone (GMT -6).

The City of Franklin has a C1 Census Class Code which indicates an active incorporated place that does not serve as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

Kentucky is one of 20 states where Census County Divisions (CCDs) are used for statistical tracking of subdivisions within each county. The City of Franklin is located within Franklin Division of Simpson County.


Jump to... (On This Page!)
  1. Franklin 2023 Demographic Data
  2. Growth Rates for Franklin (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. Kentucky Research Tools (Easy Tools & Current Data)
  3. Kentucky Data Comparison Tool - 2023 Demographics
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Franklin, KY Data & Demographics (As of July 1, 2023)

POPULATION

Total Population 10,664 (100%)
Population in Households 10,131 (95.0%)
Population in Families 8,047 (75.5%)
Population in Group Quarters1 533 ( 5.0%)
Population Density 723
Diversity Index2 42
 
 

INCOME

Median Household Income $53,927
Average Household Income $66,179
% of Income for Mortgage4 18%
Per Capita Income $25,849
Wealth Index5 46
Socioeconomic Status Index6 Moderate (45.4)
 

HOUSING

Total HU (Housing Units) 4,590 (100%)
Owner Occupied HU 2,186 (47.6%)
Renter Occupied HU 1,979 (43.1%)
Vacant Housing Units 425 ( 9.3%)
Median Home Value $157,830
Average Home Value $185,762
Housing Affordability Index3 142
 

HOUSEHOLDS

Total Households 4,165
Average Household Size 2.43
Family Households 2,626
Average Family Size 3.00
NOTES
  1. Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
  2. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  3. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  4. The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
  5. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
  6. The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

GROWTH RATE / YEAR

2020-2023 2023-2028
Population 1.45% 0.89%
Households 1.64% 0.97%
Families   1.05%
Median Household Income   1.05%
Per Capita Income   2.08%
Owner Occupied HU   1.53%

Franklin, KY - Peer Comparisons by Rank and Percentile

The table below compares Franklin to the other 555 incorporated cities, towns and CDPs in Kentucky by rank and percentile using July 1, 2023 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description Rank Percentile
Total Population # 42 93rd
Population Density # 304 46th
Median Household Income # 268 52nd
Housing Affordability Index # 320 58th
Per Capita Income # 372 33rd
Diversity Index # 80 86th

Additional comparisons and rankings can be made with a VERY EASY TO USE Kentucky Census Data Comparison Tool.

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