70538, Franklin, LA

Franklin, LA is located in the 70538 zip code. According to the 2010 US Census, Franklin has a population of 9,902. The median household income in Franklin is $41,898 which is lower than the national median household income of $53,046. The unemployment rate in Franklin is 10%.

Home equity and home prices are important factors to consider when looking at purchasing a home. Home equity refers to the value of a homeowner's home minus any outstanding mortgage or other debt on the property. Home prices refer to the price an individual can expect to pay for a specific type of property in Franklin, LA.

According to Zillow®, as of January 2019, the average home value in Franklin was $128,500. This represents an increase of 5% from January 2018 and an increase of 11% from January 2017. In terms of year-over-year change, Franklin had the third-fastest growth rate among all ZIP codes in Louisiana during 2018 (Zillow). While there has been some volatility over recent years due to market conditions and interest rates (Zillow), overall there has been strong growth in home values over this time period.

Looking at homeownership rates provides another perspective on how healthy housing markets are in Franklin. As of December 2018*, 68% of households living in Franklin were owner-occupied compared with the national homeownership rate of 63%. This indicates that there is strong demand for homes within Franklin and that buyers are able to find properties they want at fair prices (Trulia). Additionally, while there may be some competition for homes due to high demand and limited inventory (Trulia), it appears that buyers are able to get into homes they want relatively easily given their incomes and preferences. This suggests that housing markets within Franklin are relatively stable and healthy despite occasional fluctuations due to market conditions or interest rates (Zillow).