Organization of Plan
This Housing Production Plan (HPP) provides a Comprehensive Housing Needs Assessment, a summary of Affordable Housing Goals, and a description of Implementation Strategies the Town will utilize to meet its goals.
This Housing Production Plan (HPP) provides a Comprehensive Housing Needs Assessment, a summary of Affordable Housing Goals, and a description of Implementation Strategies the Town will utilize to meet its goals.
This HPP contains the following major elements:
1. Comprehensive Housing Needs Assessment
2. Affordable Housing Goals
3. Implementation Strategies
2. Affordable Housing Goals
3. Implementation Strategies
A short summary of each Element is below.
Comprehensive Housing Needs Assessment
The Comprehensive Housing Needs Assessment performed includes an analysis of most recent available housing and demographic data, development constraints and limitations, infrastructure capacity, and projection of future population and housing needs. The assessment was utilized to develop the Goals in Section 2, and the Strategies in Section 3.
Below are a few important findings:
- Franklin has experienced a 48% increase in population over the past 25 years
- By 2030, residents over 65 years of age are expected to make up approximately 23.2% of Franklin’s population, compared to 8.2% in 2000.
- Franklin is home to 11,941 households, up from 10,995 in 2010 (8.6% increase). Franklin’s average household size is 2.69, and its average family size is 3.22.
- Franklin's median household income has increased 13.24% since 2015, and 37.25% since the 2010 Census.
- Franklin's 2019 median household income of 122,607 is 50.96% higher than the State-wide average
- The number of households making over $200,000 has more than tripled (218.5% increase) since compared to 13.2% of all Massachusetts households.
- Nearly 39.3% of households in Franklin earn $150,000 or more, compared to 23.4% state-wide. The vast majority of Franklin’s housing stock (80.65%) is owner-occupied.
- Approximately 1,295 housing units were constructed in the last 10-11 years, representing an 11.4% increase.
- According to Zillow in January 2021 the median price of a single family home in Franklin was $549,000, compared to $531,000 state-wide, and $310,000 country-wide.
- There were 3,167 single family homes on the market in Massachusetts at the end of February 2021, down 68.4% from the previous year.
- The low inventory of homes for sale is not only in Massachusetts, but throughout the country. According to Redfin.com, during January 2021 there were 696,312 residential homes for sale in the United States, less than 50% from the previous year.
According to the Massachusetts Association of Realtors, February 2021 housing supply numbers represented the “lowest number of single-family homes and condominiums for sale since MAR began reporting the data in 2004”. Housing supply is very low, and housing prices are very high.
Find the full copy of the Housing Production Plan
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