Franklin Park, IL—60131
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Franklin Park, IL
As of Oct '25, the median home price in Franklin Park, IL is $302,000, with a year-over-year change of 2.2%. This indicates that home prices in Franklin Park, IL are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $302,000 | 2.2% |
| Single Family | $304,000 | 2.0% |
| Condos | $181,000 | 9.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $273,000 | 3.0% |
3 Bed | $309,000 | 2.0% |
4 Bed | $346,000 | 2.7% |
| 5 Bed | $381,000 | 3.3% |
% of Housing Stock
Rental Trends — Franklin Park, IL
As of July '25, Rentcast reports the average rent in Franklin Park, IL is $1,890, with a year-over-year rent change of -17.8%. Per bedroom, the median rent as of July '25 in Franklin Park, IL is 1-bedrooms: $1,410, 2-bedrooms: $2,130, 3-bedrooms: $2,350, 4-bedrooms: $2,600. The most common rental property sizes in Franklin Park, IL are 1-bedroom and 2-bedroom, accounting for 37.6% and 32.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,900 | $1,890 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,300 | $1,410 |
| 2 Bed Rent | $1,900 | $2,130 |
| 3 Bed Rent | $2,040 | $2,350 |
| 4 Bed Rent | $2,600 | $2,600 |
% of Rental Stock
Property Listings — Franklin Park, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Franklin Park, IL is 29. This is a decrease of -7.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $350,000 | 8.0% |
Listing Count | 31 | -29.0% |
| Listings as % of Homes | 0.7% | -29.0% |
Days on Market | 29 | -7.0% |
Demographics — Franklin Park, IL
As of the latest ACS Survey released in 2023, Franklin Park, IL has a population of 18,100, which has remained stable by 0.2% over the past 5 years. Franklin Park, IL is a popular place for families, as children make up 25.9% of the population. The area has a poorly educated workforce, with 18.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 18,100 | 0.2% |
% Under 18 | 25.9% | 22.7% |
% Seniors | 11.0% | -20.3% |
% WFH | 6.0% | 328.6% |
% w/ College Degree | 18.7% | -4.1% |
As of the latest ACS Survey released in 2023, Franklin Park, IL is a predominantly hispanic area, with 58.2% of the population identifying as hispanic. The hispanic population has grown by 24.6% in the last 5 years. The second most common race or ethnicity in Franklin Park, IL is white, making up 37.9% of the population. Foreign-born residents account for 31.8% of the population in Franklin Park, IL, and this percentage has decreased by 4.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 37.9% | -21.4% |
% Black | 1.0% | 233.3% |
% Hispanic | 58.2% | 24.6% |
% Asian | 3.2% | -11.1% |
% Foreign Born | 31.8% | -4.5% |
Mortgage and Risk — Franklin Park, IL
According to HUD data as of 2023, there were 209 mortgage originations in Franklin Park, IL, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 42.0% above 90% LTV (very high). This implies large mortgage risk in Franklin Park, IL. Investor activity is low, as 1.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 209 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Franklin Park, IL
As of 2024, the percent of homes in Franklin Park, IL under the Section 8 program is 10.6%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Franklin Park, IL, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 142 |
Total Units Section 8 | 142 |
% Rentals under Section 8 | 10.6% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$20 | $1,300 | $1,280 |
| 2 Bedroom | -$460 | $1,900 | $1,440 |
| 3 Bedroom | -$190 | $2,040 | $1,850 |
| 4 Bedroom | -$430 | $2,600 | $2,170 |
Affordability — Franklin Park, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $302,000 |
| Median Household Income | $76,400 |