Franklin County

Franklin County's median home price sits at $178,454, and home values rose 7.64% year-over-year, which places this county firmly on the appreciation end of the spectrum. The appreciation score of 94 out of 100 and a national ranking of 7th out of 1,000 counties confirm that price momentum here is exceptional. The affordability index of 92 adds another layer: you are buying into a market that is still priced accessibly relative to incomes, which historically extends the runway for continued appreciation before affordability constraints cap gains. What the data does not show is a functioning cash-flow profile, with the cash-flow score registering at zero and cap rate, cash-on-cash return, and net cash flow all coming back as zero. That is not necessarily a red flag, but it is the defining tension of this market: exceptional appreciation momentum in an affordable, low-price-point county, with no visible margin after debt service at a 6.85% interest rate.

The investor this market suits is one playing a medium-to-long appreciation hold, not a cash-flow buyer. At $178,454 and a 20% down payment of $35,691, the entry cost is low in absolute terms, which matters when appreciation is your primary return vehicle. A 7.64% price gain on a $178,454 asset produces roughly $13,600 in equity growth in year one alone, which at a $35,691 equity commitment is a meaningful unleveraged return on equity even before accounting for mortgage paydown. A value-add operator could find opportunity here too, since the price point is low enough that forced appreciation through renovation is not fighting against an already-stretched valuation. Cash-flow buyers, however, should look elsewhere. The data is explicit: with carry costs in place, monthly net income does not pencil positive at current rates and prices.

The stability score of 50 is worth sitting with. Half of markets score better on this dimension, and in a county of 47,459 people, that warrants attention. Smaller population bases mean rental demand is more sensitive to employer contraction or outmigration, and a single large tenant departure from the local economy can move vacancy rates in ways that don't affect a 500,000-person metro. No economic anchor data was provided for Franklin County, so the specific drivers of rental demand cannot be confirmed from this dataset. What can be said is that an investor underwriting this county should conduct independent due diligence on the local employment base and whether the 7.64% price appreciation is being driven by demand fundamentals, supply constraints, or speculative momentum.

At 1.72%, New York's state-average effective property tax rate is high enough to deserve its own line on your underwrite. On a $178,454 purchase, that translates to $3,069 annually in property taxes and $428 in insurance at the 0.24% insurance rate, combining to $291 per month in tax and insurance carry before you account for mortgage, maintenance, or management. That $291 figure is not catastrophic at this price point, but in a market where the cash-flow score is already zero, it is a meaningful drag. The caveat here is explicit in the data: 1.72% is a state-average estimate from Tax Foundation 2024, and actual county and township rates in Franklin County may differ materially. New York's property tax structure is highly localized, and rural upstate counties sometimes carry rates above or below the state mean. Verify the actual millage before closing.

The concentration risk in a 47,000-person county is real and worth naming. Thin rental markets mean that a single apartment complex added to local supply, or the departure of a major employer, can shift vacancy faster than a data provider's quarterly update will capture. Regulatory risk in New York is a standing concern for landlords statewide, particularly around eviction procedures and rent-related legislation, though this dataset does not provide Franklin-specific regulatory data. Investors should review local ordinances and consult an attorney familiar with New York landlord-tenant law before acquiring here.

Against its neighbors, Franklin County trades at a slight discount to Broome ($187,106) and Oneida ($225,470) while posting a higher overall score than all five comparables. Broome's rent-to-price ratio of 0.0911 and Chemung's 0.0917 both indicate meaningfully better cash-flow mechanics than Franklin's zero-rated profile, and Chemung's median home price of $151,982 is the lowest in the comparison set. If immediate cash flow is the objective, Broome or Chemung are the cleaner choices, with Chemung offering the lowest entry price and a respectable rent-to-price ratio. Franklin earns the look when appreciation is the primary thesis, when the investor can hold through carry costs without relying on monthly income, and when they want the top-ranked market in New York State by overall score at a price point still below $180,000.