Housing Strategy | ENVISION FRANKLIN 15 For a longer-term outlook, some forecasters predict an emerging generational housing bubble by the mid-2030’s, with reduced housing demand as baby boomers age and population growth slows. A HOUSING VISION FOR FRANKLIN The updated 2023 Envision Franklin plan embraces several elements that reflect housing goals for the community. Major objectives include: • Create exceptional places for people through design of new development, building form, uses, setbacks, activated streets, and pedestrian focus. • Strive to create inviting neighborhoods with memorable character through a balanced mix of compatible uses for all people in every stage of life. • Strategically locate neighborhood commercial and mixed use nodes to serve surrounding residential neighborhoods and help reduce traffic and trip length. • Pursue a well-designed, effective, convenient, and active transportation network that connects residential neighborhoods, parks, schools, employment centers, shopping area, and downtown. Achieve this through a complete system of streets, bicycle and pedestrian routes, and transit, not only within the city, but also to the greater metropolitan region. The Housing Strategy for Envision Franklin seeks to recommend steps to achieve these objectives as an important part of the housing goals for the community. DEMOGRAPHIC PROFILE KEY FINDINGS • The population of Franklin is projected to reach 128,089 by 2040, a 44% percent increase from the city's 2022 population of 89,065. • Franklin's current and projected highest growth age group of residents is 55 and over. • One and two-person households in Franklin make up 57 percent of the population. • Homeowners yielded a 41 percent gain in home values from 2015-2021, while household income in the City of Franklin grew by 14 percent during that period. • The proportion of homeowners and renters in the City of Franklin has remained largely stable over the last two decades, with a slight dip in owner-occupancy in 2010, around the time of the Great Recession. The current proportions of owners and renters are projected to stay steady through 2026.
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