6 Housing Strategy | ENVISION FRANKLIN 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. DEMOGRAPHIC PROFILE • 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. Photo Credit: City of Franklin
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