Yes, Franklin, MA, is widely considered an affluent community based on its strong economic indicators, particularly its high median household and per capita incomes.
Understanding Affluence in Franklin
Affluence is typically defined by economic prosperity, characterized by higher-than-average income, wealth, and living standards. Franklin, Massachusetts, exhibits several key markers that align with this definition.
Key Economic Indicators (2018 Data)
To assess Franklin's affluence, it's helpful to compare its income figures to broader state and national averages. The town's economic data paints a clear picture of prosperity:
| Metric | Franklin, MA | Massachusetts (2018) | United States (2018) |
|---|---|---|---|
| Median Household Income | $115,355 | $79,835 | $63,179 |
| Per Capita Income | $50,626 | $41,794 (approx.) | $35,977 |
Note: Data for Franklin is based on 2018 figures. State and national averages are for 2018, sourced from the U.S. Census Bureau.
Analysis of Income Data
- Median Household Income: Franklin's median household income of $115,355 is substantially higher than both the Massachusetts state median and the national median. This indicates that a significant majority of households in Franklin earn well above the average for the state and the country.
- Per Capita Income: With a per capita income of $50,626, Franklin also significantly outpaces the national average. Per capita income reflects the average income per person, including all adults and children, offering another robust indicator of the town's overall economic well-being.
- Presence of High Earners: The town's economic profile also includes a notable presence of high-income individuals, with Franklin having its share of "Top One Percenters." This suggests a concentration of significant wealth within the community, further reinforcing its affluent status.
Factors Contributing to Franklin's Affluence
Several elements contribute to Franklin's prosperous environment:
- Strategic Location: Franklin's location in Norfolk County, with good access to major highways and proximity to Boston and Providence, makes it attractive to professionals seeking suburban living with urban amenities within reach.
- Strong School System: Massachusetts is known for its high-quality public education, and Franklin's reputable school system often draws families, which can contribute to higher property values and attract financially stable residents.
- Desirable Real Estate: The demand for housing in affluent areas like Franklin typically leads to higher property values, which also reflect the wealth of its residents.
In summary, Franklin, MA, demonstrates clear characteristics of an affluent community through its impressive income statistics and the presence of high-net-worth residents, making it a desirable place to live for many.
