First-Time Home Buyer Guide to Franklin, WI
If you're a first time home buyer in Franklin WI, you're choosing a vibrant community in Milwaukee County, Wisconsin. Located just south of Milwaukee, this city offers an excellent quality of life for families, residents, and new homeowners. With a population around 36,000 and a median age of about 43 years, Franklin blends suburban peace with easy access to urban amenities. The city's strong schools, parks, and community events make it ideal for first time homebuyers planning long-term homeownership.
Franklin residents enjoy top-rated schools in the Franklin Public School District, where test scores exceed state averages. The community feel is strong, with events throughout the year—including music and celebrations in August, September, and December—that bring families together. Whether you're looking to purchase your first home or explore options as a first time buyer who hasn't owned in the last three years, Franklin provides the right location for building a future.
Why Franklin Appeals to First Time Home Buyers
As a first time home buyer Franklin WI stands out for its family-oriented environment. The city in Milwaukee County features excellent schools, low crime, and abundant recreation. Residents appreciate the proximity to Milwaukee for employers and entertainment, while enjoying Franklin's quieter pace.
Key benefits include:
- High-quality public schools serving families and children of all ages.
- Parks and playgrounds, like Kayla's Playground, promoting active lifestyles.
- A welcoming community with events fostering connections among residents.
- Convenient location with access to major employers and development opportunities.
The Common Council governs the city effectively, supporting growth and quality of life. With a diverse population reflecting various race and age groups, Franklin feels inclusive for new homeowners.
Franklin Housing Market as of December 2025
For first time home buyers in Franklin WI, the market remains competitive yet rewarding. Median home prices range from approximately $460,000 to $525,000, with moderate appreciation continuing into late 2025. Homes often sell quickly, emphasizing the need to act forward when the right property appears.
Starter homes, condos, and townhomes offer entry points for those with a minimum budget. Property values have shown steady growth, making purchase a solid plan for long-term homeowners.
Government Programs and Assistance for First Time Homebuyers
Wisconsin offers robust support through government programs like those from the Wisconsin Housing and Economic Development Authority (WHEDA). First time homebuyers—defined as those who haven't owned a home in three years—may qualify for low-interest loans, down payment assistance, and help with closing costs.
Key options include:
- WHEDA loans with flexible requirements on income, credit, and purchase price.
- Down payment assistance programs providing funds (up to 6% in some cases) as second loans or forgivable options.
- Potential grants or additional support from organizations in Milwaukee County.
Eligibility depends on factors like household income, ability to make payments, and purchase price limits. Some programs require homebuyer education, but participating lenders can guide you. While certain funds may have availability limits, professionals can help identify current options. Milwaukee County residents may stack local assistance for extra support covering down payment, closing costs, or even rehabilitation.
Talk to participating professionals early to determine if you qualify and secure the right amount of assistance.
Steps for First Time Buyers in Franklin
- Assess your budget and get pre-approved for a loan to understand affordable price ranges.
- Explore WHEDA and county programs to see available payment assistance or grants.
- Complete required education and consult experts on eligibility.
- Schedule a home inspection for any property to avoid surprises at closing.
- Work with local realtors familiar with Franklin to find homes that fit your plan.
- Don't wait—desirable properties sell fast; be ready to sign and move forward.
Homeownership in Franklin supports a high quality of life, from excellent schools to community events. Contact us today to connect with professionals who can assist first time home buyers in Franklin WI.
