The broad appeal of historic Franklin is evident: despite rising home prices, the city's population has grown rapidly. From just 20,000 residents in 1990 to nearly 90,000 today, it's apparent that people aren't scared off by the price tags.

It's still possible to find relative affordability in and around Franklin, but taking an informed approach is key. Let's explore Franklin's cheapest neighborhoods and some of the cheaper nearby towns.

Affordable Franklin Neighborhoods (& Cheap Towns Nearby)

In Franklin:

• Simmons Ridge
• Shadow Green
• Rolling Meadows
• Riverview Park
• Forrest Crossing
• Franklin Green
• Fieldstone Farms

Near Franklin:

• Murfreesboro
• Spring Hill
• Columbia

Simmons Ridge

On Franklin's east side, Simmons Ridge is a top choice for quality, affordable living in Franklin. Construction began in 2016, placing Simmons Ridge among the newer subdivisions in the Franklin area. The community comprises a mix of single-family detached homes and townhouses, numbering more than 400 in total.

Anyone interested in Simmons Ridge homes should expect to find prices starting around $450,000, with prices topping out in the high $600s. These three-bedroom, two-and-a-half, or three-bathroom properties include 1,500 and 2,000 square feet of living space.

Despite the relatively affordable prices, residents enjoy two-car garages, hardwood or tile floors, granite countertops, and stainless steel appliances. Simmons Ridge homes also include traditional southern touches like front porches designed to foster community among neighbors.

The subdivision's developers also took steps to preserve century-old trees in the area, providing a mature look to the neighborhood not found in many new construction communities. Simmons Ridge is not only a short drive to the center of Franklin but also close to Interstate 65 for easy trips into Nashville. Everyday shopping is also accessible at the nearby Watson Glen Shopping Center.

Shadow Green

Just a few minutes south of Downtown Franklin, Shadow Green provides affordable living close to some of the city's top areas. Built over the past few years, it's quickly become one of the most top options for condos in Franklin.

Shadow Green real estate includes townhouses and condominiums, ranging from one-bedroom, one-bathroom units to larger three-bedroom, three-bathroom homes. Smaller units in the 900-square-foot range start around $300,000, while larger ones up to 2,000 square feet usually list in the $400s and $500s.

Residents have been drawn to interior finishes like hardwood floors, stainless appliances, and outdoor spaces like balconies. In addition to quality homes, would-be residents are also drawn to the low-maintenance lifestyle, with exterior repairs covered by HOA dues.

Just outside the community, residents can enjoy a wide variety of everyday shopping and dining options along Columbia Avenue/Columbia Pike, including a Target and a supermarket. Winstead Hill is also less than a half-mile down the road, providing walking trails and other opportunities for outdoor fun in Franklin.

Rolling Meadows

Rolling Meadows offers affordable living opportunities in southwest Franklin. It was first established in the 1960s, when many of the area's homes were built. Still, many have been renovated or rebuilt in the past few decades, providing a variety of styles and conditions of local houses.

The Rolling Meadows real estate market is made up entirely of modest-sized single-family detached houses. They range from around 1,000 to more than 2,000 square feet, including two to four bedrooms and one to three baths. Rolling Meadows homes usually list from the $400s to the $600s.

Occasionally, vacant land in the neighborhood comes on the market, making it a popular option for those who want to build their own homes.

Franklin's Jim Warren Park is also just a short walk or drive away, providing green space, walking trails, sports fields, and picnic and event spaces. Local favorite restaurants like Pueblo Real are also nearby, as are the countless shopping, dining, and nightlife opportunities in historic downtown Franklin, a bit further down the road.

Riverview Park

Those looking for affordable Franklin houses on spacious lots close to downtown Franklin and the local interstates will find their new home in Riverview Park. Nestled close to the Harpeth River, these 400 homes were constructed from the 1970s to the 1990s, though many have undergone extensive updates and renovation in recent years.

Riverview Park homes start in the high $500s, and while the occasional luxury home can top $1 million, most are priced below $800,000. They range between three and four bedrooms and two to three-and-a-half baths. Homes vary widely in square footage, from over 1,100 to around 3,000! Riverview Park lots are also relatively spacious for the area, up to half an acre. Homeowners also save some money with the lack of any HOA fees or dues.

The location can't be beaten—just a few minutes' drive to downtown and just off Interstate 65 for quick trips to downtown Nashville. This means almost unlimited dining, shopping, and local services at residents' fingertips. Golfers will love having Franklin Bridge Golf Club, one of Franklin's best golf courses, within walking distance. The public 18-hole course has an on-site pub.

Forrest Crossing

Forrest Crossing isn't only one of the cheapest places to live—it's also one of the best places to live in Franklin! Like nearby Riverview Park, Forrest Crossing is located just minutes from the vibrant heart of historic downtown Franklin while also taking advantage of its proximity to I-65 for trips into Nashville.

Homes for sale in Forrest Crossing are fairly spacious single-family detached houses with three to four bedrooms and two to three bathrooms. This is spread over roughly 1,500 to 3,000 square feet of interior living space. Forrest Crossing homes span a broad price spectrum, with typical homes listing from the $500s to the $900s.

Many neighborhood homes were built between the 1980s and the 2000s and enjoy incredible views of the nearby Franklin Bridge Golf Club and Harpeth River. Forrest Crossing homeowners can take advantage of a community clubhouse, pool, and sports courts and enjoy community-sponsored events like parades and picnics. In addition to all these community amenities, the Franklin Family Y is also located just outside Forrest Crossing, providing workout facilities, classes, an indoor pool, and more.

Franklin Green

Since its groundbreaking in the late 1990s, half of the 200-acre Franklin Green neighborhood has been dedicated to woods, parks, and some of the best walking trails in Franklin. This makes it an excellent choice for would-be residents who love to get outdoors and explore the beautiful natural environment of Tennessee.

Franklin Green also includes a clubhouse and pool, providing plenty of common gathering spaces to foster community. Just outside the subdivision, Franklin's Jim Warren Park provides additional outdoor space, sports fields, and even a skatepark.

The nearly 500 homes in Franklin Green are constructed in various architectural styles and range from a modest 1,400 square feet to far larger models with more than 3,000 square feet of living space. This includes three to five bedrooms and two to three bathrooms. Prices start in the high $500s, significantly less than many other popular areas of Franklin. Homes here list up to the high $700s.

Fieldstone Farms

With more than 2,000 homes in Fieldstone Farms, Franklin, there's something for everyone. This community, set on the northern side of Franklin, comprises 26 smaller subdivisions with varying styles that range from modest townhomes to spacious single-family estates.

While Fieldstone Farms includes some high-end houses priced from the $800s to $1.25 million, it also includes areas with much more affordably priced homes. Common prices range from the high $400s to the high $700s, and homes include two to four bedrooms and two to three bathrooms. Fieldstone Farms' large size also means there's a better chance of finding an available home than other smaller communities.

The neighborhood's large size also means access to tons of amenities. Residents can use the Fieldstone Farms Swim & Tennis Club, which offers a community pool, fitness center, several tennis courts, and the 37-acre Fieldstone Park, which is one of Franklin's best parks.

The community has a Publix supermarket and Walgreens right in its middle, along Hillsboro Road. Fieldstone Farms also provides a quicker trip to Nashville than many other Franklin communities, thanks to its location north of downtown.

Cheapest Towns Near Franklin

Murfreesboro: College Town Energy at Real-World Prices

Homes in Murfreesboro average in the high $400s, making it significantly more affordable than Franklin.

Living in Murfreesboro isn't just cheap—it's actually cool, with historic sites like the Stones River National Battlefield. Home to Middle Tennessee State University, which contributes to a youthful and energetic populace. Translation? Good restaurants, fun events, and people who care about their community.

Murfreesboro’s job market rocks. Large employers like Amazon and State Farm enhance local employment opportunities. Your commute options stay open.

Most homes in the area have three bedrooms and two bathrooms, with an average of 1,500 to 3,800 square feet of living space.

Spring Hill: Franklin's Budget-Friendly Neighbor

Spring Hill homes average in the low $500s, which is several hundred thousand dollars less than Franklin. Plus, you're only 15 minutes away from Franklin's downtown.

Spring Hill feels like Franklin's younger sibling. New neighborhoods, convenient schools, and that same Tennessee charm—just without the premium price tag.

Spring Hill offers family-friendly atmosphere and ranks as one of the best places for family living in Tennessee. Spring Hill schools are sought-after. The community actually feels like a community.

With an emphasis on educational excellence and community engagement, it's a suburb that offers both affordability and a high quality of life. But it's growing fast. If you're thinking about it, don't wait forever.

Columbia: Historic Charm That Won't Empty Your Wallet

Columbia homes have a median price of $375,000, offering significant savings compared to Franklin and the greater Nashville area.

Columbia offers that historic Tennessee vibe Franklin's known for—just at reasonable prices. Columbia's median sale price is 15% lower than the national average.

Overall cost of living in Columbia is 5% lower than the national average. Your dollars go further on everything, not just housing.

Here's something cool: 66.7% of homes in Columbia sold below asking price recently. Buyers have actual negotiating power.

Properties in Columbia have an average price of $267 per square foot, based on listings with an average of 3.5 bedrooms, 2.5 bathrooms, and 2,321 square feet of living space.

Find the Perfect Franklin Home Within Your Budget

There's so much to like about the Franklin, Tennessee area. From its historic downtown to its beautiful natural surroundings to its proximity to Nashville, it's easy to see why this growing city is so popular. But as this list shows, it doesn't have to cost an arm and a leg to buy a home here. In fact, some of Franklin's best neighborhoods are also its most affordable. These communities all provide incredible benefits to soon-to-be homeowners on a budget looking to take advantage of everything Franklin offers.

Does Franklin sound like the perfect place to live? Contact The Ashton Real Estate Group of RE/MAX Advantage with Nashville's MLS at (615) 603-3602 to get in touch with Franklin real estate agents who can help you find the ideal Franklin home.