Cost of Living in Franklin County, North Carolina
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Franklin County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Franklin County ranks #2,679 of 3,144 counties for affordability (bottom 15%)
Data Story
About Cost of Living in Franklin County, North Carolina
Franklin leads North Carolina affordability
Franklin residents spend just 16.6% of their $71,386 median income on rent—well below the national and state averages. At $988 monthly, rents here remain accessible to families earning near the state median, making Franklin one of the state's most affordable urban counties.
Best-in-class affordability statewide
Franklin's rent-to-income ratio of 16.6% ranks among the lowest in North Carolina, beating the state average of 18.6% by two percentage points. The county combines above-average incomes with below-average rents, a rare combination in today's market.
Sweet spot between rural and urban
Franklin's $988 rent and 16.6% ratio outperform Forsyth (19.1%), Granville (17.0%), and Edgecombe (20.3%) in pure affordability. The county balances Raleigh-area job access with rural North Carolina pricing, attracting remote workers seeking lower costs.
Housing takes reasonable share of income
Renters spend $988 monthly while homeowners pay $1,089 on incomes averaging $71,386, with renters enjoying better affordability than owners. Housing costs total roughly $11,900 annually for renters, leaving substantial room for savings and other expenses.
Top pick for budget-conscious relocators
Franklin County delivers the rare combination of above-average incomes, below-average rents, and proximity to the Raleigh-Durham job market. If you can work remotely or land a job in nearby Wake County, Franklin offers 30% better affordability than most comparable North Carolina markets.
Cost of Living Advisory: Franklin County
Affordability Verdict
Housing in Franklin County is affordable. The median rent is $988/month against a median household income of $71,386, putting rent at 16.6% of income.
Rent vs. Own
The median rent in Franklin County is $988/month, while owner costs run $1,089/month. Renting saves approximately $101/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $39,520/year. For owner costs at the 28% rule, the required income is roughly $46,671/year. With a median household income of $71,386, most households can comfortably afford rent here. Notably, 31.0% of renter households in Franklin County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Franklin County sits 6% more expensive than Wayne County ($932/month) in terms of median gross rent.
Affordability Calculator
See how your income compares to housing costs in Franklin County
Rent Burden
16.6%
of gross income
Max Housing (28% Rule)
$1,666
per month
Owner Cost Burden
18.3%
of gross income
The median home in Franklin County may be a stretch
Median home value is $240,900. Estimated monthly cost: $1,923 vs. your max of $1,666.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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