Cost of Living in Franklin city, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
These figures are county medians, not a personal budget. Use them to frame rent, ownership, and income tradeoffs, then account for household size, commute, financing, insurance, taxes, debt, and local availability before making a decision.
How Franklin city Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Franklin city ranks #2,406 of 3,142 counties for affordability (bottom 23%)
Sourced county brief
Franklin City Median Gross Rent as a Percentage of Income
The official median gross rent as a percentage of household income (GRAPI) in Franklin city is 32.7%. This figure is 4.1 percentage points above the Virginia unweighted county mean of 28.6% for official GRAPI. Among renter households, the median annual income was estimated at $40,078, while the median gross rent was $988 per month. This monthly rent figure is $182 below the state unweighted county mean of $1,170. Regarding owner-occupied housing, the median home value was estimated at $256,600, compared to the unweighted county mean of $295,808 across Virginia. Median selected monthly owner costs for all owner-occupied units were $1,265, which is above the state unweighted county mean of $1,190. The rentToIncomePct of 32.7% is the official ACS B25071 GRAPI estimate. See ACS table B25071 for the underlying estimate.
Source record
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25064 Median Gross Rent
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25071 GRAPI
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25077 Median Home Value
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25088 Selected Monthly Owner Costs
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25119 Household Income by Tenure
Data version acs5-2020-2024 · Method cost-brief-v1
Cost of Living Advisory: Franklin city
Affordability Verdict
ACS B25071 estimates median gross rent at 32.7% of renter household income in Franklin city, which is between the 30% and 50% rent-burden benchmarks. This is a median percentage among renter-occupied units, not the share of households above a threshold.
Rent vs. Own
Median gross rent is $988 per month; median selected monthly owner costs are $1,265. These ACS medians describe different tenure groups and are not a personalized rent-versus-buy calculation.
Income Needed
Using the common 30% budgeting benchmark, $39,520 in annual gross income would allocate 30% to the county's median gross rent. This is a reproducible illustration, not evidence that a particular household can afford housing.
Regional Context
The Virginia unweighted mean of county median rents is $1,170 per month. Franklin city's $988 median is 15.5% below that comparison value.
Data version acs5-2020-2024 · Method cost-advisory-v2
Affordability Calculator
See how your income compares to housing costs in Franklin city
Rent Burden
18.7%
of gross income
Max Housing (28% Rule)
$1,476
per month
Owner Cost Burden
24.0%
of gross income
The median home in Franklin city may be a stretch
Median home value is $256,600. Estimated monthly cost: $2,049 vs. your max of $1,476.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
$0/yr
Needed to stay within recommended threshold
$0/yr
Needed to stay within recommended threshold
$0/yr
Needed to stay within recommended threshold
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
What is the cost of living in Franklin city, Virginia?
What is the median rent in Franklin city?
Is Franklin city affordable?
How does Franklin city's rent compare to the state average?
What is the median home value in Franklin city?
Counties with Similar Housing Costs
Planning a Move?
Researching the cost of living in Franklin city, Virginia? Compare moving quotes from top providers and save on your relocation.
Compare Moving QuotesCompare Mortgage Rates in Franklin city
Whether you're buying in Franklin city, Virginia, or refinancing, compare rates from top lenders using the terms each lender provides.
See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2020-2024). Data is informational only and is not personalized financial advice.
CostByCounty participates in affiliate programs. We may earn a commission when you use our links, at no extra cost to you.