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)
How Franklin city Compares
Median monthly rent comparison
Detailed Housing Stats
Data Story
About Cost of Living in Franklin city, Virginia
Franklin City Nears National Norm
Franklin city renters spend 18.3% of income on housing, nearly matching the Virginia average of 18.6% and just above comfortable affordability. The median household income of $65,125 falls below the national median ($74,755), making housing more challenging on lower regional wages.
Moderate Affordability Challenge
Franklin city's rent-to-income ratio of 18.3% ranks slightly better than Virginia's state average of 18.6%, though affordability pressures remain visible. The city's income levels lag state norms, intensifying the impact of housing costs on household budgets.
Similar to Regional Average
Franklin city's $995 median rent positions it between rural counties like Floyd ($826) and more expensive Northern Virginia markets. At $65,125, the median income here edges below Franklin County ($68,348) but exceeds the most rural areas.
Housing Takes Significant Share
Franklin city renters spend $995 monthly while homeowners pay $1,180, claiming 18.3% of median household income for rent. This approach of housing costs leaves less income cushion for other expenses compared to more affordable Virginia regions.
Franklin Suits Income-Stable Relocators
Consider Franklin city if you're relocating with stable income that exceeds the local $65,125 median—your housing burden would drop significantly. Compare the 18.3% rent-to-income ratio here against your current market to evaluate potential savings.
Affordability Calculator
See how your income compares to housing costs in Franklin city
Rent Burden
18.3%
of gross income
Max Housing (28% Rule)
$1,520
per month
Owner Cost Burden
21.7%
of gross income
The median home in Franklin city may be a stretch
Median home value is $227,200. Estimated monthly cost: $1,814 vs. your max of $1,520.
Rent Affordability Guide
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.