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
National Ranking
Affordability Rank
Franklin city ranks #2,847 of 3,144 counties for affordability (bottom 9%)
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.
Cost of Living Advisory: Franklin city
Affordability Verdict
Franklin city is affordable for renters, with a median gross rent of $995/month representing approximately 18.3% of median household income. The rent burden (GRAPI) stands at 26.0%.
Rent vs. Own
At $995/month rent versus $1,180/month in owner costs, renting is roughly $185/month cheaper — a 16% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $39,800/year. For owner costs at the 28% rule, the required income is roughly $50,571/year. With a median household income of $65,125, most households can comfortably afford rent here. Notably, 26.0% of renter households in Franklin city are cost-burdened, spending more than 30% of income on housing.
Regional Context
Compared to Salem city where rent averages $1,046/month, Franklin city is approximately 5% less expensive.
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
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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