Cost of Living in Franklin County, Virginia
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 #589 of 3,144 counties for affordability (top 19%)
Data Story
About Cost of Living in Franklin County, Virginia
Franklin County Excels in Affordability
Franklin County residents spend just 14.0% of income on rent—among Virginia's lowest and well below the national norm. With low rents of $797 monthly and respectable median income of $68,348, housing is genuinely affordable for working families.
Virginia's Best Housing Value
Franklin County's 14.0% rent-to-income ratio ranks among the state's most affordable, beating the Virginia average of 18.6% by a significant margin. This rural county delivers exceptional housing value without the isolation costs of other regions.
Cheapest in the Piedmont
Franklin County's $797 monthly rent rivals Floyd County ($826) as the region's most affordable, while median incomes ($68,348) exceed both Floyd and Galax. This combination makes Franklin County a standout value option in south-central Virginia.
Costs Barely Dent Income
Renters in Franklin County spend just $797 monthly while homeowners pay $786—incredibly low housing costs that consume only 14.0% of median income. Families here enjoy substantial financial breathing room after covering shelter needs.
Franklin County Rewards Flexibility
If you have remote work or flexible employment, Franklin County's 14.0% rent-to-income ratio and $797 monthly rents offer unbeatable value. Move here and potentially cut housing costs in half while accessing a supportive rural community.
Cost of Living Advisory: Franklin County
Affordability Verdict
Housing in Franklin County is affordable. The median rent is $797/month against a median household income of $68,348, putting rent at 14.0% of income.
Rent vs. Own
The median rent in Franklin County is $797/month, while owner costs run $786/month. Owning saves approximately $11/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $31,880/year. For owner costs at the 28% rule, the required income is roughly $33,686/year. With a median household income of $68,348, most households can comfortably afford rent here. Notably, 21.0% of renter households in Franklin County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Within Virginia, Franklin County is less affordable than Page County by roughly 6% ($797/mo vs $851/mo).
Affordability Calculator
See how your income compares to housing costs in Franklin County
Rent Burden
14.0%
of gross income
Max Housing (28% Rule)
$1,595
per month
Owner Cost Burden
13.8%
of gross income
The median home in Franklin County may be a stretch
Median home value is $222,800. Estimated monthly cost: $1,779 vs. your max of $1,595.
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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