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These days, finding an affordable place to live in the Franklin area can be challenging. Home prices in Franklin are now at a median cost of $225,214, lower than the Virginia average of $443,089.
The average cost of rent is $1,070/mo in Franklin, primarily driven by the current value of real estate in the Franklin area. In Franklin, 40.45% of households rent, and 39.89% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Franklin is $5,621 per month. Households that rent pay about 19.04% of their income on rent here. Franklin’s most expensive areas are in the northern regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Camptown, VA: higher priced homes
- Hunterdale, VA: equally priced homes
- Delaware, VA: less expensive homes
- Handsom, VA: less expensive homes
- Courtland, VA: equally priced homes
- Carrsville, VA: equally priced homes
- Riverdale, VA: less expensive homes
- Vicksville, VA: higher priced homes
- Sedley, VA: higher priced homes
- Sunbeam, VA: less expensive homes
Cities with Similar Populations
- Lake Arbor, MD: higher priced homes
- Knoxville, IA: equally priced homes
- Kodak, TN: higher priced homes
- Kodiak, AK: higher priced homes
- Kutztown, PA: higher priced homes
- La Feria, TX: less expensive homes
- La Grange, NC: less expensive homes
- La Riviera, CA: higher priced homes
- Lafayette Hill, PA: higher priced homes
- Klahanie, WA: higher priced homes
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