Cost of Living in Franklin, VA
Population 8,212 · Virginia · Data vintage 2023
(100 = US avg)
Franklin offers a notably favorable income-to-housing ratio for its region. The typical home — $227,000 — costs less than 3.5 times median household income of $65,125, a threshold many coastal markets passed a decade ago.
Franklin is about 35 miles west of Chesapeake, the nearest large metro — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 37% lower than Chesapeake's $359,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Franklin
The median home value in Franklin is $227,200 — 26% below the national median of $305,000. Median rent runs $995/month, 24% lower than the national median of $1,314/month. The median household income of $65,125/year is 13% lower than the US median of $74,580. The local unemployment rate is 4.7%, below the national average of 4.8%. Virginia's top state income tax rate is 5.8% and the combined sales tax is 5.6%. The climate averages highs of 70.6°F and lows of 48.5°F. Overall, Franklin has a cost of living index of 75 versus the US average of 100, meaning it is 25% less expensive.
Franklin has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 50 | 53 | 61 | 71 | 78 | 86 | 90 | 88 | 82 | 72 | 62 | 54 |
| Low °F | 30 | 31 | 37 | 46 | 56 | 64 | 69 | 67 | 61 | 49 | 39 | 33 |
| Precip" | 3.65 | 2.87 | 3.82 | 3.58 | 3.81 | 4.68 | 5.56 | 5.34 | 5.85 | 3.85 | 3.14 | 3.54 |
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Franklin, VA?
Franklin has a cost index of 75 (100 = national average). It is 25% below the national average.
What is average rent in Franklin, VA?
The median gross rent in Franklin is $995 per month based on 2023 Census data.
What is the average home price in Franklin?
The median home value in Franklin is $227,200 according to Zillow and Census data.
What is the median income in Franklin?
The median household income in Franklin is $65,125 per year (2023 ACS 5-year estimates).
What is the sales tax in Franklin, VA?
The combined state and local sales tax rate in Franklin is 5.6%. The Virginia state income tax top rate is 5.8%.
Is Franklin, VA affordable?
Yes, Franklin is generally considered affordable, with a cost of living index of 75 — about 25% below the US national average of 100.
What is the weather like in Franklin?
Franklin has average high temperatures of 70.6°F and average lows of 48.5°F. Annual precipitation is 49.7". Data from NOAA 1991–2020 Climate Normals.
Franklin at a Glance
- Population
- 8,212
- Median Income
- $65,125
- Home Value
- $227,200
- Median Rent
- $995/mo
- Unemployment
- 4.7%
- Avg High Temp
- 70.6°F
- Sales Tax
- 5.6%
Nearby Cities
Explore county-level cost of living data
Virginia Rankings
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