States › Virginia › Franklin

Is Franklin, VA expensive to live in?

CheapRent takes 19 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,10837% lower than U.S. average
💵 Families earn per year (2026)$68,210about $5,684/month · 22% lower than U.S. average
🔑 House price$256,60023% lower than U.S. average

Rent is lower than in 81% of U.S. cities. A typical house costs about 3.8 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $44,320 a year. That is $21 an hour at a full-time job.

Is rent cheaper than other Virginia cities?

Yes. Rent here is cheaper than in most of Virginia. It is number 22 of 199 cities from cheapest to most expensive.

Franklin
$1,108
Greenbriar
$3,237
Montrose
$104
Mantua
$2,172
Wytheville
$841
Abingdon
$882
Carrollton
$1,988

How much do households earn in Franklin?

Under $25k
15.3%
$25k–50k
22.0%
$50k–100k
35.7%
$100k–150k
15.9%
$150k+
3.5%

Share of households by yearly income. 19.4% of households earn $100,000 or more.

Rent by apartment size in Franklin

SizeFranklinU.S. average
1 bedroom$721$1,324
2 bedrooms$1,014$1,509
3 bedrooms$1,290$1,698

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Franklin overall?

Everyday prices in Virginia overall are 1% above the U.S. average (index 101.1, U.S. = 100).

Housing
107
Goods (food, clothes…)
100
Utilities
92
Other services
100
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Franklin, so the Virginia figure is shown.

Taxes and bills in Franklin

🏛️ Property tax$1,821a year · 0.71% of home value · U.S. $3,119
⚡ Electric bill$253a month (typical) · U.S. $156

Life in Franklin

Commute to work23.3 minU.S.: 26.4 min
College degree27.3%U.S.: 35.7%
Own their home53.9%U.S.: 65.2%
Below poverty line19.3%U.S.: 12.5%
Unemployment7.9%U.S.: 5.2%

Is it cheaper to rent or buy in Franklin?

Renting is cheaper right now: about $672 a month less.

Renting
$1,108
Owning
$1,780

Owning assumes a typical $256,600 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $25,660 for the down payment.

Frequently asked questions

What is the average rent in Franklin, VA?

Renting in Franklin costs a median of about $1,108 a month in 2026, including utilities. The Virginia median is $2,049.

How much do I need to make to live in Franklin?

To keep rent under 30% of income, you need about $44,320 a year, or $21 an hour at a full-time job.

Is Franklin cheap or expensive?

Franklin is rated Cheap: rent takes 19.5% of the typical household income of $68,210. It ranks 22nd cheapest of 199 Virginia cities we track.

How much are property taxes in Franklin?

The median homeowner in Franklin pays $1,821 a year in property taxes, about 0.71% of the median home value.

Is Franklin more expensive than the national average?

Overall prices in Virginia are 1% above the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Franklin?

The median home value in Franklin is $256,600, about 3.8 times the typical yearly household income.

8,250 people live in Franklin. Numbers are typical (middle) values.