Franklin city, Virginia Housing Market
In Franklin city, Virginia, the median home value is $256,600, with a median monthly rent of $988. This places Franklin city at #859 nationally out of 3134 counties by median home value, and #69 within Virginia.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $784
- Establishments: 277
- BLS QCEW, 2025
Migration Patterns
- Inflow: 3,191 (avg $57,526)
- Outflow: 2,993 (avg $58,148)
- IRS Statistics of Income
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| Metric | Franklin city | Virginia Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $256,600 | $295,807 | $227,706 |
| Median Gross Rent | $988 | $1,169 | $968 |
| Owner Occupancy Rate | 53.9% | 70.8% | 73.3% |
| Price/Rent Ratio | 21.6 | 20.3 | 18.7 |
Market Analysis
The median home value in Franklin city is 13.3% below the Virginia state average and 12.7% above the U.S. national average. The median rent of $988/month is 15.5% below the state average.
With a price-to-rent ratio of 21.6, renting is generally more cost-effective than buying in the short to medium term. The market favors buyers only for long-term holds.
Franklin city has an owner-occupancy rate of 53.9%, compared to 70.8% in Virginia and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Baker County | Florida | $256,700 | $1,302 |
| Pickaway County | Ohio | $256,800 | $1,020 |
| La Crosse County | Wisconsin | $257,000 | $1,059 |
| Escambia County | Florida | $257,200 | $1,321 |
| LaGrange County | Indiana | $255,900 | $839 |
Other Counties in Virginia
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Dinwiddie County | $257,800 | $1,224 | 79.6% |
| Salem city | $258,600 | $1,133 | 62.8% |
| Staunton city | $259,200 | $1,024 | 60.9% |
| Newport News city | $260,600 | $1,339 | 48.2% |
| Rockbridge County | $248,800 | $925 | 79.3% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).