Franklin County, Virginia Housing Market Prices
Franklin County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 13% above the Virginia median$288,845
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Median rent 47% below the Virginia median Cheaper than 79% of counties in Virginia$829
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Franklin County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $288,845 | $256,082 | $248,835 |
| Price Trend (Annual %) | 8.3% | 3.5% | 7.5% |
| Median Gross Rent | $829 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 2.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Franklin County is about 13% higher than in Virginia. Rent is about 47% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Franklin County, up about 8.3% and 2.8% a year respectively. Home prices are changing faster.
Median rent in Franklin County rose about 25.7% between 2015 and 2024, from $659 to $829. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Franklin County.
Buying the median-priced home in Franklin County costs roughly 29.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Franklin County. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Franklin County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $288,845 | $256,082 | $248,835 |
| Median Household Income | $69,199 | $93,527 | $80,455 |
| Price-to-Income Ratio | 4.2 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Franklin County rose about 61.0%, while median household income rose about 43.8% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Franklin County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.5% | 61.5% | 58.5% |
| Rental Rate | 17.4% | 29.8% | 31.2% |
| Vacancy Rate | 19.0% | 8.7% | 10.2% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Franklin County has a homeownership rate of 63.5%, higher than the Virginia average of 61.5%. Its housing vacancy rate is 19.0%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Franklin County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1980 | 1982 | 1978 |
| Median Number of Rooms | 6.1 | 6.0 | 5.5 |
The typical housing unit in Franklin County was built around 1980. On average, 2.3 people live in a home with about 6.1 rooms, staying for about 17.0 years on average.
Franklin County, VA Housing Compared With Nearby Counties
How Franklin County, VA compares with the 2 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Franklin County, VA | 55,141 | $288,845 #2/3 | $829 #2/3 | 78.5% #1/3 |
| Henry County, VA | 49,976 | $69,062 | $727 | 75.2% |
| Roanoke County, VA | 97,092 | $322,244 | $1,223 | 75.7% |
Frequently Asked Questions
Common questions about the housing market in Franklin County, Virginia.
What is the median home price in Franklin County, Virginia?
The median home price in Franklin County, Virginia is $288,845, higher than the Virginia average of $256,082.
What is the average home price in Franklin County, Virginia?
The typical home price in Franklin County, Virginia, reported as the median sale price, is $288,845. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Franklin County, Virginia?
The median gross rent in Franklin County, Virginia is $829 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Franklin County in 2020?
In 2020, the median gross rent in Franklin County, Virginia was $725 per month.
What is the price-to-rent ratio in Franklin County, Virginia?
The price-to-rent ratio in Franklin County, Virginia is about 29.0, meaning it would take roughly 29.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Franklin County.
Are home prices or rent rising faster in Franklin County, Virginia?
Both home prices and rent are rising in Franklin County, up about 8.3% and 2.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Franklin County, Virginia?
63.5% of households in Franklin County, Virginia own their home, higher than the Virginia average of 61.5%.
What is the vacancy rate in Franklin County, Virginia?
The housing vacancy rate in Franklin County, Virginia is 19.0%, higher than the Virginia average of 8.7%.
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