Franklin city, Virginia
Income Data
At a Glance
How Franklin city Compares
Detailed Income Statistics
Data Story
About Household Income in Franklin city, Virginia
Franklin falls below national income
Franklin city's median household income of $65,125 is 13% below the national median of $74,755. As an independent city in rural Southside Virginia, Franklin faces income challenges typical of post-industrial communities.
Franklin ranks among lower Virginia cities
Franklin's median household income of $65,125 falls 13% below Virginia's state average of $74,957, placing it among the lower-earning municipalities in the state. Per capita income of $31,838 trails the state average by 19%.
Franklin earns less than nearby counties
Franklin city households earn $3,223 less annually than Franklin County ($68,348) and $26,834 less than Frederick County ($95,603). Lower housing costs ($227,200 median home value) provide some offset to the income gap.
Housing affordability strains budgets
At 18.3%, Franklin's rent-to-income ratio approaches the affordability threshold of 30%, indicating that housing costs consume a larger share of household earnings than in higher-income areas. Rising rents could push more households into housing affordability stress.
Prioritize emergency funds first
Franklin residents earning $65,125 annually should focus on building a 3-6 month emergency fund before pursuing other investments. Securing stable employment and exploring skill-building opportunities can increase earning potential over time.
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Your income is above the Franklin city median
County median: $65,125 per year
vs. County Median
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vs. State Average
-13%
vs. National Median
-13%
Income Adequacy
Your monthly income ($5,427) vs. median rent ($995/mo). A ratio of 3.3x or higher means rent is under 30% of income.
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Compare RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.