1st Advantage MortgageFranklin city households have a median income of $63,245 and median rent of $988 a month (ACS 2020 to 2024). Your income, debts and credit decide what you qualify for. Get offers in writing, compare the total repaid, and never pay a fee up front.
On this page
- A quick profile of Franklin city
- Income in Franklin city compared with Virginia
- Jobs and commutes in Franklin city
- Franklin city housing compared with Virginia
- Neighboring counties at a glance
- Towns and communities in Franklin city
- Budget math at the Franklin city median
- Franklin city households compared
- Before borrowing in Franklin city
- Checking a lender's license in Virginia
- Four steps for Franklin city borrowers
- Nearby and statewide guides
- Frequently asked questions
A quick profile of Franklin city
With an estimated 8,250 residents (ACS 2020 to 2024), Franklin city ranks 119th of 133 in Virginia for population. Packed into 8 square miles, that is close to 997 residents for every square mile of land. No metropolitan area includes Franklin city in the 2023 federal delineation, so its numbers stand on their own rather than as part of a metro. Of the 1 Census place inside Franklin city, Franklin leads by population with about 8,250. Small populations mean wide margins of error, so read every Franklin city figure on this page as a rough guide.
Income in Franklin city compared with Virginia
Half of Franklin city households take in less than $63,245 a year and half take in more, 32% below the Virginia median of $93,170.
| Income band | Share in Franklin city | Difference from Virginia |
|---|---|---|
| Under $35,000 | 28.1% | +10.2 pts |
| $35,000 to $99,999 | 47.8% | +12.5 pts |
| $100,000 to $199,999 | 22.1% | -7.1 pts |
| $200,000 or more | 2.0% | -15.7 pts |
About 28% of households earn under $35,000, while 24% clear $100,000. The poverty rate is 19.3%, 9 points higher than the state's 9.9%. None of these numbers decides a Franklin city application. Lenders weigh your own documented income against your own debts.
Jobs and commutes in Franklin city
Education and health care employs 35% of working residents, the largest share; manufacturing is next with 15%. Compared with Virginia, the county leans toward education and health care (35% against 22%). ACS puts five-year average unemployment at 7.9% in Franklin city. About 84% drive to work alone and 18% have trips of 45 minutes or more.
| Industry | Share of Franklin city workers | vs Virginia |
|---|---|---|
| Education and health care | 35.1% | +12.8 pts |
| Manufacturing | 14.7% | +7.7 pts |
| Professional and administrative services | 8.6% | -8.2 pts |
| Retail trade | 8.2% | -1.6 pts |
| Arts, lodging and food service | 7.1% | -0.9 pts |
| Public administration | 6.3% | -2.6 pts |
A lender verifies what your own job pays. The county's industry mix tells you about the local economy, not about your application.
Franklin city housing compared with Virginia
A typical Franklin city rental runs $988 a month including utilities, which is 37% below Virginia. 54% of renting households spend 30% or more of income on rent, and 30% spend half or more. The median owner-occupied home is valued at $256,600, about 4.1 times the median household income. The ownership rate is 54%.
| Measure | Franklin city | Virginia | Median U.S. county |
|---|---|---|---|
| Median gross rent | $988/mo | $1,579/mo | $877/mo |
| Median home value | $256,600 | $383,700 | $185,300 |
| Owners | 54% | 67% | 75% |
| Rent-burdened renters | 54% | 49% | 45% |
| Burdened owners | 24% | 25% | n/a |
| Mobile homes | 0.1% | 4.3% | n/a |
For the many renters in Franklin city, deposits, moving costs and card balances are typical reasons to borrow. Keep the amount small and the term short. High rent burdens leave little slack. If you are borrowing to consolidate, make sure the new payment is lower than the ones it replaces.
Neighboring counties at a glance
The six counties whose centers lie closest to Franklin city's, from 9 to 24 miles away. Income ranges from $45,537 in Hertford County to $95,241 in Isle of Wight County; 5 of these neighbors top Franklin city's median. Some neighbors are in North Carolina. Lender licensing is state by state, so a loan for a Franklin city resident follows Virginia rules.
| Nearby county | Center to center | Household income | Gross rent | Owner-occupied |
|---|---|---|---|---|
| Franklin city | - | $63,245 | $988/mo | 54% |
| Southampton County, VA | 9 mi | $70,795 | $930/mo | 76% |
| Suffolk city, VA | 17 mi | $92,666 | $1,563/mo | 71% |
| Isle of Wight County, VA | 20 mi | $95,241 | $1,359/mo | 80% |
| Gates County, NC | 21 mi | $66,333 | $1,143/mo | 81% |
| Hertford County, NC | 22 mi | $45,537 | $844/mo | 67% |
| Sussex County, VA | 24 mi | $63,530 | $907/mo | 70% |
Towns and communities in Franklin city
Just one Census place, Franklin, lies mainly within Franklin city; it holds about 8,250 people. Live in one of these Franklin city communities, or between them? This is your local guide.
| Place in county | Status | Population (ACS) | Median HH income | Monthly rent | Distance from center |
|---|---|---|---|---|---|
| Franklin | city | 8,250 | $63,245 | $988 | 0 mi |
Budget math at the Franklin city median
The debt-to-income ratio is the main affordability test lenders use. Applied to Franklin city's medians:
- Start: $5,270 gross per month ($63,245 / 12)
- Housing at the median rent of $988 uses 19%
- Under a 40% cap, $2,108 total minus rent leaves $1,120
Car, student loan and card payments come out of that room first. Try your own numbers in the calculator.
Franklin city households compared
Degree holders: 27% of adults over 25. 2.9% of residents have no health coverage.
| Indicator | Franklin city | All of Virginia | U.S. county median |
|---|---|---|---|
| Median age | 38.3 | 39.0 | 41.5 |
| Bachelor's or higher | 27.3% | 42.2% | 22.2% |
| No high school diploma | 13.8% | 8.4% | n/a |
| No health insurance | 2.9% | 6.9% | 7.8% |
| No vehicle | 9.1% | 6.1% | 5.4% |
| Work from home | 4.7% | 18.3% | 8.7% |
| Poverty rate | 19.3% | 9.9% | 13.2% |
| Unemployment (ACS) | 7.9% | 4.3% | 4.4% |
| Trip time | Share |
|---|---|
| Under 15 min | 47.9% |
| 15 to 29 min | 16.1% |
| 30 to 44 min | 18.2% |
| 45 to 59 min | 4.6% |
| 60+ min | 13.2% |
Before borrowing in Franklin city
The county's numbers point to a few situations that come up often for Franklin city borrowers.
- Assistance before credit. With a 19% poverty rate, check no-cost options before any Franklin city loan.
- Tight rental budgets. With 54% of Franklin city renters cost-burdened, test a new payment against a lean month.
- Scams. A fee demanded before funding is a red flag; report it at ReportFraud.ftc.gov (spotting scams).
Checking a lender's license in Virginia
Franklin city borrowers fall under statewide rules, enforced by the Virginia Bureau of Financial Institutions. Banks and credit unions have their own regulators, and the CFPB takes complaints about any lender. More on Virginia: Virginia personal loans.
Four steps for Franklin city borrowers
Four checks before you sign anything:
- Write down what the expense costs; a smaller loan costs less.
- Compare the total repaid on every offer, not just the payment.
- Check the license, then the reviews, then the offer.
- Keep a small cushion so one surprise bill does not mean another loan.
Nearby and statewide guides
For statewide rules and data, see the Virginia guide.
Frequently asked questions
What is the median household income in Franklin city?
$63,245 a year in the 2020 to 2024 Census survey, versus $93,170 for Virginia. It ranks 84th of 133 in the state.
Is Franklin city expensive for renters?
Median rent is $988 against $1,579 statewide, and 54% of renter households are cost-burdened.
Does this page cover Franklin?
Yes, along with the other 0 Census places in Franklin city.
Is the fit check different in Franklin city?
No. It is identical everywhere, and it never looks at your neighborhood.
Who do I complain to about a lender in Franklin city?
Start with the Virginia Bureau of Financial Institutions, then the CFPB complaint portal. Keep copies of every message.