1st Advantage MortgageFranklin County (55,130 residents) has a $68,849 median household income and $829 median rent, by the latest Census five-year survey. Use those as context only. A lender looks at your own documented income and debts; compare APR and total repaid on every Franklin County offer.
On this page
- Franklin County at a glance
- Labor force snapshot: Franklin County
- Household income in Franklin County
- Where Franklin County households live
- Franklin County against other Virginia counties
- Regional comparison for Franklin County
- Franklin County towns compared
- Age, degrees and coverage in Franklin County
- What the numbers mean for Franklin County borrowers
- What a median Franklin County budget can carry
- Virginia rules that apply in Franklin County
- A Franklin County borrower's checklist
- Keep exploring
- Frequently asked questions
Franklin County at a glance
Franklin County is home to about 55,130 people, according to the Census Bureau's 2020 to 2024 American Community Survey, which makes it the 33rd most populous of 133 county-level areas in Virginia. It covers 691 square miles of land, or about 80 people per square mile. It is one of the counties that make up the Roanoke, VA metropolitan statistical area (OMB, 2023). Rocky Mount (4,950 people) heads the county's list of 8 Census places, 2 incorporated and 6 census-designated.
Labor force snapshot: Franklin County
The biggest employer of Franklin County residents, by industry, is education and health care at 23% of workers, followed by manufacturing (14%). Relative to Virginia (7%), manufacturing is 7 points bigger in Franklin County (14%). 2.4% of Franklin County's labor force reported being unemployed, averaged across 2020 to 2024. 19% of Franklin County workers get to work in under 15 minutes, while 24% need 45 or more. No car: 4.5% of Franklin County households.
| Industry | Share of Franklin County workers | vs Virginia |
|---|---|---|
| Education and health care | 23.2% | +0.9 pts |
| Manufacturing | 13.6% | +6.5 pts |
| Retail trade | 11.0% | +1.2 pts |
| Arts, lodging and food service | 9.6% | +1.7 pts |
| Professional and administrative services | 9.5% | -7.3 pts |
| Construction | 8.9% | +2.4 pts |
If your hours swing with the season or with overtime, size a loan payment against your base pay, not your best month.
Household income in Franklin County
The median household income in Franklin County is $68,849; statewide it is $93,170, so Franklin County runs 26% below Virginia as a whole.
| Households earning | Franklin County | +/- vs Virginia |
|---|---|---|
| Under $35,000 | 25.3% | +7.4 pts |
| $35,000 to $99,999 | 41.2% | +6.0 pts |
| $100,000 to $199,999 | 25.1% | -4.1 pts |
| $200,000 or more | 8.3% | -9.4 pts |
About 25% of households earn under $35,000, while 33% clear $100,000. Franklin County counts about 6,976 residents below the poverty line, 12.7% of the population. The Gini index of income inequality is 0.469 (0 is perfect equality). A household earning below the $68,849 median should test any payment carefully; one earning above it should still pick the shortest term it can manage.
Where Franklin County households live
Renters in Franklin County pay a median of $829 a month, 47% below the Virginia figure of $1,579. Cost-burdened renters, paying 30%-plus of income: 31% in Franklin County, 49% statewide. The median owner-occupied home is valued at $240,400, about 3.5 times the median household income. In Franklin County, 78% of occupied homes are owned by the people living in them. Median construction year: 1988.
| Measure | Franklin County | Virginia | Gap |
|---|---|---|---|
| Rent-burdened renters | 31% | 49% | -17.2 pts |
| Mobile homes | 16.7% | 4.3% | +12.4 pts |
| Owners | 78% | 67% | +11.1 pts |
| Median gross rent | $829/mo | $1,579/mo | 47% lower |
| Median home value | $240,400 | $383,700 | 37% lower |
| Burdened owners | 27% | 25% | +2.2 pts |
With 78% of Franklin County homes owner-occupied, equity is a real alternative for many readers; just remember a missed HELOC payment puts the home at risk.
Franklin County against other Virginia counties
Ranked against the other 132 county-level areas in Virginia, these are the Franklin County figures furthest from the middle.
- Few Virginia counties match Franklin County on the share of renters paying 30% or more of income for rent: 31% here, 49% for the state, ranking 6th lowest of 133. Lower rent burdens mean more renters have slack, but test your own numbers.
- Franklin County ranks 14th lowest of 133 Virginia counties for the ACS unemployment rate: 2.4%, against 4.3% statewide. A tight job market helps steady income, but lenders still verify it.
- Few Virginia counties match Franklin County on median age: 48.4 here, 39.0 for the state, ranking 19th highest of 133. Older borrowers often rely on fixed incomes, so a fixed payment helps.
Regional comparison for Franklin County
The six counties whose centers lie closest to Franklin County's, from 20 to 29 miles away. 1 of the six report a higher median household income than Franklin County; Roanoke County is highest at $83,709 and Martinsville city lowest at $46,727.
| Neighbor | Distance | Income | Rent | Own |
|---|---|---|---|---|
| Franklin County | - | $68,849 | $829/mo | 78% |
| Roanoke city, VA | 20 mi | $55,378 | $996/mo | 52% |
| Martinsville city, VA | 21 mi | $46,727 | $808/mo | 55% |
| Salem city, VA | 22 mi | $66,725 | $1,133/mo | 63% |
| Floyd County, VA | 26 mi | $62,191 | $878/mo | 84% |
| Henry County, VA | 26 mi | $50,760 | $728/mo | 75% |
| Roanoke County, VA | 29 mi | $83,709 | $1,224/mo | 76% |
Franklin County towns compared
Places, by size: the top 8 of 8. Roughly 71% of Franklin County lives outside all of them, in open country or unnamed settlements. Incomes vary by place: $109,951 at the median in North Shore, $40,435 in Ferrum. Rent is cheapest in Henry Fork ($613) and steepest in Westlake Corner ($1,185). Live in one of these Franklin County communities, or between them? This is your local guide.
| Place | Type | Population | Median income | Median rent | From county center |
|---|---|---|---|---|---|
| Rocky Mount | town | 4,950 | $63,280 | $890 | 1 mi |
| North Shore | CDP | 3,638 | $109,951 | $1,133 | 14 mi |
| Westlake Corner | CDP | 2,033 | $95,000 | $1,185 | 13 mi |
| Ferrum | CDP | 1,774 | $40,435 | $638 | 7 mi |
| Union Hall | CDP | 1,445 | $103,125 | n/a | 11 mi |
| Penhook | CDP | 1,250 | $108,750 | n/a | 14 mi |
| Henry Fork | CDP | 805 | $70,150 | $613 | 2 mi |
| Boones Mill | town | 228 | $75,972 | $925 | 9 mi |
CDP: census-designated place, an unincorporated community mapped for statistics.
Age, degrees and coverage in Franklin County
25% of Franklin County adults 25 and older hold a bachelor's degree or more. Uninsured, Franklin County: 6.8%; Virginia: 6.9%.
| Residents | Franklin County | Difference from Virginia | Difference from middle U.S. county |
|---|---|---|---|
| Bachelor's or higher | 25.1% | -17.0 pts | +3.0 pts |
| Median age | 48.4 | +9.4 yrs | +6.9 yrs |
| Work from home | 12.5% | -5.9 pts | +3.8 pts |
| Poverty rate | 12.7% | +2.8 pts | -0.5 pts |
| Unemployment (ACS) | 2.4% | -1.9 pts | -2.1 pts |
| No vehicle | 4.5% | -1.6 pts | -0.9 pts |
| No high school diploma | 8.7% | +0.3 pts | n/a |
| No health insurance | 6.8% | -0.1 pts | -1.1 pts |
| One-way commute | Share of Franklin County workers |
|---|---|
| Under 15 min | 19.2% |
| 15 to 29 min | 31.4% |
| 30 to 44 min | 24.9% |
| 45 to 59 min | 15.7% |
| 60+ min | 8.8% |
What the numbers mean for Franklin County borrowers
- Long drives. With 24% of commutes over 45 minutes, tires and repairs are fixed costs in many Franklin County budgets.
- 17% mobile homes. Many are not titled as real estate, so home-equity options may not apply; an unsecured loan is the usual route.
- Benefit income. With half of residents older than 48, lenders often see pension and Social Security income, which counts like wages.
What a median Franklin County budget can carry
Franklin County at the medians, through a lender's eyes (what DTI means):
- $5,737 a month: gross income for a household at the Franklin County median
- Less median rent of $829, which is 14% of it
- 36% debt-to-income limit: $1,236 left for all other debt payments
Subtract what you already pay on other debts. A new payment should fit in what remains, with some to spare.
Virginia rules that apply in Franklin County
Consumer lenders serving Franklin County are licensed by the state, not the county; in Virginia that is the Virginia Bureau of Financial Institutions. If a Franklin County lender ignores a dispute, the CFPB complaint portal is the federal backstop. State-level detail for Franklin County borrowers is in the Virginia guide.
A Franklin County borrower's checklist
Quick steps for Franklin County:
- Know the exact dollar figure you need before talking to a lender.
- Ask each lender for the APR and all fees in writing.
- Only work with lenders licensed for Virginia borrowers.
- Confirm the first due date before setting up autopay.
Keep exploring
No city in Franklin County has its own guide yet; the state page is next up.
Frequently asked questions
What does a typical Franklin County household make?
About $68,849 a year at the median (ACS 2020-24), 26% below the Virginia median.
How does Franklin County rent compare with Virginia?
$829 locally versus $1,579 for the state, 47% below.
Can Franklin County owners borrow against a $240,400 home?
Many can, through a home equity loan or line. It is secured by the house, so compare it with an unsecured personal loan before choosing.
How many towns are in Franklin County?
The Census Bureau counts 8 places mainly in the county, led by Rocky Mount, North Shore, Westlake Corner, Ferrum, Union Hall.
Will a Franklin County address affect my match?
Beyond confirming Virginia as your state, no. Your answers about amount, credit, income and payments are all that count.