Franklin, VA Cost Of Living
Cost Of Living In Franklin, VA Summary
Cost of living in Franklin research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Franklin is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Virginia, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Franklin is 98, with 100 being the average.
The cost of living index in Franklin is 1.0x lower than the national average.
Franklin ranks as the #43 cheapest in Virginia out of 186.
Franklin ranks as the #2,890 cheapest out of 6,412 in the US.
The median home value in Franklin is $178,800.
The median income in Franklin is $49,424.
Table Of Contents
Franklin's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Franklin, VA?
According to the most recent data on the cost of living, Franklin has an overall cost of living index of 98, which is 1.0x lower than the national index of 100.
Compared to Virginia, Franklin has a cost of living index that's 1.0x lower than Virginia's index of 102.
The standard of living in Franklin ranks as #43 most affordable out of the 186 places we measured in Virginia. By definition, that implies Franklin ranks as the #143 most expensive place in the Old Dominion.
For more reading on life in Franklin, check out:
- Living In Franklin
- Franklin Crime Report
- Search Homes For Sale In Franklin, VA
In Virginia
In America
Franklin Cost Of Living Vs. Virginia
Six factors go into calculating the cost of living index in Franklin. Here is how it fairs on each of the criteria:
The Services index in Franklin is 104.
The Groceries index in Franklin is 93.
The Health index in Franklin is 103.
The Housing index in Franklin is 93.
The Transportation index in Franklin is 93.
The Utilities index in Franklin is 103.
| Living Expense | Franklin | Virginia | National Average | |
|---|---|---|---|---|
| Overall | 98 | 102 | 100 | |
| Services | 104 | 102 | 100 | |
| Groceries | 93 | 98 | 100 | |
| Health | 103 | 102 | 100 | |
| Housing | 93 | 107 | 100 | |
| Transportation | 93 | 95 | 100 | |
| Utilities | 103 | 102 | 100 | |
Franklin, VA Housing Cost Breakdown
Housing swings affordability the most between places in Virginia, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Franklin is $178,800.
The Median Rent in Franklin is $851.
The Median Income in Franklin is $49,424.
The Home Value To Income in Franklin is 3.6x.
The Rent To Monthly Income in Franklin is 0.21x.
| Statistic | Franklin | Virginia | United States |
|---|---|---|---|
| Median Home Value | $178,800 | $295,500 | $244,900 |
| Median Rent | $851 | $1,326 | $1,163 |
| Median Income | $49,424 | $80,615 | $69,021 |
| Home Value To Income | 3.6x | 3.7x | 3.5x |
| Rent To Monthly Income | 0.21x | 0.2x | 0.2x |
Median Home Value
Median Rent
Median Income
Franklin, VA Costs By Category
Detailed Franklin Services Costs Vs. Virginia
Detailed Franklin Groceries Costs Vs. Virginia
Detailed Franklin Health Costs Vs. Virginia
Detailed Franklin Transportation Costs Vs. Virginia
Detailed Franklin Utilities Costs Vs. Virginia
Franklin SnackAbility
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Cost Of Living In Cities Around Franklin
The cost of living varies in the cities and towns around Franklin. Here's a quick look at the cost of living in the most populous nearby places:
Chesapeake, VA has a cost of living index of 115, 1.2x Franklin.
Newport News, VA has a cost of living index of 102, 1.0x Franklin.
Hampton, VA has a cost of living index of 99, 1.0x Franklin.
| City | Population | Cost Of Living | Vs. Franklin |
|---|---|---|---|
| Chesapeake, VA | 247,172 | 115 | 1.2x |
| Newport News, VA | 185,069 | 102 | 1.0x |
| Hampton, VA | 136,748 | 99 | 1.0x |
| Suffolk, VA | 93,268 | 109 | 1.1x |
| Colonial Heights, VA | 18,127 | 97 | 1.0x |
| Roanoke Rapids, NC | 15,294 | 90 | 0.9x |
| Poquoson, VA | 12,382 | 113 | 1.2x |
| Gloucester Point, VA | 11,313 | 105 | 1.1x |
| Smithfield, VA | 8,513 | 111 | 1.1x |
