Franklin, VA
Population 8,212 · Virginia
About Franklin, VA
Franklin is a small town located in Virginia with a population of 8,212 residents according to the latest US Census Bureau American Community Survey data. The median household income is $65,125 per year, which is 13% below the national median of $75,149. The median age of 40.5 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Franklin features a median home value of $227,200, which is 7% below the national median of $244,900. This positions Franklin in a moderately priced market relative to the rest of the country. Median monthly rent is $995, 14% below the national average of $1,163/month. Of the 3,897 total housing units, 53% are owner-occupied (1,809 units) and 47% are renter-occupied (1,579 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Franklin shows an unemployment rate of 4.7%, which is near the national rate of 3.7%. The poverty rate stands at 16.7%, above the national average of 12.4%. Workers in Franklin have an average one-way commute time of 20.7 minutes.
Education & Demographics
26.4% of Franklin residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 2.6% White, 3.8% Hispanic or Latino, 0.3% Black or African American, and 0.2% Asian residents, with 2.6% of the population being foreign-born.
Cost of Living in Franklin, VA
Compared to national averages, Franklin has a median household income of $65,125 (13% below the national median of $75,149). Home values average $227,200, which is 7% below the national median. Monthly rent at $995 is 14% below the US average of $1,163. Within Virginia, Franklin's income is 26% below the state average of $87,957, and home values are 31% below the state median of $327,514.
Why Live in Franklin, VA?
Franklin offers affordable housing with a median home value of $227,200, below the US average of $244,900, and rent that’s lower than the national average at $995/month, and short commute times averaging just 20.7 minutes.
Potential considerations include median household income ($65,125) that falls below the national average. However, Franklin’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Franklin has a population of 8,212 with a median age of 40.5 years. Compare Franklin with other cities to see how it stacks up, or explore all cities in Virginia.
Similar Cities Near Franklin
Cities in Virginia with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Wytheville | 8,224 | $43,283 | $193,000 | Compare |
| Lake of the Woods | 8,165 | $112,917 | $377,500 | Compare |
| Fort Belvoir | 8,107 | $101,237 | $244,400 | Compare |
| Fort Lee | 8,318 | $81,105 | $0 | Compare |
| Abingdon | 8,332 | $54,976 | $217,700 | Compare |
| Vinton | 8,038 | $64,643 | $179,400 | Compare |
| Dumbarton | 8,407 | $59,085 | $274,700 | Compare |
| Greenbriar | 7,989 | $134,284 | $627,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Virginia
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Franklin With Other Cities
Frequently Asked Questions about Franklin
What is the population of Franklin, VA?
The population of Franklin, VA is 8,212 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Virginia.
What is the median household income in Franklin?
The median household income in Franklin, VA is $65,125 per year, which is 13% below the national median of $75,149.
What is the median home value in Franklin?
The median home value in Franklin, VA is $227,200, which is 7% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Franklin?
The median monthly rent in Franklin, VA is $995, which is 14% below the national average of $1,163/month.
What is the unemployment rate in Franklin?
The unemployment rate in Franklin, VA is 4.7%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Franklin, VA a good place to live?
Franklin offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 8,212 and a median age of 40.5, the city appeals to a broad range of residents.
How educated is Franklin, VA?
26.4% of residents in Franklin aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Franklin?
Key cost-of-living indicators for Franklin, VA: median home value is $227,200 (7% below national), median rent is $995/month, and median household income is $65,125. The home-value-to-income ratio is 3.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Franklin?
The poverty rate in Franklin, VA is 16.7%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Franklin, VA?
Franklin's population is 2.6% White, 3.8% Hispanic or Latino, 0.3% Black or African American, 0.2% Asian, and 51.7% two or more races. 2.6% of residents are foreign-born.