Key Economic Benchmarks
Median Household Income
$63,245$5,270 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Franklin city, VA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Franklin city, VA
Official FY2026 HUD Fair Market Rents for Southampton County-Franklin city, VA HUD Nonmetro FMR Area. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $811 | $9,732 | $32,440 | 15.4% |
| 1-Bedroom Apartment | $817 | $9,804 | $32,680 | 15.5% |
| 2-Bedroom ApartmentBenchmark | $1,051 | $12,612 | $42,040 | 19.9% |
| 3-Bedroom Home | $1,346 | $16,152 | $53,840 | 25.5% |
| 4-Bedroom Home | $1,764 | $21,168 | $70,560 | 33.5% |
50/30/20 Living Budget in Franklin city, VA
Based on the local median household income of $63,245/year ($5,270/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Virginia
Explore net income after federal income tax, FICA, and Virginia state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Virginia with official federal datasets:
Frequently Asked Questions About Living in Franklin city, VA
What is the median household income in Franklin city, VA?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Franklin city, VA is $63,245 per year (approximately $5,270 per month).
What is the average rent in Franklin city, VA?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Franklin city, VA are $811 for a studio, $817 for 1 bedroom, $1,051 for 2 bedrooms, $1,346 for 3 bedrooms, and $1,764 for 4 bedrooms.
How does the cost of living in Franklin city, VA compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Franklin city, VA is 101.1 (1.1% higher than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Franklin city, VA?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,051/month) in Franklin city, VA requires a minimum gross household income of $42,040 per year ($3,503 per month).
What is a balanced 50/30/20 monthly budget in Franklin city, VA?
For a typical household earning the median income of $63,245/year ($5,270/month) in Franklin city, VA, a balanced 50/30/20 budget allocates $2,635/month to essential needs (rent, utilities, groceries), $1,581/month to discretionary spending, and $1,054/month to savings and debt repayment.
What are typical electricity and utility costs in Franklin city, VA?
Residential electricity rates in Virginia average 17.2¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $155 per month.