Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,051$12,612 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Franklin city, VA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Franklin city, VA
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $811 | $9,732 | $32,440 | $15.60/hr |
| 1-Bedroom Apartment | $817 | $9,804 | $32,680 | $15.71/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,051 | $12,612 | $42,040 | $20.21/hr |
| 3-Bedroom Home | $1,346 | $16,152 | $53,840 | $25.88/hr |
| 4-Bedroom Home | $1,764 | $21,168 | $70,560 | $33.92/hr |
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Frequently Asked Questions About Rent in Franklin city, VA
What is the Fair Market Rent for a 2-bedroom in Franklin city, VA?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Franklin city, VA is $1,051 per month ($12,612 per year).
What hourly wage is needed to afford rent in Franklin city, VA?
To comfortably afford a 2-bedroom apartment at $1,051/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $20.21 per hour ($42,040/year).
What are the HUD Fair Market Rents by bedroom count in Franklin city, VA?
Official 2026 HUD rents in Franklin city, VA are: Studio: $811/mo, 1-Bedroom: $817/mo, 2-Bedroom: $1,051/mo, 3-Bedroom: $1,346/mo, and 4-Bedroom: $1,764/mo.
How do HUD Fair Market Rents compare to local incomes in Franklin city, VA?
At the local Census ACS median household income of $63,245/year ($5,270/month), the benchmark 2-bedroom Fair Market Rent represents 19.9% of monthly income.
How is the 30% housing affordability standard calculated in Franklin city, VA?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,051/month, the required minimum annual gross income is calculated as ($1,051 × 12) ÷ 0.30 = $42,040 per year.