Franklin County, VA
The Fair Market Rent for a 2-bedroom in Franklin County, VA is $944 per month, ranking #653 out of 693 areas nationwide. The area median household income is $68,348, meaning a household spending Fair Market Rent on a 2-bedroom would pay 16.6% of income on housing. Rent in Franklin County has increased 4.3% year over year. The area has a population of 55K, with 20.3% of households renting.
Fair Market Rent by Bedroom Size
Fair Market Rents (FMRs) are set annually by the U.S. Department of Housing and Urban Development and represent the 40th percentile of gross rents for standard-quality units in an area. FMRs are used to determine payment standards for the Housing Choice Voucher program and other federal housing assistance.
Housing Affordability
In Franklin County, VA, a household earning the area median income of $68,348 would spend 16.6% of their gross income on a 2-bedroom at Fair Market Rent. This falls below HUD's 30% cost-burden threshold, meaning housing is relatively affordable for median-income households in this area.
5-Year Rent Trend
+15.8% since 20212-bedroom Fair Market Rent by fiscal year. Source: HUD FMR API.
Minimum Wage Affordability
The minimum wage in Virginia is $12.41/hr. A minimum-wage worker would need to work 58.5 hours per week to afford a 2-bedroom at Fair Market Rent without exceeding 30% of income on housing. This means a single minimum-wage earner cannot afford a 2-bedroom working a standard 40-hour week. The poverty rate in Franklin County is 11.5%, below the national average of approximately 12.4%.
Housing Market Context
The median home value in Franklin County is $222,800. At a median income of $68,348, this represents a price-to-income ratio of 3.3x. 20.7% of housing units in the area are vacant, which is above the national average and may indicate softer demand or seasonal housing. The local unemployment rate is 3.5%, below the national average, indicating a relatively strong local labor market.
Other Areas in Virginia
Compare Franklin County
Areas With Similar Rent to Franklin County
Frequently Asked Questions
The HUD Fair Market Rent for a 2-bedroom in Franklin County, VA is $944 per month. A studio is $771/mo, a 1-bedroom is $861/mo, and a 3-bedroom is $1,313/mo. The actual median gross rent from Census data is $797/mo.
Franklin County has a rent burden of 16.6%, meaning a household earning the median income of $68,348 would spend 16.6% of income on a 2-bedroom at Fair Market Rent. This is below HUD's 30% cost-burden threshold, indicating relatively affordable housing. To afford a 2-bedroom without being cost-burdened, a household would need an annual income of at least $37,760.
Franklin County's 2-bedroom Fair Market Rent of $944/mo is $306 below the national median of $1,250/mo. Franklin County ranks #653 out of 693 areas for highest rent in the United States.
To afford a 2-bedroom at Fair Market Rent in Franklin County without spending more than 30% of income on housing, you would need an annual household income of at least $37,760, or a full-time hourly wage of $18/hour. The area median income is $68,348.
The 2-bedroom Fair Market Rent in Franklin County increased by 4.3% compared to the prior year. This is a modest increase, roughly in line with typical housing cost trends.
Fair Market Rents represent the 40th percentile of gross rents for standard-quality rental units. Rent burden is calculated as annual 2BR FMR divided by area median household income. Census data (income, home value, population, vacancy) is from the ACS 5-Year estimates. Unemployment rates are from BLS Local Area Unemployment Statistics.