Total monthly cost of ownership
Cost to Own a Home in Franklin, Virginia
A $227,000 home here costs
$1,872per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $80,000 a year.
A standard mortgage calculator would have told you $1,238. The real number is $635 higher every month, 51% more than the payment most buyers budget for.
Compare Franklin city with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Franklin against Franklin city and Virginia
| Measure | Franklin | Franklin city |
|---|---|---|
| Median home value | $227,200 | $227,200 |
| Median property tax | $1,677 | $1,677 |
| Effective tax rate | 0.738% | 0.738% |
| Median gross rent | $995 | $995 |
| Population | 8,212 | 8,212 |
The weather behind that power bill
Franklin sits in Franklin city, which averages a high of 88.9°F in its hottest month and a low of 29.4°F in its coldest, with 47.88" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,537 cooling and 3,536 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Franklin city , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Franklin city
No other places of this size are published in Franklin city.
Full Franklin city cost breakdown · Every county in Virginia
Talk to someone who works this market
These are Franklin averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Franklin every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Franklin I already own here and may sell
Common questions
How much does it cost to own a home in Franklin?
A $227,000 home in Franklin, Virginia costs approximately $1,872 per month with 20% down at 7.24%. That is $1,238 principal and interest, $140 property tax, $56 homeowners insurance, $250 utilities and $189 set aside for maintenance.
What is the property tax rate in Franklin?
Franklin has an effective property tax rate of 0.738%, based on a median home value of $227,200 and median real estate taxes of $1,677. That is in line with the Franklin city average of 0.738%.
What is the average home price in Franklin?
The median owner-occupied home value in Franklin, Virginia is $227,200, against $227,200 across Franklin city.
Is it cheaper to rent or buy in Franklin?
Median gross rent in Franklin is $995 a month, against $1,872 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Franklin?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Franklin, Virginia at today's rate takes a household income of roughly $80,000 a year. That covers the full $1,872 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Franklin, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Virginia.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.