Total monthly cost of ownership
Cost to Own a Home in Franklin, Virginia
A $227,000 home here costs
$1,778per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,167. The real number is $611 higher every month — 52% more than the payment most buyers budget for.
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 $158 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
Common questions
How much does it cost to own a home in Franklin?
A $227,000 home in Franklin, Virginia costs approximately $1,778 per month with 20% down at 6.66%. That is $1,167 principal and interest, $140 property tax, $56 homeowners insurance, $226 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 $1,778 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.