Franklin Farm, VA

Very High · 217

Virginia · Population 18,509 · Updated March 2026

$2,697
Median Rent / Month
$210,169
Median Income
$810,600
Median Home Value
$2,919
Owner Costs / Month

Affordability

How far your income goes in Franklin Farm

15.4%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Virginia

State-level tax rates that affect your costs

5.75%
Income Tax (Top Rate)
5.3%
Sales Tax
0.8%
Property Tax Rate

Estimated Annual Costs

$32,364
Annual Rent
$12,085
State Income Tax
$6,485
Property Tax (est.)

Cost of Living Overview

Franklin Farm has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 217 (where 100 equals the national median), Franklin Farm residents can expect to pay median rent of $2,697/month while earning a median household income of $210,169/year.

The median home value in Franklin Farm, VA is $810,600, with typical monthly owner costs around $2,919 including mortgage, insurance, and taxes. The median rent-to-income ratio of 15.4% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Virginia has a moderate income tax rate of 5.75%. Combined with a 5.3% sales tax rate and 0.8% effective property tax rate, the overall tax environment is a factor in the total cost of living in Franklin Farm.

Frequently Asked Questions

Common questions about living costs in Franklin Farm

What is the cost of living in Franklin Farm, VA?
The cost of living index in Franklin Farm, VA is 217 (US average = 100). Median monthly rent is $2,697, median household income is $210,169/year, and the median home value is $810,600.
Is Franklin Farm, VA affordable?
No, Franklin Farm is more expensive than the national average with a cost index of 217. The rent-to-income ratio is 15.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Franklin Farm, VA?
The median gross rent in Franklin Farm, VA is $2,697 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $32,364.
What is the median household income in Franklin Farm?
The median household income in Franklin Farm, VA is $210,169 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Virginia?
Virginia has a top income tax rate of 5.75%, a sales tax of 5.3%, and an effective property tax rate of 0.8%.