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Cost of Living in Franklin City

Is it better to rent or buy in Franklin City? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$59,540
$1,011/mo

Median in area: $1,011

$223,995

Median in area: $223,995

$44,799

If you Rent

🔑
$1,253 /mo
Base Rent$1,011
Est. Utilities$242
% of Income25.3%
Pre-tax Residual$3,709

If you Buy

🏠
$1,829 /mo
P&I (7.146%)$1,210
Taxes & Ins$377
Est. Utilities$242
% of Income36.9%
Pre-tax Residual$3,133

Compare Nearby Areas

See how Franklin City stacks up against neighboring areas.

countyIsle of Wight County, VA
$1,310/mo
countySouthampton County, VA
$923/mo

Cost of Living FAQs

Is it cheaper to rent or buy in Franklin City?›

Based on median housing data, renting is currently more affordable on a monthly basis in Franklin City. The estimated all-in monthly cost for renting is $1,253, while owning a median-priced home with a 20% down payment is roughly $1,829 per month (a difference of $576).

How much do utilities cost in Franklin City?›

The average monthly utility cost (electricity and natural gas) for a typical home in Franklin City is approximately $242. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Franklin City?›

To comfortably afford the median rent and utilities in Franklin City without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $50,120 per year.