Franklin County VA Data & Demographics (As of July 1, 2024)
POPULATION
Total Population
54,563 (100%)
Population in Households
53,331 (97.7%)
Population in Families
43,163 (79.1%)
Population in Group Quarters1
1,232 ( 2.3%)
Population Density
79
Diversity Index2
32
INCOME
Median Household Income
$67,603
Average Household Income
$95,310
% of Income for Mortgage4
28%
Per Capita Income
$39,910
Wealth Index5
100
Socioeconomic Status Index6
Moderate (50.1)
HOUSING
Total HU (Housing Units)
28,389 (100%)
Owner Occupied HU
18,389 (64.8%)
Renter Occupied HU
4,434 (15.6%)
Vacant Housing Units
5,566 (19.6%)
Median Home Value
$305,224
Average Home Value
$413,413
Housing Affordability Index3
91
HOUSEHOLDS
Total Households
22,823
Average Household Size
2.34
Family Households
15,190
Average Family Size
3.00
NOTES
Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.
GROWTH RATE / YEAR
2020-2024
2024-2029
Population
0.04%
-0.11%
Households
0.14%
0.02%
Families
-0.11%
Median Household Income
2.51%
Per Capita Income
3.06%
Owner Occupied HU
0.36%
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Franklin County VA - Peer Comparisons by Rank and Percentile
The table below compares Franklin County to the other 133 counties / independent cities and county equivalents in Virginia by rank and percentile using July 1, 2024 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.
