Franklin, VA County is a great place to live if you are looking for an affordable place to call home. The 2 bedroom rent is significantly lower than the US average at $910 compared to the $1,430 national average. Not only that, the grocery cost index in Franklin is also more affordable at 99 compared to the 100 national average. This allows residents to stretch their budgets even further.
Franklin has a strong economy with many employment opportunities across various industries such as healthcare, education, hospitality, and retail. Some of the top companies in the area include Sentara Healthcare, Franklin City Public Schools, Tyson Foods Inc., and Walmart Distribution Center. Economic indicators for this area are generally positive as there has been steady job growth over the past few years.
Franklin County has an unemployment rate of 4.8%. The US average is 6.0%.
Franklin County has seen the job market increase by 1.7% over the last year. Future job growth over the next ten years is predicted to be 28.4%, which is lower than the US average of 33.5%.
Tax Rates for Franklin County
- The Sales Tax Rate for Franklin County is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Franklin County is 5.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Franklin County
- The average income of a Franklin County resident is $24,789 a year. The US average is $28,555 a year.
- The Median household income of a Franklin County resident is $59,667 a year. The US average is $69,021 a year.