What HUD offices serve Franklin, Virginia?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Virginia Public Housing and Low-Income Apartments Waiting Lists page for openings near Franklin.
How many renters live in Franklin, Virginia?
The City of Franklin has 8,194 people living in 3,349 households.
There are 3,887 renters living in 1,486 renter households in this City. Renters make up 47.44 percent of the population living in Franklin.
What is the rental market like in Franklin, Virginia?
There are an estimated 3,892 housing units in the Franklin area. Of these, 1,650 units are rental homes, making up 42 percent of the housing market. For every renter household in Franklin, Virginia, there are 1 rental units.
What is the vacancy rate for rentals in Franklin?
The rental vacancy rate in Franklin is 10 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Franklin for each bedroom size?
Occupied Rental Units by Size in Franklin
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 249 | 572 | 521 | 137 |
Occupied Rental Units by Size in Franklin
A large number of apartments in Franklin have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Franklin are overburdened by housing costs?
Among renter households in this market, 44 percent have housing cost burden. Further, 27 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Franklin
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $908 to $1,787. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $908 |
| One BR | $910 |
| Two BR | $1,053 |
| Three BR | $1,339 |
| Four BR | $1,787 |
2024 Fair Market Rents in Franklin, Virginia
How many units are rented at Fair Market Rent (FMR) in Franklin?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| One BR | 182 | 73 percent |
| Two BR | 416 | 73 percent |
Rental Units Below FMR in Franklin, Virginia
How many affordable rental units are in Franklin?
There are a variety of federal affordable housing programs serving households in Franklin, Virginia including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 403 |
| Public Housing | 2 |
| Section 8 Project-Based Rental Assistance | 275 |
| Section 202 Supportive Housing for the Elderly | 7 |
| USDA Section 515 Rural Rental Housing | 80 |
Tracked Units by Federal Program in Franklin, Virginia
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Franklin, Virginia
Franklin features 267 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Franklin, Virginia
There are 48 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Franklin.
Housing Choice Vouchers in Franklin, Virginia
On average, Section 8 Housing Choice vouchers pay Franklin landlords $500 per month towards rent. The average voucher holder contributes $400 towards rent in Franklin.
The maximum amount a voucher would pay on behalf of a low-income tenant in Franklin, Virginia for a two-bedroom apartment is between $948 and $1,158.
Sourced from federal housing data and AffordableHousingOnline.com research.
