Franklin city Real Estate and Livability Trends
Franklin, Virginia's real estate market shows an intriguing blend of affordability and growth potential, with median home values rising to $197,900 in 2022 but still well below the state median of $339,800. This price positioning, coupled with a consistent rise in energy tax credits, suggests a market appealing to both investors and eco-conscious buyers. Property crime fluctuations, like the... Read more
Franklin city Market Trends
Franklin City, Virginia, has seen its median home value rise to $197,900 in 2022 after dipping to $164,100 in 2019, standing well below Virginia's statewide median of $339,800, yet above the national average of $179,400. This pricing dynamic suggests a mix of affordability and potential growth, appealing to both investors and budget-conscious homebuyers. An uptick in energy tax credits, spiking... Read more
Median Value of Occupied Housing Units in Franklin city, Virginia Over the Last 8 Years
Over the past eight years, Franklin City, Virginia, has experienced some fluctuations in median home values, with a noticeable drop to $164,100 in 2019 and a climb to $197,900 in 2022. When compared to Virginia's statewide median value of $339,800 for the same year, Franklin City's housing market appears significantly more affordable. However, this could also reflect a slower growth rate compared to the broader state trend, which saw a more consistent increase. At the national level, where the median home value reached $179,400 in 2022, Franklin City's housing costs seem more competitive but lean towards the higher end. This dynamic suggests varied opportunities for investors and potential homeowners who may seek more affordable options within Virginia while still falling above the national median.
Residential Energy Tax Credit Per Tax Return in Franklin city, VA Over the Last 8 Years
Franklin City, Virginia has experienced notable fluctuations in the average residential energy tax credit per tax return over the last eight years. In 2015, there was a significant spike to $457.14, indicating increased investments or policy changes in energy-saving measures. The credit dramatically rose again in 2019, reaching $800.00, and remained relatively high in subsequent years with $580.00 in 2020 and $700.00 in 2021. These trends could suggest growing incentives for energy-efficient home improvements, making Franklin City a potentially attractive market for eco-conscious investors, homebuyers, and real estate agents.
Average Real Estate Taxes Per Tax Return in Franklin city, VA Over the Last 10 Years
Over the last decade, average real estate taxes per tax return in Franklin City, Virginia have shown a gradual increase, peaking at $2,715.79 in 2020 before slightly dropping to $2,609.52 in 2021. This upward trend indicates a steady rise in property valuations and potentially growing municipal revenue, relevant for investors, real estate agents, and appraisers assessing market stability and growth in the area. For those considering building or buying property, the relatively consistent rise in taxes suggests a demand-driven market, potentially impacting future affordability and property valuations.
Number of Mortgages by Occupancy Type in Franklin city, VA Over the Last 5 Years in Franklin city
In Franklin city, Virginia, the trends in mortgage counts over the last five years highlight some shifts in occupancy types. Principal residences dominate the market, consistently showing the highest number of mortgages, with noticeable peaks in 2021 and 2020, suggesting robust demand for primary homes. Investment properties display a moderate increase, especially in 2022, pointing to growing interest from investors. Second residences remain a small portion of the market, indicating limited investment in vacation homes. Changes in occupancy types matter because they give insight into the local housing market dynamics and economic conditions. For investors, the rise in investment property mortgages could signal a favorable environment for rental properties. Homebuyers may find stability and community strength in the high number of principal residence mortgages. Those involved in real estate, such as appraisers and insurance agents, can better assess risk and value with this occupancy data. Understanding these shifts helps project future market behavior, aiding in strategic decisions for investment and development.
Economic Outlook
Franklin, Virginia has seen a notable rise in average taxable income per tax return, peaking at $53,482.35 in 2021. This trend might highlight economic resilience or increased employment opportunities, which could be appealing for investors and real estate developers eyeing property value growth. Meanwhile, the average state and local income taxes have fluctuated, with significant jumps observed in 2015 and 2021, potentially hinting at changes in economic conditions or policies. The total tax... Read more
Average Taxable Income per Tax Return in Franklin city, VA over the last 9 years
Franklin, Virginia has experienced a noticeable upward trend in average taxable income per tax return over the past nine years, peaking at $53,482.35 in 2021. This growth, especially significant between 2020 and 2021, may point to economic resilience or improved employment opportunities in the area. Such trends could be relevant for potential investors and real estate developers looking to capitalize on the economic ascent, offering a promising outlook for property value appreciation. For insurance agents and appraisers, the increased average income might suggest a shift in the area's financial landscape, possibly leading to more substantial coverage needs and higher appraisals.
Average State and Local Income Taxes Per Tax Return in Franklin city, VA Over the Last 10 Years
Average state and local income taxes per tax return in Franklin city, Virginia have shown inconsistent fluctuations over the past decade. Notable upticks include a jump to $4,405.68 in 2015 and a sharp increase to $5,465.38 in 2021. These changes could suggest varying economic conditions or policy shifts impacting residents' tax liabilities. For potential investors, real estate agents, or those considering relocating, understanding these trends might shed light on the financial landscape and cost of living within the area.
Average Total Tax Liability Per Tax Return in Franklin city, VA Over the Last 10 Years
The average total tax liability per tax return in Franklin city, Virginia, has seen notable fluctuations over the last decade. Starting at $6,407.26 in 2012, the liability showed some decline, hitting a low of $5,981.50 in 2016. A peak was observed in 2021, reaching $7,245.55. Such variability could be indicative of economic changes, policy shifts, or demographic adjustments affecting this area, valuable insights for potential investors, real estate agents, and property developers looking to understand the financial landscape of Franklin city.
Cost of Living in Franklin city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,268 | $1,492 | $1,609 | $1,581 | $1,307 |
| 1 adult 4 children | $1,268 | $1,218 | $1,228 | $1,581 | $1,447 |
| 2 adults 3 children | $1,268 | $1,219 | $1,397 | $1,581 | $1,081 |
| 1 adult 3 children | $1,268 | $995 | $1,016 | $1,581 | $1,205 |
| 2 adults 2 children | $972 | $998 | $1,185 | $1,384 | $906 |
| 1 adult 2 children | $972 | $745 | $804 | $1,384 | $876 |
| 2 adults 1 child | $972 | $789 | $974 | $743 | $797 |
| 1 adult 1 child | $972 | $509 | $593 | $743 | $702 |
| 2 adults | $833 | $633 | $762 | $0 | $635 |
| 1 adult | $820 | $346 | $381 | $0 | $572 |
Safety trends & Data
Property crime patterns in Franklin City, Virginia, show significant fluctuations over the past five years. Larceny-theft remains the most common crime, with incidents spiking to 93 in 2022 from 50 in 2021. Burglary incidents, however, have dramatically fallen from 9 in 2018 to only 1 in 2022. Vandalism has been inconsistent but had a notable increase in 2021 with 18 cases. Motor vehicle theft and embezzlement rates appear relatively low and stable. These crime trends could be key for... Read more
Property Crime Trends in Franklin city, VA Over the Last 5 Years
Property crime patterns in Franklin city, Virginia, over the past five years exhibit notable fluctuations. Larceny-theft remains the most prevalent crime, with striking volatility, peaking at 93 incidents in 2022 compared to 50 in 2021. In contrast, burglary incidents have seen a dramatic reduction from 9 in 2018 to just 1 in 2022. Vandalism has shown inconsistency yet marked a notable spike in 2021 with 18 cases. Motor vehicle theft and embezzlement show relatively low and stable rates across the years. These trends may be pivotal for potential investors, new residents, appraisers, insurance agents, and real estate professionals for risk assessment and planning.
Demographics
Franklin city, Virginia, presents an interesting demographic profile. The adult population skews heavily female with 3,435 women compared to 2,576 men. In terms of educational attainment, a significant portion of the population holds only a high school diploma or some college education, while relatively few have advanced degrees. Age-wise, the population sees a drop-off in younger demographics, suggesting either a smaller youth population or potential out-migration post-high school. Racially,... Read more
Race Distribution in Franklin city, Virginia (2022)
Educational Attainment in Franklin city, Virginia (2022)
Age Distribution in Franklin city, Virginia
Citizen Population in Franklin city, Virginia (2022)
Political Trends & Data
Franklin City in Virginia demonstrated a noticeable Democratic preference in the 2020 U.S. Presidential Election, with Democrats securing roughly 62% of the vote, while Republicans followed with about 37%. Votes for other parties, such as Libertarian and independent candidates, were significantly lower, collectively under 2%. This political leaning may subtly influence local policies and priorities, potentially affecting various aspects of community life, including development trends and public... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Franklin City in Virginia exhibited a strong leaning toward the Democratic party in the 2020 U.S. Presidential Election, with Democrats receiving approximately 62% of the vote. Republicans garnered around 37%, indicating a significant preference for Democratic leadership in this area. Other parties, including Libertarians and independent candidates, had minimal impact, collectively taking less than 2% of the vote.
36.59% of voters voted for the Republican party in the 2020 Presidential Election
62.13% of voters voted for the Democrat party in the 2020 Presidential Election
0.86% of voters voted for the Livertarian party in the 2020 Presidential Election
0.42% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Franklin City, Virginia, the student-to-teacher ratio has fluctuated between 12 and 14 over the past decade. In 2022, it peaked at 14, matching the national average, then dropped back to around 12 in 2023. These changes could impact investment decisions as lower ratios might suggest higher quality education, affecting property values, attracting new residents, and influencing appraisals and insurance... Read more
Student-to-teacher ratio in Franklin City, Virginia over the last 10 years
The student-to-teacher ratio in Franklin City, Virginia has shown fluctuations over the last decade, ranging from a low of 12 students per teacher to a high of 14. Notably, in 2022, the ratio peaked at 14, matching the national average, but then dropped back to approximately 12 in 2023. These shifts might influence investment decisions in the area as lower ratios often correlate with higher quality education, potentially affecting local property values, attracting new residents, and influencing appraisals and insurance assessments.
