Franklin County Real Estate and Livability Trends
Franklin County, Virginia, shows a sharp increase in average taxable income, rising from $49,539.70 in 2013 to $71,151.61 in 2021, which could imply growing economic stability. The county's median home value stands at $207,700 as of 2022, appealing to budget-conscious buyers seeking more affordable Virginia living. Average residential energy tax credits peaked at $2,466.67 in 2018 and have... Read more
Franklin County Market Trends
Franklin County, Virginia's median home value reached $207,700 in 2022, which is above the national median but notably lower than the state median. This makes the area appealing for budget-conscious buyers looking for the benefits of Virginia living at a more affordable price. Average residential energy tax credits surged to a peak of $2,466.67 in 2018 and have since stabilized, hinting at... Read more
Median Value of Occupied Housing Units in Franklin County, Virginia Over the Last 8 Years
Franklin County, Virginia's median home values saw a gradual upward trend over the past eight years, except for a slight dip in 2020. By 2022, the value reached $207,700, which, while higher than the national median value of $179,400, is still notably below Virginia's state median of $339,800. This suggests that Franklin County remains an attractive option for more budget-conscious buyers who still want to be close to the amenities and opportunities of Virginia without spending as much as one might in other parts of the state.
Residential Energy Tax Credit Per Tax Return in Franklin County, VA Over the Last 9 Years
Over the past nine years, Franklin County, Virginia, has seen notable fluctuations in the average residential energy tax credit claimed per tax return. Starting from $353.19 in 2013, the credit surged to $2,466.67 in 2018 before stabilizing around the $1,300 to $1,500 range in subsequent years. This trend could indicate increasing investment in energy-efficient home improvements, potentially appealing to eco-conscious investors, proactive property builders, and insurance agents aware of home energy efficiency's impact on premiums. Real estate agents might find this useful for highlighting energy-efficient features in the area to prospective buyers.
Average Real Estate Taxes Per Tax Return in Franklin County, VA Over the Last 10 Years
Franklin County, Virginia has seen a notable increase in average real estate taxes per tax return over the past decade, jumping from around $2,105.32 in 2012 to about $3,955.10 in 2021. The most significant rise occurred between 2017 and 2020, where figures spiked from approximately $2,397.00 to roughly $4,052.20. This trend could indicate increasing property values or changes in tax policies, making it crucial for potential investors, homeowners, and real estate professionals to consider these fluctuations.
Percentage of Farm Returns in Franklin County, VA Over the Last 10 Years
Over the last decade, Franklin County, Virginia, has seen a subtle decline in the percentage of farm tax returns, starting from roughly 3.93% in 2012 and tapering to about 3.57% in 2021. These returns reflect the filing reports of agricultural income, an essential indicator of the area's farming activity. Investors, property developers, and potential residents may find these trends noteworthy since they could imply shifts in agricultural economic viability or land use patterns that impact local growth and sustainability strategies.
Number of Mortgages by Occupancy Type in Franklin County, VA Over the Last 5 Years in Franklin County
Franklin County, Virginia has seen variable trends in mortgage counts over the past five years, with the most notable fluctuations in the principal residence category, peaking in 2021 at 3,672 mortgages. Investment properties and second residences exhibit lower and more stable numbers, though there is a noticeable decline in second residence mortgages in 2022. Changes in occupancy types might influence market dynamics, as higher principal residence mortgages could indicate stronger residential stability, impacting appraisals and insurance rates. Investors and real estate agents should be aware of these shifts, as they can affect demand and property valuations.
Economic Outlook
Franklin County, Virginia, has seen a notable increase in average taxable income per tax return, rising from $49,539.70 in 2013 to $71,151.61 by 2021, which may indicate growing economic stability. Concurrently, average state and local income taxes per tax return climbed from $4,948.08 in 2012 to $12,071.92 by 2021, suggesting that economic growth or tax policy changes are impacting local finances. Additionally, average total tax liability per tax return increased from $7,237.70 in 2012 to... Read more
Average Taxable Income per Tax Return in Franklin County, VA over the last 9 years
Over the past nine years, Franklin County, Virginia, has shown a steady increase in the average taxable income per tax return. Starting at $49,539.70 in 2013, it grew to $71,151.61 by 2021. This upward trend could be an indicator of growing economic stability and prosperity in the area. For potential investors, real estate agents, or anyone interested in the county, this consistent rise in taxable income suggests a possibly favorable environment for economic activities and real estate investments.
Average State and Local Income Taxes Per Tax Return in Franklin County, VA Over the Last 10 Years
Over the past decade, Franklin County, Virginia has seen a notable increase in average state and local income taxes per tax return, starting at $4,948.08 in 2012 and rising significantly to $12,071.92 by 2021. This upward trend suggests escalating tax obligations, potentially driven by economic growth or shifts in tax policy. For investors, appraisers, and real estate agents, this may indicate a robust local economy, while potential residents and insurance agents should consider the potential impact on living costs and financial planning.
Average Total Tax Liability Per Tax Return in Franklin County, VA Over the Last 10 Years
In Franklin County, Virginia, there has been a notable increase in the average total tax liability per tax return over the past decade, with a significant rise from $7,237.70 in 2012 to $10,900.05 in 2021. This upward trend, especially the sharp jumps from 2019 onwards, suggests a growing economic activity or changes in tax policies affecting residents. For potential investors, real estate agents, and those eyeing property developments, this pattern could imply a shifting financial landscape and evolving economic conditions. Insurance agents and appraisers might find relevance in these changes for assessing risk and valuation adjustments in the region.
Cost of Living in Franklin County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,105 | $1,404 | $1,718 | $1,394 | $1,256 |
| 1 adult 4 children | $1,105 | $1,146 | $1,312 | $1,394 | $1,390 |
| 2 adults 3 children | $1,105 | $1,147 | $1,491 | $1,394 | $1,033 |
| 1 adult 3 children | $1,105 | $936 | $1,085 | $1,394 | $1,147 |
| 2 adults 2 children | $908 | $939 | $1,265 | $1,204 | $906 |
| 1 adult 2 children | $908 | $701 | $859 | $1,204 | $870 |
| 2 adults 1 child | $908 | $742 | $1,038 | $589 | $797 |
| 1 adult 1 child | $908 | $479 | $632 | $589 | $700 |
| 2 adults | $690 | $596 | $812 | $0 | $642 |
| 1 adult | $681 | $325 | $406 | $0 | $572 |
Safety trends & Data
In Franklin County, Virginia, property crime rates have shown significant variability over the past five years. Larceny-theft stands out with peaks at 241.00 incidents in 2019, while vandalism topped 50.00 incidents the same year and motor vehicle theft ranged between 20.00 to 29.00 annually. Notably, burglary incidents have declined from 43.00 in 2018 to 16.00 in 2022, and fraud cases peaked at 46.00 in 2019 before dropping. These trends might be critical for evaluating risk and insurance... Read more
Property Crime Trends in Franklin County, VA Over the Last 5 Years
Franklin County, Virginia has seen fluctuating property crime rates over the past five years, with significant variability observed in different categories. Larceny-theft consistently shows the highest numbers, peaking at 241.0 reported incidents in 2019. Vandalism and motor vehicle theft are also notable, with vandalism reaching 50.0 in 2019 and motor vehicle theft ranging between 20.0 and 29.0 incidents annually. Burglary numbers have generally declined, dropping from 43.0 in 2018 to 16.0 in 2022. Fraud incidents had a peak in 2019 with 46.0 cases but have since significantly decreased. Investors and property developers might find these trends useful for evaluating risk and insurance assessments, while real estate agents can leverage crime data trends to inform potential buyers.
Demographics
Franklin County, Virginia showcases a predominantly White population, with a notable presence of Black or African American residents. The adult population is almost evenly split between males and females, indicating balanced gender demographics. Educational attainment reveals that a significant chunk of the population holds at least a high school diploma, though fewer advance to graduate degrees. Age distribution skews towards an older demographic, with a sizable proportion falling within the... Read more
Race Distribution in Franklin County, Virginia (2022)
Educational Attainment in Franklin County, Virginia (2022)
Age Distribution in Franklin County, Virginia
Citizen Population in Franklin County, Virginia (2022)
Political Trends & Data
Franklin County, Virginia, could potentially see real estate trends influenced by its strong Republican voter base, with around 70% of the 2020 U.S. Presidential Election votes favoring the party. This conservative leaning might attract buyers and investors with similar political preferences, possibly shaping the types of properties and development projects that gain popularity. The minimal support for third-party candidates underlines a predominantly two-party spectrum, which might also impact... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Franklin County, Virginia, the 2020 U.S. Presidential Election results indicate a significant leaning towards the Republican party, with around 70% of the votes. Democrats garnered just over 28%, suggesting a strong Republican preference among voters. Minor parties such as the Libertarians and others collectively captured less than 2% of the vote, highlighting limited support for third-party candidates. This trend may reflect broader political inclinations in rural Virginian counties.
70.34% of voters voted for the Republican party in the 2020 Presidential Election
28.22% of voters voted for the Democrat party in the 2020 Presidential Election
1.19% of voters voted for the Livertarian party in the 2020 Presidential Election
0.25% of voters voted for the Other party in the 2020 Presidential Election
School Data
Franklin County, Virginia, has seen its student-to-teacher ratio decrease from 14 in 2014 to about 12 in 2023. This shift may attract investors and real estate agents targeting buyers who prioritize education. Lower classroom sizes suggest more individualized attention, which could enhance property values and appeal to families and... Read more
Student-to-teacher ratio in Franklin County, Virginia over the last 10 years
Franklin County, Virginia has seen a gradual decrease in its student-to-teacher ratio over the past decade, shifting from 14 students per teacher in 2014 to approximately 12 in 2023. This trend can influence several factors for potential stakeholders: investors and real estate agents may find the area's emphasis on lower classroom sizes attractive for prospective buyers prioritizing education, while appraisers and insurance agents might consider the community's focus on education quality as a positive aspect affecting property values. Generally, a lower student-to-teacher ratio signals more individualized attention in classrooms compared to the national average of 14 students per teacher, potentially making this county appealing to families and educators alike.
