Franklin city, Virginia: commercial real estate data.
Franklin city, Virginia had an estimated 8,373 residents on July 1, 2024, up 2.4 percent since the 2020 census base of 8,177, across 8 square miles. 263 establishments operate here, and the SBA record carries 8 7(a) approvals worth $5.1 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Franklin city
How many people live in Franklin city
- Population, American Community Survey 2020-20248,250
- Households3,454
- Average household size2.39
- Median household income$63,245
- Median age38.3
- Median gross rent$988 per month
- Median owner-occupied home value$256,600
- Home value to household income4.1 times
- Annual rent as a share of median income18.7 percent
- Adults 25 and over with a bachelor degree or higher27.3 percent
- Adults 25 and over with a graduate degree10.6 percent
- Adults 25 and over5,591
- Population under 182,231
- Share under 1827.0 percent
- Population 65 and over1,534
- Share 65 and over18.6 percent
- Working age population, 18 to 644,485
- Civilian labor force3,520
- Unemployment rate7.9 percent
- Labor force participation, adults 18 and over58.5 percent
- Rank by population among Virginia independent cities119th of 133
- Rank by population among US county-equivalents, Puerto Rico included2632nd of 3,222
Franklin city is the 119th largest of 133 Virginia independent cities by population. A median home costs 4.1 times median household income, which is seriously unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 27.0 percent against 18.6 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Franklin city
Is Franklin city's population growing?
- Population, July 1, 20248,373
- Census 2020 base population8,177
- Population change since the 2020 census base2.40 percent
- Population change, 2023 to 202457
- Births, 2024156
- Deaths, 2024185
- Natural change, 2024-29
- Net domestic migration, 202487
- Net international migration, 20240
- Total net migration, 202487
- Cumulative net domestic migration, 2021 to 2024321
- Rank by growth among US county-equivalents1038th of 3,144
The county has grown 2.40 percent since the 2020 census base. Deaths exceeded births in 2024 and the population still grew, so all of the growth came from people moving in. A market held up by migration is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Franklin city
Where are people moving to Franklin city from?
- Tax returns filed by households arriving296
- People arriving, from those returns568
- Tax returns filed by households leaving289
- Net household movement7
- Adjusted gross income arriving$13.7 m
- Net adjusted gross income movement$-2.8 m
- Average income of an arriving household$46,257
- Average income of a leaving household$57,042
- Largest single originSouthampton County (79 households)
- Largest single destinationSouthampton County (82 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Southampton County | 79 | 157 | $3.3 m |
| Suffolk city | 44 | 74 | $2.4 m |
Households arriving report $10,785 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Southampton County, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Franklin city
Employment by industry in Franklin city
- Covered employment, annual average3,982
- Establishments reporting320
- Average annual pay$41,607
- Average weekly wage$800
- Retail trade, employment893
- Retail trade, average annual pay$29,333
- Finance and insurance, employment115
- Finance and insurance, average annual pay$76,982
- Administrative and support and waste management services, employment113
- Administrative and support and waste management services, average annual pay$29,219
- Manufacturing, employment96
- Manufacturing, average annual pay$51,884
- Other services, except public administration, employment96
- Real estate and rental and leasing, employment12
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Retail trade | 893 | 46 | $29,333 |
| Finance and insurance | 115 | 18 | $76,982 |
| Administrative and support and waste management services | 113 | 10 | $29,219 |
| Manufacturing | 96 | 9 | $51,884 |
| Other services, except public administration | 96 | 34 | $43,841 |
| Real estate and rental and leasing | 12 | 8 | $42,406 |
Retail trade is the largest private sector at 893 jobs, 22.4 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Franklin city
How many businesses are in Franklin city?
- Establishments, all industries263
- Employment at those establishments3,369
- Annual payroll$101.9 m
- Establishments per 1,000 residents31.9
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Franklin city
SBA loans in Franklin city (7(a) and 504)
- 7(a) approvals recorded8
- 7(a) gross approval dollars$5.1 m
- Average 7(a) approval$634,113
- Median 7(a) approval$160,000
- Largest single approval$3,250,000
- Jobs reported supported, 7(a)127
- Jobs per approval15.9
- Distinct 7(a) lenders active6
- Distinct industries receiving approvals7
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer12.5 percent
- Loans on real estate terms1
- Loans on working capital terms, 120 months or shorter7
- Franchise loans3
- Franchise share of approvals37.5 percent
- Most active lenderThe Huntington National Bank (3)
- 504 approvals recorded3
- 504 gross approval dollars$6.1 m
- Average 504 approval$2,040,667
- Median 504 approval$413,000
- Distinct CDCs active2
- 504 jobs per approval12.3
- 504 jobs per million dollars approved6.0
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$11.2 m
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Franklin city
SBA loan default and charge-off rates in Franklin city
Do SBA loans in Franklin city get paid back?
- Loans with a final outcome recorded1
- Paid in full1
- Charged off0
- Status: Paid in full1
- Status: Committed, not yet disbursed1
- Status: Exempt from disclosure5
- Status: Cancelled1
Only 1 loan has reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Franklin city
How large is Franklin city?
- Land area8 sq mi
- Rank by land area among Virginia independent cities123rd of 133
- Width, east to west3.2 mi
- Height, north to south4.2 mi
- Geographies sharing a boundary2
- Residents per square mile of land1,031
- Establishments per square mile32.88
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Franklin city
Flood risk in Franklin city
- Participation of the county's own NFIP community Franklin, city ofParticipating, community 510060
- Community Rating System class of the county's own communityClass 9
- Communities in the county in the NFIP Community Status Book1
- Of those, participating in the NFIP1
- NFIP participation rate100.0 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 9
- Communities carrying a CRS class1
- Radon levels in Franklin city, EPA zone predicted average indoor radon screening level less than 2 pCi/LZone 3
The county's own community in the status book, the City of Franklin (community 510060), participates in the National Flood Insurance Program and carries Community Rating System class 9, a flood insurance premium discount for policies written there. The EPA places Franklin city in radon zone 3, a predicted average indoor radon screening level less than 2 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. The best Community Rating System class among the county's communities is 9, which carries a flood insurance premium discount for policies written in that community. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Franklin city site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Franklin city site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-20248,250
- Households3,454
- Average household size2.39
- Median household income$63,245
- Median age38.3
Common questions
Franklin city questions, answered from the record.
How many people live in Franklin city, Virginia?
The Census Bureau estimates 8,373 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 8,250, in 3,454 households, ranking 119th of 133 Virginia counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Franklin city's population growing?
The population has grown 2.40 percent since the 2020 census base of 8,177, to 8,373 on July 1, 2024. In 2024 there were 156 births against 185 deaths, with net migration of 87. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Franklin city?
$63,245. The median owner-occupied home is valued at $256,600, which is 4.1 times income, and median gross rent is $988 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Franklin city?
263 establishments, employing 3,369 people with an annual payroll of $101.9 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Franklin city?
Retail trade is the largest private sector at 893 jobs, 22.4 percent of covered employment. Covered employment averages 3,982 jobs at an average annual pay of $41,607, or $800 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Franklin city?
8 7(a) approvals totaling $5.1 m since FY2020, across 6 lenders, with a median approval of $160,000, plus 3 504 approvals worth $6.1 m since FY2010. These are approvals recorded in the release, not loans disbursed.
What is the radon zone for Franklin city?
Zone 3, a predicted average indoor radon screening level less than 2 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Franklin city come from?
The largest single origin is Southampton County, with 79 households. Arriving households report an average income of $46,257 against $57,042 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Franklin city on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Franklin city?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
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