The median home value in ZIP Code 23851 (Franklin, VA) is $177,400. Approximately 59.0% of homes in this region are owner-occupied units, and the estimated homeowner vacancy rate is currently 0.8%.
The average occupancy of owner-occupied units in ZIP Code 23851 is 2.42 occupants, while owner-occupied units have an aggregate average size of 2.76 bedrooms per housing unit.
In the 23851 ZIP Code, an estimated 41.0% of all housing units are occupied by renters. This ZIP-defined region has is an estimated rental vacany rate of 4.1%.
Among renter-occupied units in this ZIP, the average occupancy is 2.31 occupants, while renters in this Franklin (city) County region spend an average of 0% of their income on housing rental costs.
See the table below for a regional snapshot of data related to both owner-occupied housing and rentals in ZIP Code 23851.
| ZIP 23851 | Virginia | U.S. | |
|---|---|---|---|
| Median Home Value | $177,400 | $414,085 | $356,002 |
| Owner-Occupied Housing Units | 59.0% | 66.3% | 64.0% |
| Homeowner Vacancy Rate | 0.8% | 1.5% | 1.6% |
| Average Size of Owner-Occupied Unit | 2.42 | 2.67 | 2.70 |
| Average # of Bedrooms Per Unit | 2.76 | 2.97 | 2.75 |
| Median Housing Rent | $0 | $1,234 | $1,062 |
| Renter-Occupied Housing Units | 41.0% | 33.7% | 36.0% |
| Rental Vacancy Rate | 4.1% | 5.4% | 6.0% |
| Average Size of Renter-Occupied Unit | 2.31 | 2.48 | 2.49 |
| Percent of Income Spent on Rent | 0% | 29.45% | 29.83% |
The median home value in ZIP Code 23851 is $177,400. That median value is about 35% lower than the median home value of $273,100 in Virginia overall, and is 18% lower than the $217,500 the median home value in the entire U.S. In ZIP Code 23851, approximately 31.9% of homes are valued $200,000 to $299,999. That is 47% higher than in Virginia, in which 21.7% of homes are valued at $200,000 to $299,999, and is about 63% higher than in the U.S. overall (19.6% of homes valued at $200,000 to $299,999). The home value range that the smallest portion of ZIP Code 23851 homes fall into is $1,000,000 or more (0.0% of homes).
This chart visualizes the breakdown of home values in ZIP Code 23851, Virginia, and also in the U.S. overall.
See the table below for a regional comparison of home values in ZIP Code 23851.
| Home Value | ZIP 23851 | Virginia | U.S. |
|---|---|---|---|
| Less than $50,000 | 5.5% | 4.3% | 6.9% |
| $50,000 to $99,999 | 15.8% | 6.7% | 12.0% |
| $100,000 to $149,999 | 17.6% | 9.7% | 13.3% |
| $150,000 to $199,999 | 20.6% | 13.0% | 14.0% |
| $200,000 to $299,999 | 31.9% | 21.7% | 19.6% |
| $300,000 to $499,999 | 6.4% | 24.6% | 19.3% |
| $500,000 to $999,999 | 2.2% | 17.1% | 11.4% |
| $1,000,000 or more | 0.0% | 2.9% | 3.4% |
Approximately 23.0% of homes in this Franklin, VA region were built in 1970 to 1979. This amount of homes built in 1970 to 1979 in ZIP Code 23851 is about 46% higher than percentage of homes built in this time period in Virginia overall (15.7% of homes), and is 51% higher the percentage (15.2% of homes) in the U.S. as a whole. Additionally, an esimated 13.9% of local homes were built in 1960 to 1969. On the other end of the scale, just 0.9% of homes in this Franklin (city) County ZIP Code were built in 2014 or later in ZIP Code 23851. In comparison, 2.6% of homes in Virginia overall were built in 2014 or later, while 2.5% of all U.S. homes were built in this time period.
A detailed regional comparison of home ages in ZIP Code 23851.
| Year Built | ZIP 23851 | Virginia | U.S. |
|---|---|---|---|
| 2014 or later | 0.9% | 2.6% | 2.5% |
| 2010 to 2013 | 1.5% | 3.2% | 2.7% |
| 2000 to 2009 | 10.4% | 15.2% | 14.0% |
| 1990 to 1999 | 9.4% | 15.8% | 13.9% |
| 1980 to 1989 | 12.6% | 16.4% | 13.4% |
| 1970 to 1979 | 23.0% | 15.7% | 15.2% |
| 1960 to 1969 | 13.9% | 10.6% | 10.6% |
| 1950 to 1959 | 11.3% | 8.8% | 10.3% |
| 1940 to 1949 | 6.0% | 4.4% | 4.9% |
| 1939 or earlier | 10.8% | 7.4% | 12.6% |
See the chart below for details on the age of homes in ZIP Code 23851, Virginia, and also in the U.S. overall. Data here refers to years that homes were built.
Frequently asked questions about housing in this Franklin, VA ZIP Code. Answers to questions about both owner-occupied housing and rental housing in 23851.
