23851, Franklin, VA

Franklin, VA is located in the Richmond metropolitan area and has a population of over 230,000 people. The 23851 zip code has a median home value of $169,900 and a median household income of $75,000. In Franklin, the home equity and home prices are high compared to other areas in the Richmond metropolitan area.

The average monthly mortgage payment for a house in the 23851 zip code is $1,471 which is higher than the average monthly mortgage payment for all of Virginia (which is $1,291). The reason for this high mortgage payment is likely due to the high home equity and home prices in Franklin. Additionally, Franklin has an above-average percentage of homes that are valued at over $500,000 (14%). This high percentage likely contributes to the high mortgage payments in this zip code.

Despite having a high median home value and median household income, Franklin still experiences some economic challenges. For example, there are fewer jobs available compared to other areas in Virginia (there are only about 1% more jobs) and Franklin also has a higher poverty rate than other areas in Virginia (about 20% higher poverty rate). These challenges may contribute to lower home values and incomes in Franklin.