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Real Estate Prices & Overview

Franklin Colonial median real estate price is $414,679, which is more expensive than 51.9% of the neighborhoods in Virginia and 59.3% of the neighborhoods in the U.S.

The average rental price in Franklin Colonial is currently $1,241, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 91.1% of Virginia neighborhoods.

Franklin Colonial is a suburban neighborhood (based on population density) located in Roanoke, Virginia.

Franklin Colonial real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Franklin Colonial neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

Real estate vacancies in Franklin Colonial are 5.7%, which is lower than one will find in 61.5% of American neighborhoods. Demand for real estate in Franklin Colonial is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.

Notable & Unique Neighborhood Characteristics

The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.

People

One of the most interesting things about the Franklin Colonial neighborhood is that it has a greater concentration of residents who live alone than most all neighborhoods in America. With 52.9% of the households here made up of people living alone, NeighborhoodScout's research reveals that this is a larger proportion of people living alone than in 97.0% of the neighborhoods in America.

In addition, if you're nearing retirement age, or in retirement, the Franklin Colonial is an excellent choice for you to consider for top-quality retirement living. This neighborhood is rated by NeighborhoodScout as among the top 10.0% of retiree-friendly neighborhoods in Virginia, combining peace and quiet, safety from crime, and offering diverse housing options from which retirees can choose. Maybe it's because of these amenities that a large proportion of the residents here are college educated seniors, mixed with other age groups. For these and other reasons, NeighborhoodScout identifies this neighborhood as a top-notch place to consider if you are thinking of or planning to retire in Virginia.

Diversity

Did you know that the Franklin Colonial neighborhood has more French Canadian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 2.9% of this neighborhood's residents have French Canadian ancestry.

The Neighbors

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.

The neighbors in the Franklin Colonial neighborhood in Roanoke are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 86.6% of U.S. neighborhoods. In addition, 1.8% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 75.9% of America's neighborhoods.

The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.

In the Franklin Colonial neighborhood, 44.7% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 22.9% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (19.2%), and 13.2% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Franklin Colonial neighborhood is English, spoken by 93.3% of households. Some people also speak Spanish (2.4%).

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the Franklin Colonial neighborhood in Roanoke, VA, residents most commonly identify their ethnicity or ancestry as English (16.4%). There are also a number of people of Irish ancestry (10.0%), and residents who report German roots (7.3%), and some of the residents are also of French Canadian ancestry (2.9%), along with some Asian ancestry residents (2.9%), among others.

Getting to Work

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Franklin Colonial neighborhood spend under 15 minutes commuting one-way to work (38.0% of working residents), one of the shortest commutes across America.

Here most residents (81.4%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (10.5%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


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