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Real Estate Prices & Overview

Franklin Colonial median real estate price is $430,461, which is more expensive than 51.0% of the neighborhoods in Virginia and 58.2% of the neighborhoods in the U.S.

The average rental price in Franklin Colonial is currently $1,296, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 92.0% 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

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Roanoke, the Franklin Colonial neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

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

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this 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.

A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.

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

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

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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