Housing data for Ferrum, VA
Ferrum, VA has an estimated 1,774 residents and 406 homes (US Census Bureau, 2020–2024 American Community Survey).
It is an unincorporated community in Franklin County.
30.5% of households rent.
The median gross rent is $638 a month.
Figures last updated on .
- Residents
- 1,774 (±349)
- Housing units
- 406 (±137)
- Households that rent
- 30.5%
- Median gross rent
- $638
- Residents since 2015–2019
- −23.2%
What stands out in Ferrum
Median household income: $40,435 (±$19,996) in Ferrum, lower than in Franklin County ($68,849).
Average commute: 23.5 minutes (±6.1) in Ferrum, lower than in Franklin County (30.2 minutes).
Housing in Ferrum at a glance
- Median rent: $638 median gross rent a month
- Rent burden: 43.9% of renters pay 30% or more of income (Small sample: wide margin of error)
- Renters and owners: 30.5% of households rent (Small sample: wide margin of error)
- Income and affordability: $40,435 median household income (Small sample: wide margin of error)
- Home values: $188,900 median home value
- Homeowner costs: $1,228 median monthly cost with a mortgage
- Property taxes: $956 median real estate taxes a year
- Types of homes: 6.7% of homes are in buildings of 5 or more units
- Bedrooms: 68.2% of homes have 3 or more bedrooms (Small sample: wide margin of error)
- Age of homes: 32.8% of homes were built before 1980
- Vacancy rate: 0.0% rental vacancy rate (Small sample: wide margin of error)
- Heating fuel: 86.0% heat with electricity
- Commute and cars: 23.5 minutes average trip to work
- Growth: −23.2% residents since 2015–2019
- How long people stay: 28.3% moved in since 2020 (Small sample: wide margin of error)
- Crowding and facilities: 2.7% of homes have more than 1 person per room (Small sample: wide margin of error)
Ferrum against Franklin County, its state and the nation
| Ferrum | Franklin County | Virginia | United States | |
|---|---|---|---|---|
| Residents | 1,774 (±349) | 55,130 (exact) | 8,705,170 (exact) | 334,922,499 |
| Housing units | 406 (±137) | 28,408 (±48) | 3,684,756 (±486) | 143,775,355 |
| Households that rent | 30.5% (±17.3 points) | 21.5% (±2.4 points) | 32.7% (±0.3 points) | 34.8% |
| Median gross rent | $638 (±$304) | $829 (±$43) | $1,579 (±$8) | $1,413 |
| Median household income | $40,435 (±$19,996) | $68,849 (±$3,573) | $93,170 (±$458) | $80,734 |
| Median home value | $188,900 (±$90,574) | $240,400 (±$10,259) | $383,700 (±$1,024) | $332,700 |
| Median real estate taxes (a year) | $956 (±$273) | $1,196 (±$59) | $2,790 (±$10) | $3,119 |
| Built before 1980 | 32.8% (±14.7 points) | 34.7% (±2.9 points) | 43.5% (±0.2 points) | 49.7% |
| Average commute | 23.5 minutes (±6.1) | 30.2 minutes (±1.5) | 27.3 minutes (±0.1) | 26.4 minutes |
| Households with broadband | 93.8% (±5.2 points) | 83.4% (±2.0 points) | 91.0% (±0.1 points) | 91.0% |
| Median age of residents | 21.8 years (±0.8) | 48.4 years (±0.4) | 39.0 years (±0.1) | 38.9 years |
Ferrum covers 9.1 square miles of land, about 194 residents per square mile (Census Bureau Gazetteer).
How Ferrum has changed since 2015–2019
| 2015–2019 | 2020–2024 | Amount of change | Verdict | |
|---|---|---|---|---|
| Residents | 2,310 (±617) | 1,774 (±349) | −23.2% | Not a measurable change |
| Housing units | 553 (±158) | 406 (±137) | −26.6% | Not a measurable change |
| Median home value | $130,400 (±$23,792) | $188,900 (±$90,574) | +44.9% | No measurable change after inflation |
| Median household income | $48,234 (±$7,303) | $40,435 (±$19,996) | −16.2% | No measurable change after inflation |
| Median owner cost with a mortgage | $995 (±$166) | $1,228 (±$231) | +23.4% | No measurable change after inflation |
| Median real estate taxes | $714 (±$85) | $956 (±$273) | +33.9% | No measurable change after inflation |
| Households that rent | 16.8% (±17.4 points) | 30.5% (±17.3 points) | +13.7 percentage points | Not a measurable change |
| Rental vacancy rate | 0.0% (±36.1 points) | 0.0% (±27.0 points) | 0.0 percentage points | Not a measurable change |
The Census Bureau publishes 2015–2019 dollars in 2019 dollars and 2020–2024 dollars in 2024 dollars.
Prices (the CPI-U, US Bureau of Labor Statistics) rose 22.7% between 2019 and 2024, so a dollar figure’s verdict compares the two after raising the earlier one by that much, using the Census Bureau’s test for a difference.
The two periods do not overlap, as the Census Bureau recommends for 5-year estimates.
Places near Ferrum
| Place | Distance | Median gross rent | Median home value | Households that rent |
|---|---|---|---|---|
| Rocky Mount | 7.6 mi | $890 | $207,000 | 43.6% |
| Bassett | 12 mi | $599 | $242,500 | 26.9% |
| Boones Mill | 12 mi | $925 | $208,300 | 19.3% |
| Stanleytown | 13 mi | $630 | $143,900 | 34.1% |
| Collinsville | 16 mi | $746 | $146,700 | 43.2% |
| Union Hall | 18 mi | — | $694,100 | 4.4% |
| Martinsville | 19 mi | $808 | $98,400 | 44.6% |
| Cave Spring | 20 mi | $1,285 | $325,800 | 30.5% |
Places in Virginia most like Ferrum
| Place | Median gross rent | Median home value | Median household income | Households that rent |
|---|---|---|---|---|
| Wise | $825 | $144,700 | $53,596 | 28.7% |
| Nassawadox | $763 | $152,500 | $51,932 | 36.8% |
| Blairs | $594 | $158,700 | $49,818 | 22.9% |
| Concord | $771 | $227,600 | $71,058 | 25.0% |
| Gate City | $660 | $163,000 | $42,857 | 29.7% |
| Jarratt | $933 | $216,700 | $61,671 | 33.3% |
Matched on rent, home value, income, the share who rent, the age of the homes, the share in apartment buildings and the commute, each measured against the spread across Virginia.
HUD Fair Market Rent for Ferrum, fiscal year 2027
| Studio | 1 bedroom | 2 bedrooms | 3 bedrooms | 4 bedrooms |
|---|---|---|---|---|
| $949 | $987 | $1,080 | $1,495 | $1,805 |
HUD income limits for Ferrum, fiscal year 2026
| Household size | Extremely low (30%) | Very low (50%) | Low (80%) |
|---|---|---|---|
| 1 person | $18,800 | $31,350 | $50,150 |
| 2 people | $21,640 | $35,800 | $57,300 |
| 3 people | $27,320 | $40,300 | $64,450 |
| 4 people | $33,000 | $44,750 | $71,600 |
| 5 people | $38,680 | $48,350 | $77,350 |
| 6 people | $44,360 | $51,950 | $83,100 |
| 7 people | $50,040 | $55,500 | $88,800 |
| 8 people | $55,720 | $59,100 | $94,550 |
These are the limits HUD sets for its housing programs in the Franklin County, VA HUD Metro FMR Area, where HUD’s median family income for fiscal year 2026 is $89,500.
A program can use its own limits; tax-credit and local programs often do.
Ferrum is a census-designated place: an unincorporated community the Census Bureau draws for statistics, with no municipal government of its own.
Survey years: 2020–2024 (American Community Survey 5-year estimates), compared with 2015–2019.
Margins of error are at the 90% confidence level.
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Questions about Ferrum
What is the average rent in Ferrum, VA?
The Census Bureau publishes the median rather than the average: the median gross rent in Ferrum is $638 (±$304) a month (2020–2024 American Community Survey), so half of renting households pay less and half pay more.
What is the average home value in Ferrum, VA?
The Census Bureau publishes the median: $188,900 (±$90,574) for owner-occupied homes in Ferrum (2020–2024 American Community Survey).
What is the average mortgage payment in Ferrum?
The Census Bureau publishes total owner costs rather than the mortgage alone: the median for owners with a mortgage in Ferrum, VA is $1,228 (±$231) a month, including taxes, insurance and utilities.
How much are property taxes in Ferrum?
The median real estate tax paid by homeowners in Ferrum, VA is $956 (±$273) a year (2020–2024 American Community Survey).
How many homes are in Ferrum?
Ferrum, VA has an estimated 406 (±137) housing units, occupied and vacant (2020–2024 American Community Survey).
How old are most homes in Ferrum?
32.8% of homes in Ferrum, VA were built before 1980 (2020–2024 American Community Survey).
Is Ferrum growing?
In Ferrum, the number of residents went from 2,310 in 2015–2019 to 1,774 in 2020–2024 (−23.2%), not a measurable change.
Sources
- Demographic and Housing Estimates (DP05), 2020–2024 ACS 5-year estimates — Ferrum CDP, Virginia
- Selected Housing Characteristics (DP04), 2020–2024 ACS 5-year estimates — Ferrum CDP, Virginia
- Selected Economic Characteristics (DP03), 2020–2024 ACS 5-year estimates — Ferrum CDP, Virginia
- Median Real Estate Taxes Paid by Mortgage Status (B25103), 2020–2024 ACS 5-year estimates — Ferrum CDP, Virginia
- Selected Social Characteristics (DP02), 2020–2024 ACS 5-year estimates — Ferrum CDP, Virginia
- Total Population (B01003), 2015–2019 ACS 5-year estimates — Ferrum CDP, Virginia
- Median Gross Rent (B25064), 2015–2019 ACS 5-year estimates — Ferrum CDP, Virginia
- HUD Fair Market Rents, fiscal year 2027: Franklin County, VA HUD Metro FMR Area
- HUD Income Limits, fiscal year 2026: Franklin County, VA HUD Metro FMR Area
- Consumer Price Index for All Urban Consumers (CPI-U), US city average, all items, US Bureau of Labor Statistics: annual averages 2019 and 2024
- US Census Bureau, 2024 Gazetteer Files
To check these figures in the Census Bureau’s own API, request the variables below from the 2024 ACS 5-year data profile (acs/acs5/profile) for Ferrum CDP, Virginia (place:27712, in state:51).
Each estimate (E or PE) has a margin of error beside it (M or PM).
The 2015–2019 figures are B01003_001E, B01003_001M, B25064_001E, B25064_001M from the 2019 release.
The API needs a free key.
DP05_0001E, DP05_0001M, DP04_0001E, DP04_0001M, DP04_0047PE, DP04_0047PM, DP04_0134E, DP04_0134M, DP03_0062E, DP03_0062M, DP04_0089E, DP04_0089M
This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
Figures are published by the US Census Bureau, HUD, the Bureau of Labor Statistics and the FBI; Seayora reproduces them and does not adjust them, except where a sentence says it compares dollar figures after inflation. They describe the whole place, not any one building or street, and are not an appraisal, a rent determination, a tax bill, a safety rating or legal advice.
Figures last updated on .