What is the cost of living in Franklin Lakes, NJ?
According to the most recent data on the cost of living, Franklin Lakes has an overall cost of living index of 221, which is 2.2x higher than the national index of 100.
Compared to New Jersey, Franklin Lakes has a cost of living index that's 1.8x higher than New Jersey's index of 125.
The standard of living in Franklin Lakes ranks as #259 most affordable out of the 262 places we measured in New Jersey. By definition, that implies Franklin Lakes ranks as the #3 most expensive place in the Garden State.
For more reading on life in Franklin Lakes, check out:
Franklin Lakes Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Franklin Lakes. Here is how it fares on each of the criteria:
The Services index in Franklin Lakes is 106.
The Groceries index in Franklin Lakes is 109.
The Health index in Franklin Lakes is 478.
The Housing index in Franklin Lakes is 109.
The Transportation index in Franklin Lakes is 108.
The Utilities index in Franklin Lakes is 116.
| Living Expense | Franklin Lakes | New Jersey | National Average |
|---|---|---|---|
| Overall | 221 | 125 | 100 |
| Services | 106 | 107 | 100 |
| Groceries | 109 | 113 | 100 |
| Health | 478 | 155 | 100 |
| Housing | 109 | 116 | 100 |
| Transportation | 108 | 112 | 100 |
| Utilities | 116 | 113 | 100 |
Franklin Lakes Cost Of Living Compared To New Jersey Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around New Jersey, check out:
Protect your home budget Compare home warranties in Franklin Lakes Get matched →Source: Cost-of-living index 2026, normalized to US average = 100
Franklin Lakes, NJ Housing Cost Breakdown
Housing swings affordability the most between places in New Jersey, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2020-2024. The key points are:
The Median Home Value in Franklin Lakes is $1,557,852.
The Median Rent in Franklin Lakes is $3,230.
The Median Income in Franklin Lakes is $235,795.
The Home Value To Income in Franklin Lakes is 6.6x.
The Rent To Monthly Income in Franklin Lakes is 0.16x.
| Statistic | Franklin Lakes | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $1,557,852 | $569,411 | $332,700 |
| Median Rent | $3,230 | $1,720 | $1,413 |
| Median Income | $235,795 | $103,556 | $80,734 |
| Home Value To Income | 6.6x | 5.5x | 4.1x |
| Rent To Monthly Income | 0.16x | 0.2x | 0.21x |
Franklin Lakes, NJ Costs By Category
Detailed Franklin Lakes Services costs vs. New Jersey
| Item | Franklin Lakes | New Jersey |
|---|---|---|
| Shampoo | $1.48 | $1.28 |
| Movie | $15.78 | $12.13 |
| Bowling | $21.0 | $18 |
| Haircut | $25.62 | $24.26 |
| Beauty Salon | $41.67 | $45.56 |
Detailed Franklin Lakes Groceries costs vs. New Jersey
| Item | Franklin Lakes | New Jersey |
|---|---|---|
| Ground Beef | $5.65 | $5.84 |
| Fried Chicken | $1.39 | $1.57 |
| Milk | $4.71 | $4.67 |
| Potatoes | $5.37 | $4.93 |
| Pizza | $11.49 | $12.09 |
| Beer | $11.33 | $10.41 |
| Toothpaste | $3.72 | $3.7 |
Detailed Franklin Lakes Health costs vs. New Jersey
| Item | Franklin Lakes | New Jersey |
|---|---|---|
| Optometrist | $157.11 | $125.68 |
| Doctor | $115.59 | $135.78 |
| Dentist | $124.27 | $113.29 |
Detailed Franklin Lakes Transportation costs vs. New Jersey
| Item | Franklin Lakes | New Jersey |
|---|---|---|
| Gasoline | $3.41 | $3.46 |
| Tire Balancing | $82.67 | $59.92 |
Detailed Franklin Lakes Utilities costs vs. New Jersey
| Item | Franklin Lakes | New Jersey |
|---|---|---|
| All Electricity | $236.04 | $193.99 |
| Phone | $186.61 | $192.25 |
Franklin Lakes SnackAbility
Cost Of Living In Cities Around Franklin Lakes
The cost of living varies in the cities and towns around Franklin Lakes. Here's a quick look at the cost of living in the most populous nearby places:
Hawthorne, NJ has a cost of living index of 140, 0.6x Franklin Lakes.
Ramsey, NJ has a cost of living index of 163, 0.7x Franklin Lakes.
Oakland, NJ has a cost of living index of 149, 0.7x Franklin Lakes.
| City | Population | Cost Of Living | Vs. Franklin Lakes |
|---|---|---|---|
| Hawthorne, NJ | 19,628 | 140 | 0.6x |
| Ramsey, NJ | 14,805 | 163 | 0.7x |
| Oakland, NJ | 12,768 | 149 | 0.7x |
| Dobbs Ferry, NY | 11,443 | 173 | 0.8x |
| Pompton Lakes, NJ | 11,047 | 129 | 0.6x |
| Lincoln Park, NJ | 10,957 | 133 | 0.6x |
| Waldwick, NJ | 10,164 | 145 | 0.7x |
| Hillcrest, NY | 9,071 | 141 | 0.6x |
| Haledon, NJ | 8,980 | 127 | 0.6x |
| North Haledon, NJ | 8,778 | 152 | 0.7x |
