Franklin Lakes, NJ Cost Of Living
Cost Of Living In Franklin Lakes, NJ Summary
Cost of living in Franklin Lakes research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Franklin Lakes is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New Jersey, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Franklin Lakes is 216, with 100 being the average.
The cost of living index in Franklin Lakes is 2.2x higher than the national average.
Franklin Lakes ranks as the #257 cheapest in New Jersey out of 260.
Franklin Lakes ranks as the #6,376 cheapest out of 6,489 in the US.
The median home value in Franklin Lakes is $1,576,899.
The median income in Franklin Lakes is $230,987.
Table Of Contents
Franklin Lakes's Overall Cost Of Living
Higher Than The National Average
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 216, 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 122.
The standard of living in Franklin Lakes ranks as #257 most affordable out of the 260 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:
In New Jersey
In America
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 fairs on each of the criteria:
The Services index in Franklin Lakes is 107.
The Groceries index in Franklin Lakes is 103.
The Health index in Franklin Lakes is 97.
The Housing index in Franklin Lakes is 467.
The Transportation index in Franklin Lakes is 106.
The Utilities index in Franklin Lakes is 112.
| Living Expense | Franklin Lakes | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 216 | 122 | 100 | |
| Services | 107 | 108 | 100 | |
| Groceries | 103 | 104 | 100 | |
| Health | 97 | 99 | 100 | |
| Housing | 467 | 159 | 100 | |
| Transportation | 106 | 101 | 100 | |
| Utilities | 112 | 107 | 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 2019-2023. The key points are:
The Median Home Value in Franklin Lakes is $1,576,899.
The Median Rent in Franklin Lakes is $3,334.
The Median Income in Franklin Lakes is $230,987.
The Home Value To Income in Franklin Lakes is 6.8x.
The Rent To Monthly Income in Franklin Lakes is 0.17x.
| Statistic | Franklin Lakes | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $1,576,899 | $564,432 | $303,400 |
| Median Rent | $3,334 | $1,653 | $1,348 |
| Median Income | $230,987 | $101,050 | $78,538 |
| Home Value To Income | 6.8x | 5.6x | 3.9x |
| Rent To Monthly Income | 0.17x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
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
/10
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 135, 0.6x Franklin Lakes.
Ramsey, NJ has a cost of living index of 158, 0.7x Franklin Lakes.
Oakland, NJ has a cost of living index of 139, 0.6x Franklin Lakes.
| City | Population | Cost Of Living | Vs. Franklin Lakes |
|---|---|---|---|
| Hawthorne, NJ | 19,472 | 135 | 0.6x |
| Ramsey, NJ | 14,722 | 158 | 0.7x |
| Oakland, NJ | 12,700 | 139 | 0.6x |
| Dobbs Ferry, NY | 11,397 | 173 | 0.8x |
| Pompton Lakes, NJ | 11,010 | 122 | 0.6x |
| Lincoln Park, NJ | 10,901 | 124 | 0.6x |
| Waldwick, NJ | 10,090 | 141 | 0.7x |
| Hillcrest, NY | 8,989 | 140 | 0.6x |
| Haledon, NJ | 8,936 | 117 | 0.5x |
| North Haledon, NJ | 8,757 | 142 | 0.7x |
