Franklin Lakes, NJ Cost Of Living
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 206 which is 2.1x higher than the national index of 100.
Compared to only New Jersey, Franklin Lakes has a cost of living index that's 1.7x higher than New Jersey's index of 123.
The standard of living in Franklin Lakes ranks as #6,322 most affordable out of the 6,522 places we measured in New Jersey. By definition, that implies Franklin Lakes ranks as the #85 most expensive place in the Garden State.
Franklin Lakes Cost Of Living Vs. New Jersey
| Living Expense | Franklin Lakes | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 206 | 123 | 100 | |
| Services | 114 | 111 | 100 | |
| Groceries | 108 | 110 | 100 | |
| Health | 107 | 102 | 100 | |
| Housing | 430 | 158 | 100 | |
| Transportation | 111 | 110 | 100 | |
| Utilities | 105 | 100 | 100 | |
Franklin Lakes, NJ Housing Cost Breakdown
Housing swings affordability the most between places in New Jersey, so we broke down the statistics around housing costs into more detail. It's also important to consider median household incomes to make apples-to-apples comparisons across locations.
Home and income come data comes from the most recent US Census ACS 2014-2018.
| Statistic | Franklin Lakes | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $945,900 | $335,600 | $217,500 |
| Median Rent | $2,642 | $1,334 | $1,062 |
| Median Income | $172,766 | $82,545 | $62,843 |
| Home Value To Income | 5.5x | 4.1x | 3.5x |
| Rent To Monthly Income | 0.18x | 0.19x | 0.2x |
Detailed Franklin Lakes Services Costs Vs. New Jersey
| Item | Franklin Lakes | New Jersey |
|---|---|---|
| Shampoo | $1.09 | $1.01 |
| Movie | $12.14 | $10.72 |
| Bowling | $18.4 | $13.86 |
Detailed Franklin Lakes Groceries Costs Vs. New Jersey
| Item | Franklin Lakes | New Jersey |
|---|---|---|
| Ground Beef | $3.85 | $3.9 |
| Fried Chicken | $1.66 | $1.4 |
| Milk | $2.21 | $1.96 |
Detailed Franklin Lakes Health Costs Vs. New Jersey
| Item | Franklin Lakes | New Jersey |
|---|---|---|
| Haircut | $24.0 | $17.49 |
| Beauty Salon | $39.0 | $38.17 |
| Toothpaste | $2.01 | $2.32 |
Detailed Franklin Lakes Transportation Costs Vs. New Jersey
| Item | Franklin Lakes | New Jersey |
|---|---|---|
| Potatoes | $3.39 | $3.18 |
| Pizza | $11.99 | $10.39 |
| Beer | $8.99 | $9.23 |
| Optometrist | $113.0 | $106.34 |
| Doctor | $96.67 | $115.25 |
| Dentist | $121.0 | $98.38 |
Detailed Franklin Lakes Utilities Costs Vs. New Jersey
| Item | Franklin Lakes | New Jersey |
|---|---|---|
| Gasoline | $2.77 | $2.59 |
| Tire Balancing | $59.0 | $48.9 |
| All Electricity | $184.45 | $167.6 |
| Phone | $177.03 | $163.42 |
Franklin Lakes SnackAbility
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Cost Of Living In Cities Around Franklin Lakes
| City | Population | Cost Of Living | Vs. Franklin Lakes | Hawthorne, NJ | 18,784 | 133 | 0.6x | Ramsey, NJ | 14,940 | 154 | 0.7x | Oakland, NJ | 12,972 | 141 | 0.7x | Dobbs Ferry, NY | 11,070 | 165 | 0.8x | Pompton Lakes, NJ | 11,029 | 125 | 0.6x | Lincoln Park, NJ | 10,262 | 130 | 0.6x | Waldwick, NJ | 9,986 | 145 | 0.7x | North Haledon, NJ | 8,437 | 141 | 0.7x | Congers, NY | 8,406 | 143 | 0.7x | Haledon, NJ | 8,325 | 120 | 0.6x |
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