Franklin Lakes, NJ Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2021-02-06
206
Franklin Lakes's Overall Cost Of Living
2.1x
Higher Than The National Average
244 out of 247
In New Jersey
6,315 out of 6,399
In America
The cost of living index is set to 100 for the average place in America. An index above 100 means Franklin Lakes is expensive, while a number below 100 means it's a relatively cheap place to live.

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.

For more reading on life in Franklin Lakes, check out:

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
For more reading on cost of living around New Jersey, check out:
Franklin Lakes Cost of Living Vs. NJ

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.

$945,900
Median Home Value
$2,642
Median Rent
$172,766
Median Income
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

10
/10
Overall SnackAbility
Jobs
8.5/10
Housing
10
Affordability
6
Diversity
8
Safety
9
Amenities
8
Education
10
Commute
4

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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