Franklin Lakes, NJ Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2022-04-07
207
Franklin Lakes's Overall Cost Of Living
2.1x
Higher Than The National Average
248 out of 251
In New Jersey
6,330 out of 6,412
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 207 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 121.

The standard of living in Franklin Lakes ranks as #6,336 most affordable out of the 6,418 places we measured in New Jersey. By definition, that implies Franklin Lakes ranks as the #83 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 207 121 100
Services 113 107 100
Groceries 108 107 100
Health 99 100 100
Housing 431 160 100
Transportation 110 106 100
Utilities 104 98 100
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.

$1,009,800
Median Home Value
$2,730
Median Rent
$178,794
Median Income
Statistic Franklin Lakes New Jersey United States
Median Home Value $1,009,800 $343,500 $229,800
Median Rent $2,730 $1,368 $1,096
Median Income $178,794 $85,245 $64,994
Home Value To Income 5.6x 4.0x 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 $1.0 $1.06
Movie $12.49 $10.68
Bowling $18.0 $14.67

Detailed Franklin Lakes Groceries Costs Vs. New Jersey

Item Franklin Lakes New Jersey
Ground Beef $4.09 $4.22
Fried Chicken $1.79 $1.39
Milk $2.44 $2.05

Detailed Franklin Lakes Health Costs Vs. New Jersey

Item Franklin Lakes New Jersey
Haircut $20.93 $18.62
Beauty Salon $36.53 $39.05
Toothpaste $2.22 $2.34

Detailed Franklin Lakes Transportation Costs Vs. New Jersey

Item Franklin Lakes New Jersey
Potatoes $3.25 $3.29
Pizza $11.36 $10.62
Beer $9.32 $9.38
Optometrist $106.0 $108.57
Doctor $91.0 $116.17
Dentist $102.33 $99.13

Detailed Franklin Lakes Utilities Costs Vs. New Jersey

Item Franklin Lakes New Jersey
Gasoline $2.37 $2.22
Tire Balancing $54.12 $50.07
All Electricity $178.53 $167.67
Phone $179.87 $175.64

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 18,762 130 0.6x
Ramsey, NJ 14,915 154 0.7x
Oakland, NJ 12,953 138 0.7x
Pompton Lakes, NJ 10,998 121 0.6x
Dobbs Ferry, NY 10,959 169 0.8x
Lincoln Park, NJ 10,220 124 0.6x
Waldwick, NJ 10,051 143 0.7x
North Haledon, NJ 8,425 140 0.7x
Haledon, NJ 8,298 121 0.6x
Congers, NY 8,158 151 0.7x

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