Franklin Lakes, NJ Cost Of Living

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Updated: 2020-03-08
Franklin Lakes's Overall Cost Of Living
Higher Than The National Average
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 #6322 most affordable out of the 6522 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
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.

Median Home Value
Median Rent
Median Income
Statistic Franklin Lakes New Jersey United States
Median Home Value $955,000 $327,900 $204,900
Median Rent $2,564 $1,295 $1,023
Median Income $159,883 $79,363 $60,293
Home Value To Income 6.0x 4.1x 3.4x
Rent To Monthly Income 0.19x 0.2x 0.2x

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Cost Of Living In Cities Around Franklin Lakes

City Population Cost Of Living Vs. Franklin Lakes
Hawthorne, NJ 18,802 133 0.6x
Ramsey, NJ 14,963 154 0.7x
Oakland, NJ 13,009 141 0.7x
Pompton Lakes, NJ 11,049 125 0.6x
Dobbs Ferry, NY 11,027 165 0.8x
Lincoln Park, NJ 10,339 130 0.6x
Waldwick, NJ 9,948 145 0.7x
North Haledon, NJ 8,446 141 0.7x
Congers, NY 8,406 143 0.7x
Haledon, NJ 8,338 120 0.6x

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