Franklin Park, NJ Cost Of Living
Cost Of Living In Franklin Park, NJ Summary
Cost of living in Franklin Park 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 Park 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 Park is 124, with 100 being the average.
The cost of living index in Franklin Park is 1.2x higher than the national average.
Franklin Park ranks as the #114 cheapest in New Jersey out of 251.
Franklin Park ranks as the #4,999 cheapest out of 6,412 in the US.
The median home value in Franklin Park is $279,000.
The median income in Franklin Park is $95,405.
Table Of Contents
Franklin Park's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Franklin Park, NJ?
According to the most recent data on the cost of living, Franklin Park has an overall cost of living index of 124, which is 1.2x higher than the national index of 100.
Compared to New Jersey, Franklin Park has a cost of living index that's 1.1x higher than New Jersey's index of 111.
The standard of living in Franklin Park ranks as #114 most affordable out of the 251 places we measured in New Jersey. By definition, that implies Franklin Park ranks as the #137 most expensive place in the Garden State.
For more reading on life in Franklin Park, check out:
- Living In Franklin Park
- Search Homes For Sale In Franklin Park, NJ
In New Jersey
In America
Franklin Park Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Franklin Park. Here is how it fairs on each of the criteria:
The Services index in Franklin Park is 113.
The Groceries index in Franklin Park is 108.
The Health index in Franklin Park is 103.
The Housing index in Franklin Park is 157.
The Transportation index in Franklin Park is 107.
The Utilities index in Franklin Park is 101.
| Living Expense | Franklin Park | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 124 | 111 | 100 | |
| Services | 113 | 104 | 100 | |
| Groceries | 108 | 104 | 100 | |
| Health | 103 | 95 | 100 | |
| Housing | 157 | 130 | 100 | |
| Transportation | 107 | 106 | 100 | |
| Utilities | 101 | 108 | 100 | |
Franklin Park, 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 2017-2021. The key points are:
The Median Home Value in Franklin Park is $279,000.
The Median Rent in Franklin Park is $1,796.
The Median Income in Franklin Park is $95,405.
The Home Value To Income in Franklin Park is 2.9x.
The Rent To Monthly Income in Franklin Park is 0.23x.
| Statistic | Franklin Park | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $279,000 | $355,700 | $244,900 |
| Median Rent | $1,796 | $1,436 | $1,163 |
| Median Income | $95,405 | $89,703 | $69,021 |
| Home Value To Income | 2.9x | 4.0x | 3.5x |
| Rent To Monthly Income | 0.23x | 0.19x | 0.2x |
Median Home Value
Median Rent
Median Income
Franklin Park, NJ Costs By Category
Detailed Franklin Park Services Costs Vs. New Jersey
| Item | Franklin Park | New Jersey |
|---|---|---|
| Shampoo | $1.03 | $1.06 |
| Movie | $12.59 | $10.68 |
| Bowling | $17.73 | $14.67 |
| Haircut | $20.73 | $18.62 |
| Beauty Salon | $36.4 | $39.05 |
Detailed Franklin Park Groceries Costs Vs. New Jersey
| Item | Franklin Park | New Jersey |
|---|---|---|
| Ground Beef | $3.87 | $4.22 |
| Fried Chicken | $1.67 | $1.39 |
| Milk | $2.41 | $2.05 |
| Potatoes | $3.09 | $3.29 |
| Pizza | $11.4 | $10.62 |
| Beer | $9.19 | $9.38 |
| Toothpaste | $2.16 | $2.34 |
Detailed Franklin Park Health Costs Vs. New Jersey
| Item | Franklin Park | New Jersey |
|---|---|---|
| Optometrist | $101.33 | $108.57 |
| Doctor | $94.5 | $116.17 |
| Dentist | $113.15 | $99.13 |
Detailed Franklin Park Transportation Costs Vs. New Jersey
| Item | Franklin Park | New Jersey |
|---|---|---|
| Gasoline | $2.26 | $2.22 |
| Tire Balancing | $56.66 | $50.07 |
Detailed Franklin Park Utilities Costs Vs. New Jersey
| Item | Franklin Park | New Jersey |
|---|---|---|
| All Electricity | $174.26 | $167.67 |
| Phone | $179.87 | $175.64 |
Franklin Park SnackAbility
/10
Cost Of Living In Cities Around Franklin Park
The cost of living varies in the cities and towns around Franklin Park. Here's a quick look at the cost of living in the most populous nearby places:
Westfield, NJ has a cost of living index of 170, 1.4x Franklin Park.
Bradley Gardens, NJ has a cost of living index of 144, 1.2x Franklin Park.
Middlesex, NJ has a cost of living index of 123, 1.0x Franklin Park.
| City | Population | Cost Of Living | Vs. Franklin Park |
|---|---|---|---|
| Westfield, NJ | 30,950 | 170 | 1.4x |
| Bradley Gardens, NJ | 14,798 | 144 | 1.2x |
| Middlesex, NJ | 14,513 | 123 | 1.0x |
| Mercerville, NJ | 14,234 | 116 | 0.9x |
| Hamilton Square, NJ | 12,244 | 130 | 1.0x |
| Martinsville, NJ | 11,980 | 155 | 1.2x |
| Kendall Park, NJ | 10,560 | 131 | 1.1x |
| Blackwells Mills, NJ | 10,488 | 167 | 1.3x |
| White Horse, NJ | 9,710 | 111 | 0.9x |
| Heathcote, NJ | 7,056 | 139 | 1.1x |
