F
115%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
369%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Franklin Lakes New Jersey National
Cost of living215121100
Goods & Services107106100
Groceries102102100
Health care9699100
Housing469158100
Transportation108103100
Utilities111107100

An Overview of Cost of Living in Franklin Lakes, NJ

Understanding the cost of living in Franklin Lakes can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Franklin Lakes cost of living index is 215, which is 115% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you prioritize affordability when seeking a new place to live, Franklin Lakes may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Franklin Lakes falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs significantly influence the Franklin Lakes cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 369%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Franklin Lakes Affordable?

Is Franklin Lakes affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Franklin Lakes, for instance, where the median home price falls 446.7% higher than the national average, and monthly rent rates are 187.7% higher than usual. Additionally, median income levels contribute to the equation, with Franklin Lakes flaunting a median household income of $178,794, 223.2% higher than the national norm.

What Factors can Influence the Cost of Living in Franklin Lakes?

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Franklin Lakes, the groceries index is 2.1% higher than the national average.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Franklin Lakes, the housing index is 369% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Where is the Data From?

The Franklin Lakes cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Franklin Lakes is 78% higher than the New Jersey average
  • The cost of living in Franklin Lakes is 115% higher than the national average
  • Franklin Lakes housing is 369% higher than the national average
  • New Jersey general sales tax is 30% higher than the national average
  • New Jersey state income tax is 46% lower than the national average

Most Affordable Places to Live in and Around Franklin Lakes

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Compare Franklin Lakes, NJ Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$202,703$16,892$4,729$6,082
      Renters$76,250$6,354$1,779$2,288
      A good indicator of the general affordability of housing in Franklin Lakes, NJ, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Franklin Lakes, the median monthly income is $202,703 for those who own their own homes. Under the standard rule, that income level would allow for $4,729 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $76,250, per the median income in the area. That would allow for renters to spend up to $1,779 on monthly rental expenses.

      New Jersey Sales Tax

      State General Sales Tax With Max Surtax
      New Jersey 6.625% 12.625%

      New Jersey Income Tax

      State Income Tax (Low) Income Tax (High)
      New Jersey 1.4% 10.75%

      Goods & Services

      Item Franklin Lakes National avg. Difference
      Haircut $25.62$24.265.6%
      Beauty Salon $41.67$45.568.6%
      Toothpaste $3.72$3.700.4%
      Shampoo $1.48$1.2815.6%
      Movie $15.78$12.1330.1%
      Bowling $21.00$18.0016.7%

      Groceries

      Item Franklin Lakes National avg. Difference
      Ground Beef $5.65$5.843.3%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.71$4.670.7%
      Potatoes $5.37$4.938.8%
      Pizza $11.49$12.094.9%
      Beer $11.33$10.418.8%

      Health Care

      Item Franklin Lakes National avg. Difference
      Optometrist $157.11$125.6825.0%
      Doctor $115.59$135.7814.9%
      Dentist $124.27$113.299.7%
      Ibuprofen $11.15$10.654.6%
      Lipitor $451.73$468.603.6%

      Housing

      Item Franklin Lakes National avg. Difference
      Home Price $1,009,800.00$184,700.00446.7%
      Avg. Mortgage Payment $3,568.94$2,346.6952.1%
      Apartment Rent $2,730.00$949.00187.7%

      Transportation

      Item Franklin Lakes National avg. Difference
      Gasoline $3.41$3.461.4%
      Tire Balancing $82.67$59.9238.0%

      Utilities

      Item Franklin Lakes National avg. Difference
      All Electricity $236.04$193.9921.7%
      Phone $186.61$192.252.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Greenwood Lake, NY3,0801109.8%
      Highland Lakes, NJ4,66611110.8%
      Paterson, NJ145,48411515.3%
      Mount Ivy, NY7,39012221.6%
      Haverstraw, NY12,07612322.7%
      Franklin Lakes, NJ11,044215115.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Munhall, PA11,0498713.0%
      Spencer, IA11,0388613.7%
      Holbrook, MA11,05113130.6%
      Lanham, MD11,05413231.7%
      Ontario, OR11,031927.6%
      Franklin Lakes, NJ11,044215115.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.