Cost of Living in Franklin Park, NJ

An Overview of Cost of Living in Franklin Park, NJ

Understanding the cost of living in Franklin Park 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 Park cost of living index is 124, which is 24% 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're in pursuit of an economical living environment, Franklin Park may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Franklin Park falls within this bracket.

Housing costs make up a big chunk of the cost of living in Franklin Park, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 60.2% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Franklin Park goods and services are 11.3% more expensive than the national average, leaving you with less money at the end of the month.

Is Franklin Park Affordable?

Wondering if Franklin Park is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Franklin Park, for example, the median home price is 49.6% higher than what folks pay nationally, and monthly rent is 85% higher than the usual rates. Plus, income levels matter too, with Franklin Park boasting a median household income of $91,352, which is 65.1% higher than the national average.

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

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 Park, the housing index is 60.2% higher than the national average.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Franklin Park comes in at 8.3% higher than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Where is the Data From?

The cost of living in Franklin Park, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.