Franklin Center cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexFranklin CenterNew JerseyNational
Cost of living index140131100
IndexFranklin CenterNew JerseyNational
Goods & Services index112118100
Groceries index110116100
Health care index113111100
Housing index212166100
Transportation index111118100
Utilities index97110100
A general overview of the cost of living index for Franklin Center, NJ is displayed above. In Franklin Center, NJ, the overall cost of living index is 140, which is 7% higher than the New Jersey average and 40% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Franklin Center, NJ, the city's goods and services are 5% lower than the New Jersey average and 12% higher than the U.S. average.

Did you know?

  • The cost of living in Franklin Center is 7% higher than the New Jersey average.
  • The cost of living in Franklin Center is 40% higher than the national average.
  • The cost of housing in Franklin Center is 112% higher than the national average.
  • New Jersey general sales tax is 37% higher than the national average.
  • New Jersey state income tax is 37% lower than the national average.

Find Real Estate Listings In Franklin Center

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Franklin Center

Compare Franklin Center, NJ Cost of living To Other Cities

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
The salary calculator allows you to compare how much your current salary in Franklin Center, NJ would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Franklin Center, NJ, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Franklin Center, NJ salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$97,262$8,105$2,269$2,918
Renters$90,435$7,536$2,110$2,713
One can approximate the cost of living and the housing affordability in Franklin Center, NJ by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Franklin Center, NJ have a median income of $97,262. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,269 per month to avoid calamity and poverty. The renters in the city have an income of about $90,435, which would make their monthly maximum allowable rental costs $2,110.

New Jersey Sales Tax

StateGeneral Sales TaxWith Max Surtax
New Jersey7%7%

New Jersey Income Tax

StateIncome Tax (Low)Income Tax (High)
New Jersey1.4%8.97%
When you are determining the total cost of living in Franklin Center, NJ you will want to make sure you consider both the New Jersey sales tax and the New Jersey income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in New Jersey is 7%, with the highest surtax being 7%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in New Jersey have a range from 1.4% to 8.97%.

Goods & Services

ItemFranklin CenterNational avg.Difference
Haircut $18.00$14.5923.3%
Beauty Salon $32.75$34.685.6%
Toothpaste $1.99$2.4719.5%
Shampoo $1.08$1.025.7%
Movie $11.70$9.8718.6%
Bowling $4.72$4.397.5%

Groceries

ItemFranklin CenterNational avg.Difference
Ground Beef $4.44$4.480.8%
Fried Chicken $1.97$1.4634.6%
Milk $2.57$2.369.1%
Potatoes $3.39$3.0610.7%
Pizza $8.00$9.2413.4%
Beer $8.79$8.631.8%

Health Care

ItemFranklin CenterNational avg.Difference
Optometrist $102.25$99.782.5%
Doctor $86.25$105.0317.9%
Dentist $119.50$88.7034.7%
Ibuprofen $10.32$9.419.6%
Lipitor $351.24$298.5017.7%

Housing

ItemFranklin CenterNational avg.Difference
Home Price $369,000.00$175,700.00110.0%
Avg. Mortgage Payment $1,607.16$1,081.0348.7%
Apartment Rent $2,001.00$920.00117.5%

Transportation

ItemFranklin CenterNational avg.Difference
Gasoline $2.17$2.093.7%
Tire Balancing $58.80$45.2929.8%

Utilities

ItemFranklin CenterNational avg.Difference
All Electricity$155.83$170.808.8%
Phone $29.75$28.265.3%
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, StatePopulationCost of Living IndexNational Avg.
Zarephath, NJ01099%
Rossmoor, NJ2,81498-2%
Roselle, NJ21,34811414%
Perth Amboy, NJ51,72711717%
Plainfield, NJ50,42311717%
Franklin Center, NJ4,22714040%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Marshfield, MA4,22714343%
Creedmoor, NC4,22895-5%
Tea, SD4,22697-3%
Whiteland, IN4,22690-10%
Kensington Park, FL4,22895-5%
Franklin Center, NJ4,22714040%
Source: The Franklin Center, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.