Franklin 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.
IndexFranklinNew JerseyNational
Cost of living index113131100
IndexFranklinNew JerseyNational
Goods & Services index112118100
Groceries index110116100
Health care index113111100
Housing index122166100
Transportation index111118100
Utilities index97110100
Displayed above is a general overview of the Franklin, NJ cost of living index. The overall cost of living index in Franklin, NJ is 113, which is 14% lower than the New Jersey average and 13% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Franklin, NJ are 5% lower than the New Jersey average and 12% higher than the national average.

Did you know?

  • The cost of living in Franklin is 14% lower than the New Jersey average.
  • The cost of living in Franklin is 13% higher than the national average.
  • The cost of housing in Franklin is 22% 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.

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Salary Calculator

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Use the salary calculator to compare your current income in Franklin, NJ to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Franklin, NJ, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Franklin, NJ salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$81,848$6,821$1,910$2,456
Renters$35,938$2,995$838$1,078
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Franklin, NJ, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Franklin, NJ homeowners have a median income of $81,848. Using that number, you will come up with a maximum of $1,910 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $35,938, which means there is a maximum of $838 to be spent on the costs of renting a home or apartment.

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 considering the overall cost of living expenses in Franklin, NJ, it's important to take into account the sales tax for New Jersey, as well as the rate for income tax in New Jersey. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for New Jersey is 7%, and the sales tax in the state of New Jersey is 7%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in New Jersey starts from 1.4% and goes up to 8.97%.

Goods & Services

ItemFranklinNational 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

ItemFranklinNational 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

ItemFranklinNational 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

ItemFranklinNational avg.Difference
Home Price $212,400.00$175,700.0020.9%
Avg. Mortgage Payment $1,607.16$1,081.0348.7%
Apartment Rent $1,147.00$920.0024.7%

Transportation

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

Utilities

ItemFranklinNational 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.
Byram Center, NJ501099%
Allamuchy, NJ1001099%
Ross Corner, NJ011010%
Unionville, NY6131055%
Vernon Center, NJ2,0111088%
Franklin, NJ4,99411313%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Carthage, MS4,99582-18%
South Pasadena, FL4,993100-0%
Riverside CDP, NY4,9951077%
Sulphur, OK4,99676-24%
Mount Plymouth, FL4,99196-4%
Franklin, NJ4,99411313%
Source: The Franklin, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.