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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