| Index | Franklin Lakes | New Jersey | National |
| Cost of living | 221 | 125 | 100 |
| Groceries | 108 | 108 | 100 |
| Health care | 108 | 112 | 100 |
| Housing | 478 | 157 | 100 |
| Transportation | 110 | 114 | 100 |
| Utilities | 108 | 111 | 100 |
| Lifestyle & Entertainment | 114 | 113 | 100 |
| Household Items | 108 | 107 | 100 |
| Education & Childcare | 120 | 120 | 100 |
Knowing the cost of living in Franklin Lakes allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Franklin Lakes stands at 221, marking it 121% higher than the national average.
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 are a major factor in the Franklin Lakes cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 377.8% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Wondering if Franklin Lakes 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 Lakes, for example, the median home price is 461.5% higher than what folks pay nationally, and monthly rent is 182.5% higher than the usual rates. Plus, income levels matter too, with Franklin Lakes boasting a median household income of $269,878, which is 231.8% higher than the national average.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Franklin Lakes, the groceries index registers 7.7% higher than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Franklin Lakes, the utilities index registers at 8.2% higher than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Franklin Lakes, the prevailing sales tax rate starts at 6.625%, and income tax rates kick off at 1.4%.
The Franklin Lakes cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $298,520 | $24,877 | $6,965 | $8,956 |
| Renters | $112,161 | $9,347 | $2,617 | $3,365 |
| State | General Sales Tax | With Max Surtax |
| New Jersey | 6.625% | 12.625% |
| State | Income Tax (Low) | Income Tax (High) |
| New Jersey | 1.4% | 10.75% |
| City | Population | Cost of Living Index | National Avg. |
| Greenwood Lake, NY | 3,168 | 118 | 17.7% |
| Highland Lakes, NJ | 4,801 | 118 | 18.2% |
| Paterson, NJ | 149,118 | 122 | 21.5% |
| Mount Ivy, NY | 7,675 | 120 | 20.1% |
| Haverstraw, NY | 12,431 | 121 | 21.4% |
| Franklin Lakes, NJ | 11,324 | 221 | 120.5% |
| City | Population | Cost of Living Index | National Avg. |
| Woodmere, LA | 11,322 | 96 | 4.5% |
| Clearwater County, AB | 11,321 | n/a | |
| Lindon, UT | 11,318 | 133 | 32.8% |
| Spencer, IA | 11,331 | 89 | 11.0% |
| Morgan City, LA | 11,332 | 89 | 10.9% |
| Franklin Lakes, NJ | 11,324 | 221 | 120.5% |
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