| Index | Franklin Park | New Jersey | National |
| Cost of living | 127 | 125 | 100 |
| Groceries | 109 | 108 | 100 |
| Health care | 114 | 112 | 100 |
| Housing | 159 | 157 | 100 |
| Transportation | 112 | 114 | 100 |
| Utilities | 115 | 111 | 100 |
| Lifestyle & Entertainment | 112 | 113 | 100 |
| Household Items | 109 | 107 | 100 |
| Education & Childcare | 124 | 120 | 100 |
Getting a feel for the cost of living in Franklin Park is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Franklin Park is 127, which is 27% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Franklin Park is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Franklin Park falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs are a major factor in the Franklin Park 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 59.3% 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 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 50% higher than what folks pay nationally, and monthly rent is 81% higher than the usual rates. Plus, income levels matter too, with Franklin Park boasting a median household income of $135,281, which is 66.3% higher than the national average.
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Franklin Park, healthcare costs are 13.5% higher than the national average.
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday household expenses like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Franklin Park starts at 6.625% and the income tax rates start at 1.4%.
Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.
The Franklin Park 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.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $150,764 | $12,564 | $3,518 | $4,523 |
| Renters | $128,949 | $10,746 | $3,009 | $3,869 |
| 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. |
| Zarephath, NJ | 98 | 113 | 12.8% |
| Rossmoor, NJ | 2,769 | 104 | 3.7% |
| Clearbrook Park, NJ | 3,208 | 110 | 10.3% |
| Concordia, NJ | 2,620 | 114 | 14.0% |
| Roselle, NJ | 22,321 | 116 | 15.7% |
| Franklin Park, NJ | 13,245 | 127 | 26.8% |
| City | Population | Cost of Living Index | National Avg. |
| Ocean Pines, MD | 13,245 | 122 | 22.3% |
| Riviera Beach, MD | 13,245 | 123 | 23.2% |
| Plover, WI | 13,243 | 99 | 0.6% |
| McComb, MS | 13,253 | 87 | 12.9% |
| Lilburn, GA | 13,254 | 103 | 3.2% |
| Franklin Park, NJ | 13,245 | 127 | 26.8% |
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