salaryRent here is among the highest 10% in the country. Household incomes are higher than in 100% of U.S. cities. A typical house costs about 5.0 years of household income. Commutes are long, about 36.5 minutes each way. Most homes (88.9%) are owned, so rentals can be hard to find. It is a highly educated city: 77.4% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $143,440 a year. That is $69 an hour at a full-time job.
Is rent cheaper than other New Jersey cities?
No. Rent here is more expensive than in most of New Jersey. It is number 286 of 291 cities from cheapest to most expensive.
How much do households earn in Franklin Lakes?
Share of households by yearly income. 74.1% of households earn $100,000 or more.
Rent by apartment size in Franklin Lakes
| Size | Franklin Lakes | U.S. average |
|---|---|---|
| 1 bedroom | $2,891 | $1,324 |
| 2 bedrooms | $3,683 | $1,509 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Franklin Lakes overall?
Everyday prices in New Jersey overall are 9% above the U.S. average (index 108.8, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Franklin Lakes, so the New Jersey figure is shown.
Taxes and bills in Franklin Lakes
Life in Franklin Lakes
Is it cheaper to rent or buy in Franklin Lakes?
Renting is cheaper right now: about $5,184 a month less.
Owning assumes a typical $1,264,000 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $126,400 for the down payment.
Frequently asked questions
What is the average rent in Franklin Lakes, NJ?
Renting in Franklin Lakes costs a median of about $3,586 a month in 2026, including utilities. The New Jersey median is $2,240.
How much do I need to make to live in Franklin Lakes?
To keep rent under 30% of income, you need about $143,440 a year, or $69 an hour at a full-time job.
Is Franklin Lakes cheap or expensive?
Franklin Lakes is rated Cheap: rent takes 16.9% of the typical household income of $254,305. It ranks 286th cheapest of 291 New Jersey cities we track.
How much are property taxes in Franklin Lakes?
The median homeowner in Franklin Lakes pays $10,000+ a year in property taxes, about 0.79% of the median home value.
Is Franklin Lakes more expensive than the national average?
Overall prices in New Jersey are 9% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Franklin Lakes?
The median home value in Franklin Lakes is $1,264,000, about 5.0 times the typical yearly household income.
11,084 people live in Franklin Lakes. Numbers are typical (middle) values.