Living in Franklin, New Jersey
Cost of living, income, home prices, rent and demographics of Franklin · Census data 2020–2024
Franklin has 16,490 residents with a median age of 41.4. The median household income is $110,197 (6% higher than the New Jersey median), the median home value is $306,800, the median rent is $1,602/month.
Franklin at a glance
- Population
- 16,490
- Median age
- 41.4State: 40.1
- Median household income
- $110,197State: $103,556
- Median home value
- $306,800State: $454,400
- Median rent
- $1,602/moState: $1,720
- Homeowners
- 86.1%
- Bachelor's degree or higher
- 23.5%
- Average commute
- 29 min
Is Franklin a good place to live?
Pros: Median household income 6% higher than the New Jersey median; home values 32% lower than the state median; an average commute of 29 minutes; unemployment of 5.2%; a poverty rate of 8.9%.
The weather is best in May–June and September–October.
Cost of living in Franklin
Housing is the biggest part of the cost of living. In Franklin the median home value is $306,800, 8% lower than the U.S. median. Renters pay a median of $1,602 per month, which is 24.7% of household income. Homeowners with a mortgage pay $2,253 a month in housing costs.
Franklin median household income
The median household income in Franklin is $110,197 and the income per person is $45,777. 8.9% of residents live below the poverty line (New Jersey: 9.7%).
Housing in Franklin: homes for sale and rent
- Housing units
- 6,057
- Owner-occupied
- 86.1%
- Renter-occupied
- 13.9%
- Vacant
- 4.8%Includes seasonal homes
- Median year built
- 1979
- Average household size
- 2.85
Franklin demographics
- Population
- 16,490
- Median age
- 41.4
- Under 18
- 20.4%
- 65 and older
- 17.9%
- Households
- 5,768
- Foreign-born
- 3.2%
- Veterans
- 7%Adults 18+
Hispanic or Latino can be of any race. Population history of Franklin ›
Education in Franklin
23.5% of adults 25 and older in Franklin have a bachelor's degree or higher (New Jersey: 43.6%), and 8.3% have a graduate or professional degree.
Jobs and commute in Franklin
- Unemployment rate
- 5.2%State: 6.3%
- Average commute
- 29 minState: 31 min
- Work from home
- 6.5%
- Drive alone
- 83.5%
- Public transit
- 0.2%
- Walk to work
- 1.3%
- Homes with broadband
- 91.5%
Franklin vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Franklin | 16,490 | $110,197 | $306,800 | $1,602 |
| Malaga | 1,693 | $107,553 | $236,300 | $1,117 |
| Franklinville | 1,904 | $122,179 | $268,100 | $1,646 |
| Newfield | 1,844 | $104,107 | $259,400 | $1,510 |
| Victory Lakes | 1,577 | $89,907 | $271,800 | — |
| Monroe | 37,648 | $96,980 | $283,100 | $1,384 |
| Clayton | 8,921 | $90,274 | $252,300 | $1,246 |
| Buena | 4,520 | $79,697 | $256,800 | $1,156 |
| Williamstown | 14,705 | $89,414 | $278,600 | $1,266 |
More for people moving to Franklin
Franklin ZIP code ›Weather and climate ›Living in Franklin: FAQ
What is the median household income in Franklin, NJ?
The median household income in Franklin is $110,197, 6% higher than the New Jersey median of $103,556 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Franklin?
The median home value in Franklin is $306,800, compared with $454,400 in New Jersey.
How much is rent in Franklin?
The median gross rent in Franklin is $1,602 per month, about 24.7% of household income.
Is Franklin, NJ a good place to live?
Pluses: median household income 6% higher than the New Jersey median; home values 32% lower than the state median; an average commute of 29 minutes; unemployment of 5.2%; a poverty rate of 8.9%.
What is the median age in Franklin?
The median age in Franklin is 41.4 years (New Jersey: 40.1).
How long is the commute in Franklin?
The average commute to work in Franklin is 29 minutes; 6.5% of workers work from home.
What is the unemployment rate in Franklin?
The unemployment rate in Franklin is 5.2% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Franklin?
23.5% of adults in Franklin have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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