Living in Franklin Lakes, New Jersey
Cost of living, income, home prices, rent and demographics of Franklin Lakes · Census data 2020–2024
Franklin Lakes has 11,084 residents with a median age of 46.3. The median household income is $235,795 (128% higher than the New Jersey median), the median home value is $1,264,000, the median rent is $3,230/month.
Franklin Lakes at a glance
- Population
- 11,084
- Median age
- 46.3State: 40.1
- Median household income
- $235,795State: $103,556
- Median home value
- $1,264,000State: $454,400
- Median rent
- $3,230/moState: $1,720
- Homeowners
- 88.9%
- Bachelor's degree or higher
- 77.4%
- Average commute
- 37 min
Is Franklin Lakes a good place to live?
Pros: Median household income 128% higher than the New Jersey median; unemployment of 2.3%; a poverty rate of 3.4%.
Cons: Home values 178% higher than the state median; an average commute of 37 minutes.
The weather is best in June to September.
Cost of living in Franklin Lakes
Housing is the biggest part of the cost of living. In Franklin Lakes the median home value is $1,264,000, 280% higher than the U.S. median. Renters pay a median of $3,230 per month, which is 34.4% of household income. Homeowners with a mortgage pay $4,001 a month in housing costs.
Franklin Lakes median household income
The median household income in Franklin Lakes is $235,795 and the income per person is $105,713. 3.4% of residents live below the poverty line (New Jersey: 9.7%).
Housing in Franklin Lakes: homes for sale and rent
- Housing units
- 3,878
- Owner-occupied
- 88.9%
- Renter-occupied
- 11.1%
- Vacant
- 2%Includes seasonal homes
- Median year built
- 1982
- Average household size
- 2.91
Franklin Lakes demographics
- Population
- 11,084
- Median age
- 46.3
- Under 18
- 25.4%
- 65 and older
- 21.5%
- Households
- 3,801
- Foreign-born
- 19.4%
- Veterans
- 2.8%Adults 18+
Hispanic or Latino can be of any race. Population history of Franklin Lakes ›
Education in Franklin Lakes
77.4% of adults 25 and older in Franklin Lakes have a bachelor's degree or higher (New Jersey: 43.6%), and 33.1% have a graduate or professional degree.
Jobs and commute in Franklin Lakes
- Unemployment rate
- 2.3%State: 6.3%
- Average commute
- 37 minState: 31 min
- Work from home
- 32.3%
- Drive alone
- 52.3%
- Public transit
- 6.6%
- Walk to work
- 1.1%
- Homes with broadband
- 97.8%
Franklin Lakes vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Franklin Lakes | 11,084 | $235,795 | $1,264,000 | $3,230 |
| Wyckoff | 17,050 | $203,988 | $925,700 | $2,567 |
| Oakland | 12,768 | $162,019 | $591,300 | $1,383 |
| Pines Lake | 2,882 | $172,348 | $626,500 | — |
| North Haledon | 8,778 | $125,313 | $547,600 | $2,369 |
| Midland Park | 7,019 | $146,841 | $607,200 | $1,853 |
| Allendale | 6,865 | $160,162 | $782,700 | $2,590 |
| Waldwick | 10,164 | $177,962 | $588,500 | $3,446 |
| Pompton Lakes | 11,047 | $124,454 | $442,400 | $1,845 |
More for people moving to Franklin Lakes
Franklin Lakes ZIP code ›Weather and climate ›Living in Franklin Lakes: FAQ
What is the median household income in Franklin Lakes, NJ?
The median household income in Franklin Lakes is $235,795, 128% 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 Lakes?
The median home value in Franklin Lakes is $1,264,000, compared with $454,400 in New Jersey.
How much is rent in Franklin Lakes?
The median gross rent in Franklin Lakes is $3,230 per month, about 34.4% of household income.
Is Franklin Lakes, NJ a good place to live?
Pluses: median household income 128% higher than the New Jersey median; unemployment of 2.3%; a poverty rate of 3.4%. Minuses: home values 178% higher than the state median; an average commute of 37 minutes.
What is the median age in Franklin Lakes?
The median age in Franklin Lakes is 46.3 years (New Jersey: 40.1).
How long is the commute in Franklin Lakes?
The average commute to work in Franklin Lakes is 37 minutes; 32.3% of workers work from home.
What is the unemployment rate in Franklin Lakes?
The unemployment rate in Franklin Lakes is 2.3% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Franklin Lakes?
77.4% of adults in Franklin Lakes 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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