Housing costs in Franklin Lakes?
A typical home costs
$1,213,000, which is 258.8% more expensive than the national average of
$338,100 and 180.7% more expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Franklin Lakes costs
$2,780 per month, which is 94.4% more than the national average of
$1,430 and 38.5% more than the state average of
$1,710.
Can I afford Franklin Lakes?
To live comfortably in Franklin Lakes, New Jersey, a minimum annual income of
$232,560 for a family, and
$95,600 for a single person is recommended.
What does A.I. say about Franklin Lakes?
The cost of living in Franklin Lakes, NJ is relatively high compared to the rest of the state. The median home value is over $700,000, and property taxes are an average of 2.74%, which is higher than the national median of 1.08%. Additionally, basic utilities such as electricity, heating fuel, water, sewerage and trash collection typically cost around $200 a month. Groceries and other everyday expenses are also generally more expensive than the national average. Despite these costs, residents still enjoy an excellent quality of life in this affluent community thanks to its strong public school system and its plethora of recreational activities.