Franklin Lakes, NJ is an affluent suburb located in northeast New Jersey. It is known for its high quality of life and higher than average median income. The 2 bedroom rent in Franklin Lakes is about $2,780 per month which is significantly higher than the US average of $1,430. Additionally, the Grocery Cost Index in Franklin Lakes is 114 compared to 100 in the US.
The town of Franklin Lakes offers many employment opportunities at local companies such as Valley National Bank, CareOne Senior Care Services, and Preakness Healthcare Center. There are also plenty of shops and restaurants to explore in downtown Franklin Lakes. Aside from rent and groceries, other cost of living features that should be considered when moving to Franklin Lakes include health care costs, utilities (electricity, gas), transportation (car insurance etc.), entertainment/dining out costs as well as personal care costs (haircuts etc).
Franklin Lakes has an unemployment rate of 7.4%. The US average is 6.0%.
Franklin Lakes has seen the job market decrease by -0.5% over the last year. Future job growth over the next ten years is predicted to be 25.3%, which is lower than the US average of 33.5%.
Tax Rates for Franklin Lakes
- The Sales Tax Rate for Franklin Lakes is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Franklin Lakes is 5.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Franklin Lakes
- The average income of a Franklin Lakes resident is $83,983 a year. The US average is $28,555 a year.
- The Median household income of a Franklin Lakes resident is $188,272 a year. The US average is $69,021 a year.