Cost of Living in Franklin, NJ
Population 4,938 · New Jersey · Data vintage 2023
(100 = US avg)
Franklin is a smaller New Jersey community of around 5000 residents, where median household incomes of $90,152 and housing costs ($253,000 for a typical home) give the local cost-of-living profile a distinctly small-town shape. Unemployment has stayed elevated relative to the national figure — 7.1% as of the most recent ACS release — which shows up in household-income and poverty figures as well.
Located 25 miles northwest of Paterson, Franklin falls within that metro's commuting orbit. Median home values run roughly 25% lower than Paterson's $335,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Franklin
The median home value in Franklin is $253,100 — 17% below the national median of $305,000. Median rent runs $1,340/month, 2% higher than the national median of $1,314/month. The median household income of $90,152/year is 21% higher than the US median of $74,580. The local unemployment rate is 7.1%, above the national average of 4.8%. New Jersey's top state income tax rate is 10.8% and the combined sales tax is 6.6%. The climate averages highs of 60.9°F and lows of 39.2°F. Overall, Franklin has a cost of living index of 91 versus the US average of 100, meaning it is 9% less expensive.
Franklin has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 36 | 39 | 48 | 61 | 71 | 80 | 84 | 82 | 75 | 64 | 51 | 41 |
| Low °F | 18 | 20 | 27 | 37 | 47 | 56 | 61 | 60 | 51 | 40 | 31 | 24 |
| Precip" | 2.63 | 2.16 | 3.20 | 3.43 | 3.73 | 3.68 | 4.06 | 3.93 | 3.83 | 4.23 | 2.97 | 3.10 |
Frequently Asked Questions
What is the cost of living in Franklin, NJ?
Franklin has a cost index of 91 (100 = national average). It is 9% below the national average.
What is average rent in Franklin, NJ?
The median gross rent in Franklin is $1,340 per month based on 2023 Census data.
What is the average home price in Franklin?
The median home value in Franklin is $253,100 according to Zillow and Census data.
What is the median income in Franklin?
The median household income in Franklin is $90,152 per year (2023 ACS 5-year estimates).
What is the sales tax in Franklin, NJ?
The combined state and local sales tax rate in Franklin is 6.6%. The New Jersey state income tax top rate is 10.8%.
Is Franklin, NJ affordable?
Franklin is near the national average in terms of cost of living, with an index of 91 (100 = US average).
What is the weather like in Franklin?
Franklin has average high temperatures of 60.9°F and average lows of 39.2°F. Annual precipitation is 41". Data from NOAA 1991–2020 Climate Normals.
Franklin at a Glance
- Population
- 4,938
- Median Income
- $90,152
- Home Value
- $253,100
- Median Rent
- $1,340/mo
- Unemployment
- 7.1%
- Avg High Temp
- 60.9°F
- Sales Tax
- 6.6%
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New Jersey Rankings
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