Cost of Living in Franklin, NJ

D
2%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
6%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Franklin New Jersey National
Cost of living102121100
Goods & Services100106100
Groceries102102100
Health care9999100
Housing106158100
Transportation95103100
Utilities102107100
New Real Estate Listings in Franklin Area
Search
Search Homes for Sale in Franklin, NJ
See How Much House You Can Afford. Get Pre-Approved Today

Cost Of Living Quick Facts

  • The cost of living in Franklin is 16% lower than the New Jersey average
  • The cost of living in Franklin is 2% higher than the national average
  • Franklin housing is 6% higher than the national average
  • New Jersey general sales tax is 30% higher than the national average
  • New Jersey state income tax is 46% lower than the national average

Most Affordable Places to Live in and Around Franklin

See all the best places to live around Franklin

Compare Franklin, NJ Cost of Living

      vs
      How would you rate the cost of living in Franklin?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Franklin?
      Write a review to give others more information about this area.
      See all Franklin poll results

      The best places in New Jersey

      Here are the best places to live in New JerseyThese are the largest cities in New JerseyCheck out the 10 most dangerous cities in New JerseyCheck out the 10 safest cities in New Jersey

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$70,850$5,904$1,653$2,126
      Renters$78,013$6,501$1,820$2,341
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Franklin, NJ, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Franklin, homeowners have a median income of $70,850. Using that number, a maximum of $1,653 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $78,013, which means there is a maximum of $1,820 to be spent on the costs of renting a home or apartment.

      New Jersey Sales Tax

      State General Sales Tax With Max Surtax
      New Jersey 6.625% 12.625%

      New Jersey Income Tax

      State Income Tax (Low) Income Tax (High)
      New Jersey 1.4% 10.75%

      Goods & Services

      Item Franklin National avg. Difference
      Haircut $29.17$24.2620.2%
      Beauty Salon $40.36$45.5611.4%
      Toothpaste $3.66$3.701.2%
      Shampoo $1.44$1.2812.1%
      Movie $14.15$12.1316.6%
      Bowling $25.03$18.0039.0%

      Groceries

      Item Franklin National avg. Difference
      Ground Beef $5.64$5.843.5%
      Fried Chicken $1.55$1.571.4%
      Milk $4.74$4.671.5%
      Potatoes $5.21$4.935.7%
      Pizza $11.49$12.094.9%
      Beer $11.66$10.4112.0%

      Health Care

      Item Franklin National avg. Difference
      Optometrist $105.11$125.6816.4%
      Doctor $117.94$135.7813.1%
      Dentist $121.22$113.297.0%
      Ibuprofen $11.05$10.653.7%
      Lipitor $427.79$468.608.7%

      Housing

      Item Franklin National avg. Difference
      Home Price $188,000.00$184,700.001.8%
      Avg. Mortgage Payment $3,303.56$2,346.6940.8%
      Apartment Rent $1,105.00$949.0016.4%

      Transportation

      Item Franklin National avg. Difference
      Gasoline $3.45$3.460.2%
      Tire Balancing $77.33$59.9229.1%

      Utilities

      Item Franklin National avg. Difference
      All Electricity $230.68$193.9918.9%
      Phone $186.61$192.252.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Vernon Center, NJ1,462964.2%
      Ross Corner, NJ209964.2%
      Unionville, NY5441055.2%
      Hamburg, NJ3,1491055.4%
      Allamuchy, NJ1141065.8%
      Franklin, NJ4,7371021.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Hillandale, MD4,73714443.7%
      Dundee, FL4,738936.6%
      Morganville, NJ4,73815655.6%
      Harrington Park, NJ4,73518079.6%
      Blue Point, NY4,73914847.6%
      Franklin, NJ4,7371021.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
      General
      For Professionals
      Follow Us
      AV on Twitter AV on Facebook
      © AreaVibes Inc. 2010-2024