Cost Of Living in Franklin, NJ

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 living	102	121	100
Goods & Services	100	106	100
Groceries	102	102	100
Health care	99	99	100
Housing	106	158	100
Transportation	95	103	100
Utilities	102	107	100

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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

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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	$24.26	20.2%
Beauty Salon	$40.36	$45.56	11.4%
Toothpaste	$3.66	$3.70	1.2%
Shampoo	$1.44	$1.28	12.1%
Movie	$14.15	$12.13	16.6%
Bowling	$25.03	$18.00	39.0%

Groceries

Item	Franklin	National avg.	Difference
Ground Beef	$5.64	$5.84	3.5%
Fried Chicken	$1.55	$1.57	1.4%
Milk	$4.74	$4.67	1.5%
Potatoes	$5.21	$4.93	5.7%
Pizza	$11.49	$12.09	4.9%
Beer	$11.66	$10.41	12.0%

Health Care

Item	Franklin	National avg.	Difference
Optometrist	$105.11	$125.68	16.4%
Doctor	$117.94	$135.78	13.1%
Dentist	$121.22	$113.29	7.0%
Ibuprofen	$11.05	$10.65	3.7%
Lipitor	$427.79	$468.60	8.7%

Housing

Item	Franklin	National avg.	Difference
Home Price	$188,000.00	$184,700.00	1.8%
Avg. Mortgage Payment	$3,303.56	$2,346.69	40.8%
Apartment Rent	$1,105.00	$949.00	16.4%

Transportation

Item	Franklin	National avg.	Difference
Gasoline	$3.45	$3.46	0.2%
Tire Balancing	$77.33	$59.92	29.1%

Utilities

Item	Franklin	National avg.	Difference
All Electricity	$230.68	$193.99	18.9%
Phone	$186.61	$192.25	2.9%

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, NJ	1,462	96	4.2%
Ross Corner, NJ	209	96	4.2%
Unionville, NY	544	105	5.2%
Hamburg, NJ	3,149	105	5.4%
Allamuchy, NJ	114	106	5.8%
Franklin, NJ	4,737	102	1.9%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Hillandale, MD	4,737	144	43.7%
Dundee, FL	4,738	93	6.6%
Morganville, NJ	4,738	156	55.6%
Harrington Park, NJ	4,735	180	79.6%
Blue Point, NY	4,739	148	47.6%
Franklin, NJ	4,737	102	1.9%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Franklin, NJ