Cost of Living in Franklin Park, NJ
Cost of Living in Franklin Park, NJ has an overall index of 117, 17% above the U.S. baseline of 100. The typical home value is $326,800; typical monthly rent is $2,074; and median household income is $111,508.
Cost index: committed city housing/rent inputs and BEA 2024 metro-area price parities. Home value: Census ACS 2023 fallback place estimate. Rent: Census ACS 2023 fallback place estimate. A place-level signal, not a personal affordability decision or financial recommendation.
Rent and home prices are comparatively balanced with local income. This describes the local market, not your household.
Can your household carry the housing cost?
Start with four decisions. Open advanced assumptions only when you need to replace the local defaults.
Enter your income and housing plan to see a household-specific estimate.
Compare Franklin Park with another place.
Search one destination and see which housing and local-cost categories change most.
Inspect the numbers when you need them.
Other New Jersey cities with a useful tradeoff.
Recommendations require usable housing and income data and exclude very small places for a city of this scale.
Frequently asked questions about Franklin Park
Living in Franklin Park
Is Franklin Park, NJ an expensive place to live?+
Yes — Franklin Park is about 17% more expensive than the national average, with an overall Cost Index of 117. Housing is the biggest factor: the typical home here is valued around $326,800, and monthly rents average roughly $2,074. Day-to-day costs like groceries and utilities tend to run higher than average as well.
How does Franklin Park fit a household housing budget?+
Start with housing. Typical monthly rent is $2,074, while local median household income is $111,508. That implies a rent-burden proxy of about 22% before utilities and other costs. Use that as a planning signal for whether the place looks manageable under your own household assumptions.
How much are taxes in Franklin Park, NJ?+
New Jersey uses a progressive model; 10.75% is top marginal-rate context. Applying the 2.47% state-level effective owner-occupied proxy to a home worth $326,800 gives a planning estimate near $8,072 per year; it is not a city, county, parcel, or individual tax bill. State plus average local sales-tax context is around 6.6%.
How much does it cost to rent in Franklin Park, NJ?+
The typical monthly rent in Franklin Park is around $2,074. That's about 54% higher than the $1,348 national median. For comparison, the median home value here is $326,800, so buyers should also factor in mortgage payments, property taxes, and insurance.
How much does a house cost in Franklin Park, NJ?+
The typical home value in Franklin Park is $326,800. With 20% down and the committed 6.11% national 30-year fixed benchmark as of 2026-03-12, principal and interest are roughly $1,586/month before property tax and insurance. This is a planning estimate, not a local lender quote. About 57% of residents here own their homes.
Are groceries and utilities expensive in Franklin Park?+
Grocery prices in Franklin Park are noticeably pricier compared to the rest of the US (index: 110, where 100 is the national average). Utility bills (electricity, gas, water) are on the high side (index: 127). Both add meaningful weight to your monthly budget here.
What is Franklin Park, NJ like to live in?+
Franklin Park is a small town with a population of about 13,327. The median age of residents is 38.4, which is close to the national median. The local poverty rate is 8.18%, near the national average of 12.4%.