Franklin, NJ
Population 4,938 · New Jersey
About Franklin, NJ
Franklin is a small town located in New Jersey with a population of 4,938 residents according to the latest US Census Bureau American Community Survey data. The median household income is $90,152 per year, which is 20% above the national median of $75,149. The median age of 51.6 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Franklin features a median home value of $253,100, which is 3% above the national median of $244,900. This positions Franklin in a moderately priced market relative to the rest of the country. Median monthly rent is $1,340, 15% above the national average of $1,163/month. Of the 2,359 total housing units, 57% are owner-occupied (1,284 units) and 43% are renter-occupied (968 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Franklin shows an unemployment rate of 7.1%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 8.0%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Franklin have an average one-way commute time of 35.3 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
19.5% of Franklin residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.2% White, 1.7% Hispanic or Latino, 6.7% Black or African American, and 12.1% Asian residents, with 9.7% of the population being foreign-born.
Cost of Living in Franklin, NJ
Compared to national averages, Franklin has a median household income of $90,152 (20% above the national median of $75,149). Home values average $253,100, which is 3% above the national median. Monthly rent at $1,340 is 15% above the US average of $1,163. Within New Jersey, Franklin's income is 22% below the state average of $115,667, and home values are 46% below the state median of $469,644.
Why Live in Franklin, NJ?
Franklin offers a strong local economy with a median household income of $90,152, well above the national average, and a low poverty rate of 8.0%, better than the national average.
Franklin has a population of 4,938 with a median age of 51.6 years. Compare Franklin with other cities to see how it stacks up, or explore all cities in New Jersey.
Similar Cities Near Franklin
Cities in New Jersey with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Brielle | 4,960 | $167,754 | $815,100 | Compare |
| Demarest | 4,916 | $175,078 | $965,400 | Compare |
| Ampere North | 4,968 | $71,192 | $358,000 | Compare |
| Mendham | 4,977 | $223,750 | $764,000 | Compare |
| Golden Triangle | 4,893 | $101,411 | $280,800 | Compare |
| Forked River | 4,988 | $87,455 | $404,600 | Compare |
| Flemington | 4,887 | $74,213 | $372,700 | Compare |
| Harrington Park | 4,883 | $180,515 | $709,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in New Jersey
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Franklin With Other Cities
Frequently Asked Questions about Franklin
What is the population of Franklin, NJ?
The population of Franklin, NJ is 4,938 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in New Jersey.
What is the median household income in Franklin?
The median household income in Franklin, NJ is $90,152 per year, which is 20% above the national median of $75,149.
What is the median home value in Franklin?
The median home value in Franklin, NJ is $253,100, which is 3% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Franklin?
The median monthly rent in Franklin, NJ is $1,340, which is 15% above the national average of $1,163/month.
What is the unemployment rate in Franklin?
The unemployment rate in Franklin, NJ is 7.1%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Franklin, NJ a good place to live?
Franklin offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 4,938 and a median age of 51.6, the city appeals to established professionals and retirees.
How educated is Franklin, NJ?
19.5% of residents in Franklin aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Franklin?
Key cost-of-living indicators for Franklin, NJ: median home value is $253,100 (3% above national), median rent is $1,340/month, and median household income is $90,152. The home-value-to-income ratio is 2.8x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Franklin?
The poverty rate in Franklin, NJ is 8.0%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Franklin, NJ?
Franklin's population is 0.2% White, 1.7% Hispanic or Latino, 6.7% Black or African American, 12.1% Asian, and 0.8% two or more races. 9.7% of residents are foreign-born.