Franklin Lakes, NJ
Population 11,011 · New Jersey
About Franklin Lakes, NJ
Franklin Lakes is a mid-sized city located in New Jersey with a population of 11,011 residents according to the latest US Census Bureau American Community Survey data. The median household income is $230,987 per year, which is 207% above the national median of $75,149. The median age of 46.9 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 Lakes features a median home value of $1,217,500, which is 397% above the national median of $244,900. This places Franklin Lakes in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $3,334, 187% above the national average of $1,163/month. Of the 3,879 total housing units, 88% are owner-occupied (3,328 units) and 12% are renter-occupied (443 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Franklin Lakes shows an unemployment rate of 2.3%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 3.2%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Franklin Lakes have an average one-way commute time of 36.5 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
78.9% of Franklin Lakes residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 0.0% White, 0.0% Hispanic or Latino, 1.0% Black or African American, and 5.4% Asian residents, with 17.8% of the population being foreign-born.
How Franklin Lakes Ranks in New Jersey
Cost of Living in Franklin Lakes, NJ
Compared to national averages, Franklin Lakes has a median household income of $230,987 (207% above the national median of $75,149). Home values average $1,217,500, which is 397% above the national median. Monthly rent at $3,334 is 187% above the US average of $1,163. Within New Jersey, Franklin Lakes's income is 100% above the state average of $115,667, and home values are 159% above the state median of $469,644.
Why Live in Franklin Lakes, NJ?
Franklin Lakes offers a strong local economy with a median household income of $230,987, well above the national average, and a strong job market with an unemployment rate of just 2.3%, and a well-educated community where 78.9% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 3.2%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $1,217,500. However, Franklin Lakes’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Franklin Lakes has a population of 11,011 with a median age of 46.9 years. Compare Franklin Lakes with other cities to see how it stacks up, or explore all cities in New Jersey.
Similar Cities Near Franklin Lakes
Cities in New Jersey with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Pompton Lakes | 11,010 | $119,038 | $411,100 | Compare |
| Beachwood | 11,002 | $102,043 | $307,500 | Compare |
| Greentree | 11,024 | $144,426 | $419,800 | Compare |
| Little Ferry | 10,942 | $79,476 | $388,500 | Compare |
| Totowa | 10,919 | $114,177 | $507,700 | Compare |
| Lincoln Park | 10,901 | $119,000 | $419,500 | Compare |
| Manville | 10,870 | $93,872 | $321,100 | Compare |
| Oak Ridge | 10,860 | $118,718 | $417,300 | 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 Lakes With Other Cities
Frequently Asked Questions about Franklin Lakes
What is the population of Franklin Lakes, NJ?
The population of Franklin Lakes, NJ is 11,011 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in New Jersey.
What is the median household income in Franklin Lakes?
The median household income in Franklin Lakes, NJ is $230,987 per year, which is 207% above the national median of $75,149.
What is the median home value in Franklin Lakes?
The median home value in Franklin Lakes, NJ is $1,217,500, which is 397% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Franklin Lakes?
The median monthly rent in Franklin Lakes, NJ is $3,334, which is 187% above the national average of $1,163/month.
What is the unemployment rate in Franklin Lakes?
The unemployment rate in Franklin Lakes, NJ is 2.3%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Franklin Lakes, NJ a good place to live?
Franklin Lakes offers above-average incomes, a competitive housing market, and a strong job market. With a population of 11,011 and a median age of 46.9, the city appeals to established professionals and retirees.
How educated is Franklin Lakes, NJ?
78.9% of residents in Franklin Lakes aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Franklin Lakes?
Key cost-of-living indicators for Franklin Lakes, NJ: median home value is $1,217,500 (397% above national), median rent is $3,334/month, and median household income is $230,987. The home-value-to-income ratio is 5.3x, a moderate figure by national standards.
What is the poverty rate in Franklin Lakes?
The poverty rate in Franklin Lakes, NJ is 3.2%, 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 Lakes, NJ?
Franklin Lakes's population is 0.0% White, 0.0% Hispanic or Latino, 1.0% Black or African American, 5.4% Asian, and 5.1% two or more races. 17.8% of residents are foreign-born.