Franklin Park, NJ

Very High · 130

New Jersey · Population 13,327 · Updated March 2026

$2,074
Median Rent / Month
$111,508
Median Income
$326,800
Median Home Value
$1,988
Owner Costs / Month

Affordability

How far your income goes in Franklin Park

22.3%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in New Jersey

State-level tax rates that affect your costs

10.75%
Income Tax (Top Rate)
6.625%
Sales Tax
2.23%
Property Tax Rate

Estimated Annual Costs

$24,888
Annual Rent
$11,987
State Income Tax
$7,288
Property Tax (est.)

Cost of Living Overview

Franklin Park has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 130 (where 100 equals the national median), Franklin Park residents can expect to pay median rent of $2,074/month while earning a median household income of $111,508/year.

The median home value in Franklin Park, NJ is $326,800, with typical monthly owner costs around $1,988 including mortgage, insurance, and taxes. The median rent-to-income ratio of 22.3% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

New Jersey's top income tax rate of 10.75% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.625% sales tax rate and 2.23% effective property tax rate, the overall tax environment is a factor in the total cost of living in Franklin Park.

Frequently Asked Questions

Common questions about living costs in Franklin Park

What is the cost of living in Franklin Park, NJ?
The cost of living index in Franklin Park, NJ is 130 (US average = 100). Median monthly rent is $2,074, median household income is $111,508/year, and the median home value is $326,800.
Is Franklin Park, NJ affordable?
No, Franklin Park is more expensive than the national average with a cost index of 130. The rent-to-income ratio is 22.3%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Franklin Park, NJ?
The median gross rent in Franklin Park, NJ is $2,074 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $24,888.
What is the median household income in Franklin Park?
The median household income in Franklin Park, NJ is $111,508 per year. This compares to the national median of approximately $80,000.
What are the taxes like in New Jersey?
New Jersey has a top income tax rate of 10.75%, a sales tax of 6.625%, and an effective property tax rate of 2.23%.