The typical owner-occupied home in Franklin Lakes is worth about $1,264,000, 2.8 times the New Jersey median of $454,400 and 3.8 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 0.79% of their home's value, lower than the New Jersey rate of 2.11%. The median household earns $235,795 a year, so the median home costs 5.4 times the median income (4.4 times for New Jersey). 89% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Franklin Lakes at a glance
| Franklin Lakes | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $1,264,000 | $454,400 | $332,700 |
| Median property tax paid per year | $10,001 | $9,590 | $3,119 |
| Property tax as a share of value | 0.79% | 2.11% | 0.94% |
| Median household income | $235,795 | $103,556 | $80,734 |
| Homes lived in by their owners | 89% | 64% | 65% |
| Owner homes with a mortgage | 67% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 24.3% | 22.9% | 21.0% |
| Median rent | $3,230 | $1,720 | $1,413 |
| Rent as a share of renters' income | 34.4% | 30.9% | 30.6% |
| Median year homes were built | 1982 | 1970 | 1980 |
| Vacant homes | 2.0% | 7.5% | 10.1% |
| Population | 11,084 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Franklin Lakes
At this week's average 30-year rate of 7.11%, buying the median Franklin Lakes home of $1,264,000 with 20% down costs about $8,161 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $10,470, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $349,766 for the 20%-down payment. That payment is 42% of the median Franklin Lakes household income of $235,795; at that income and 20% down, the 28% guideline points to a home of about $852,000.
The median rent here is $3,230 a month, so owning the median home costs about $4,931 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $252,800 |
|---|---|
| Loan amount | $1,011,200 |
| Principal and interest | $6,802 |
| Property taxes (0.79% a year) | $832 |
| Homeowners insurance (our estimate, 0.5% a year) | $527 |
| PMI | $0 |
| Total per month | $8,161 |
Change the numbers in the calculator
| Down payment | $44,240 |
|---|---|
| Loan amount | $1,241,106 |
| Principal and interest | $8,349 |
| Property taxes (0.79% a year) | $832 |
| Homeowners insurance (our estimate, 0.5% a year) | $527 |
| FHA mortgage insurance | $762 |
| Total per month | $10,470 |
Change the numbers in the calculator
Questions about home buying in Franklin Lakes
What is the median home value in Franklin Lakes?
About $1,264,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Franklin Lakes?
Homeowners pay a median $10,001 a year, which is about 0.79% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Franklin Lakes?
For the median home with 20% down at 7.11%, the payment is about $8,161 a month. Keeping that under 28% of gross income takes about $349,766 a year.
More about Franklin Lakes
- Mortgage Refinance in Franklin Lakes
- Debt Relief in Franklin Lakes
- Home Equity Loans in Franklin Lakes
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data