The typical owner-occupied home in Franklin Park is worth about $336,600, 26% below the New Jersey median of $454,400 and about the same as the national median of $332,700. Owners pay a median $6,216 a year in property taxes, about 1.85% of their home's value, lower than the New Jersey rate of 2.11%. The median household earns $114,946 a year, so the median home costs 2.9 times the median income (4.4 times for New Jersey). 56% of occupied homes here are lived in by their owners, and 65% of those owners still have a mortgage.
Franklin Park at a glance
| Franklin Park | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $336,600 | $454,400 | $332,700 |
| Median property tax paid per year | $6,216 | $9,590 | $3,119 |
| Property tax as a share of value | 1.85% | 2.11% | 0.94% |
| Median household income | $114,946 | $103,556 | $80,734 |
| Homes lived in by their owners | 56% | 64% | 65% |
| Owner homes with a mortgage | 65% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,263 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 21.1% | 22.9% | 21.0% |
| Median rent | $2,157 | $1,720 | $1,413 |
| Rent as a share of renters' income | 28.0% | 30.9% | 30.6% |
| Median year homes were built | 1992 | 1970 | 1980 |
| Vacant homes | 0.0% | 7.5% | 10.1% |
| Population | 13,211 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Franklin Park
At this week's average 30-year rate of 7.11%, buying the median Franklin Park home of $336,600 with 20% down costs about $2,471 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,031, 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 $105,885 for the 20%-down payment. That payment is 26% of the median Franklin Park household income of $114,946; at that income and 20% down, the 28% guideline points to a home of about $365,000.
The median rent here is $2,157 a month, so owning the median home costs about $314 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $67,320 |
|---|---|
| Loan amount | $269,280 |
| Principal and interest | $1,811 |
| Property taxes (1.85% a year) | $519 |
| Homeowners insurance (our estimate, 0.5% a year) | $140 |
| PMI | $0 |
| Total per month | $2,471 |
Change the numbers in the calculator
| Down payment | $11,781 |
|---|---|
| Loan amount | $330,503 |
| Principal and interest | $2,223 |
| Property taxes (1.85% a year) | $519 |
| Homeowners insurance (our estimate, 0.5% a year) | $140 |
| FHA mortgage insurance | $149 |
| Total per month | $3,031 |
Change the numbers in the calculator
Questions about home buying in Franklin Park
What is the median home value in Franklin Park?
About $336,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Franklin Park?
Homeowners pay a median $6,216 a year, which is about 1.85% 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 Park?
For the median home with 20% down at 7.11%, the payment is about $2,471 a month. Keeping that under 28% of gross income takes about $105,885 a year.
More about Franklin Park
- Mortgage Refinance in Franklin Park
- Debt Relief in Franklin Park
- Home Equity Loans in Franklin Park
- 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