Affordable

What Salary Do You Need to Live in Franklin Lakes?

To afford a 2-bedroom in Franklin Lakes, you need to earn at least $147,120/year based on estimated fair market rent data. The median household income here is $204,917, which means the typical resident is $57,797 above the threshold.

Census ACS Data Pop. 11,007

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$2,575	$8,583	$103,000	$-101,917
1 Bedroom	$3,053	$10,177	$122,120	$-82,797
2 Bedroom BENCHMARK	$3,678	$12,260	$147,120	$-57,797
3 Bedroom	$4,487	$14,957	$179,480	$-25,437
4 Bedroom	$5,517	$18,390	$220,680	+$15,763

Affordability Breakdown

Where the required salary line crosses above Franklin Lakes's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$204,917

Annual household

2BR Required Salary

$147,120

Under 30% rule

Income Gap

+$57,797

Surplus

Verdict

Affordable

Ratio: 21.5%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Franklin Lakes

Your Annual Salary

Pre-filled with Franklin Lakes's median household income

Max monthly rent you can afford$5,123

Studio

$2,575/mo

1 BR

$3,053/mo

2 BR

$3,678/mo

3 BR

$4,487/mo

4 BR

$5,517/mo

Your salary is $0 above the median income in Franklin Lakes.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Franklin Lakes's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Franklin Lakes

Franklin Lakes, New Jersey stands out as one of the more financially accessible housing markets in the state. The median household income of $204,917 significantly exceeds the $147,120 needed to comfortably afford a 2-bedroom at 30% of gross income — leaving a $57,797 annual surplus for savings, debt repayment, or lifestyle spending.

For remote workers or relocators evaluating Franklin Lakes, a studio at $2,575/month offers an even more aggressive savings rate. Even a 3-bedroom at $4,487/month remains accessible for dual-income households earning above $179,480.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $220,680 would position you well — though many residents in Franklin Lakes manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Franklin Lakes, New Jersey.

With a total population of 11,007, the city supports an active civilian workforce of 4,634 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $147,120 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

4,634

Active civilian employees in Franklin Lakes

Frequently Asked Questions About Renting in Franklin Lakes

What salary do I need to live in Franklin Lakes, New Jersey?

To afford a 2-bedroom in Franklin Lakes under the 30% rule, you need an annual salary of at least $147,120. The median household income in Franklin Lakes is $204,917.

Can I afford a 2-bedroom in Franklin Lakes on $204,917?

The affordability verdict for Franklin Lakes is "Affordable". The rent-to-income ratio is 21.5%, meaning median earners have a $57,797 surplus.

What is the average rent in Franklin Lakes compared to median income?

The median gross rent in Franklin Lakes is $3,053/month. With a median household income of $204,917, residents spend approximately 21.5% of their income on rent.

What salary do I need for a studio in Franklin Lakes?

A studio in Franklin Lakes rents for approximately $2,575/month. Under the 30% rule, you need an annual salary of $103,000 to afford this.

Is Franklin Lakes considered an affordable place to live?

Based on the surplus of $57,797 and an affordability verdict of "Affordable", Franklin Lakes is considered a affordable rental market when comparing the required 2-bedroom salary of $147,120 to the local median household income.

How Franklin Lakes Compares

Other cities in New Jersey with salary requirements