Cost of Living in Franklin Lakes

Franklin Lakes, is known for its affluent community and picturesque landscapes, which is reflected in its cost of living. Housing prices in Franklin Lakes are significantly higher than the national average. For a 3-bedroom home, prices typically start around $700,000 and can go well over $1 million depending on the location, size, and amenities of the property. A 4-bedroom home in Franklin Lakes can range from $800,000 to several million dollars, with luxury properties and estates reaching even higher prices.

Apartment rentals in Franklin Lakes are also on the higher end. A 1-bedroom apartment can cost anywhere from $1,500 to $2,500 per month, while a 2-bedroom apartment can range from $2,500 to $3,500 or more. Apartment purchases are less common in this predominantly single-family home community, but condos and townhomes can be found with prices typically starting at around $400,000 and going up to $1 million or more for luxury units.

Dining out in Franklin Lakes can cater to a variety of tastes and budgets, but overall, restaurant prices tend to be higher than average. A meal at a mid-range restaurant for two could cost between $50 and $100, while a dinner at a high-end restaurant can easily exceed $100 per person, not including wine or drinks. Fast food and casual dining options are more affordable, with meals typically ranging from $10 to $20 per person.

Utilities in Franklin Lakes, including electricity, heating, cooling, water, and garbage services, can cost around $250 to $400 per month for a standard-sized home, depending on usage and the time of year. Internet and cable services are additional and can range from $60 to $150 per month, depending on the provider and package chosen.

Private school tuition varies widely depending on the institution and the level of education. Preschool tuition can range from $10,000 to $20,000 per year. Elementary and middle schools can cost between $20,000 and $35,000 annually, while private high schools can be even more expensive, with tuition ranging from $30,000 to $40,000 or more per year. These costs can be higher for prestigious institutions or those offering specialized programs.