Franklin Lakes, NJ—07417
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Franklin Lakes, NJ
As of Oct '25, the median home price in Franklin Lakes, NJ is $1,500,000, with a year-over-year change of 6.9%. This indicates that home prices in Franklin Lakes, NJ are increasing. According to Zillow, the 1-year price projection is 2.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $1,500,000 | 6.9% |
| Single Family | $1,499,000 | 7.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $969,000 | 6.2% |
4 Bed | $1,364,000 | 7.5% |
| 5 Bed | $2,083,000 | 7.8% |
% of Housing Stock
Rental Trends — Franklin Lakes, NJ
As of July '25, Rentcast reports the average rent in Franklin Lakes, NJ is $5,330, with a year-over-year rent change of 10.6%. Per bedroom, the median rent as of July '25 in Franklin Lakes, NJ is 1-bedrooms: $2,490, 2-bedrooms: $4,580, 3-bedrooms: $9,500, 4-bedrooms: $6,570. The most common rental property sizes in Franklin Lakes, NJ are 2-bedroom and 1-bedroom, accounting for 43.8% and 21.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $5,000 | $5,330 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,500 | $2,490 |
| 2 Bed Rent | $4,450 | $4,580 |
| 3 Bed Rent | $9,500 | $9,500 |
| 4 Bed Rent | $5,400 | $6,570 |
% of Rental Stock
Property Listings — Franklin Lakes, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Franklin Lakes, NJ is 62. This is a decrease of -37.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $3,000,000 | 14.0% |
Listing Count | 46 | -6.0% |
| Listings as % of Homes | 0.8% | -6.0% |
Days on Market | 62 | -37.0% |
Demographics — Franklin Lakes, NJ
As of the latest ACS Survey released in 2023, Franklin Lakes, NJ has a population of 11,000, which has increased by 1.4% over the past 5 years. Franklin Lakes, NJ is a popular place for families, as children make up 25.4% of the population. The area has a highly educated workforce, with 78.8% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 29.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 11,000 | 1.4% |
% Under 18 | 25.4% | 13.9% |
% Seniors | 21.7% | 3.8% |
% WFH | 29.2% | 198.0% |
% w/ College Degree | 78.8% | 19.6% |
As of the latest ACS Survey released in 2023, Franklin Lakes, NJ is a predominantly white area, with 74.1% of the population identifying as white. The white population has shrunk by 6.1% in the last 5 years. The second most common race or ethnicity in Franklin Lakes, NJ is asian, making up 11.7% of the population. Foreign-born residents account for 17.8% of the population in Franklin Lakes, NJ, and this percentage has decreased by 8.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 74.1% | -6.1% |
% Black | 5.6% | 133.3% |
% Hispanic | 7.4% | -10.8% |
% Asian | 11.7% | 36.0% |
% Foreign Born | 17.8% | -8.7% |
Mortgage and Risk — Franklin Lakes, NJ
According to HUD data as of 2023, there were 176 mortgage originations in Franklin Lakes, NJ, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 46.0%, with 1.0% above 90% LTV (normal). This implies small mortgage risk in Franklin Lakes, NJ. Investor activity is low, as 0.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 176 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 0.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Franklin Lakes, NJ
As of 2024, the percent of homes in Franklin Lakes, NJ under the Section 8 program is 11.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Franklin Lakes, NJ, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 47 |
Total Units Section 8 | 47 |
% Rentals under Section 8 | 11.0% |
% Occupied Section 8 | 96.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $210 | $2,500 | $2,710 |
| 2 Bedroom | -$1,340 | $4,450 | $3,110 |
| 3 Bedroom | -$5,670 | $9,500 | $3,830 |
| 4 Bedroom | -$560 | $5,400 | $4,840 |
Affordability — Franklin Lakes, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.3 |
| Median Home Price | $1,500,000 |
| Median Household Income | $231,000 |