Franklin Lakes, NJ vs Garfield, NJ

The cost of living difference between Franklin Lakes, NJ and Garfield, NJ is dramatic. Garfield is 91.4% cheaper than Franklin Lakes, a gap that translates to thousands of dollars per year in household expenses. Franklin Lakes has a cost index of 240 while Garfield sits at 126, making this one of the more striking comparisons on our site. Relocating between these cities would require a serious reassessment of budget and lifestyle expectations.

On the housing front, median rent in Franklin Lakes is $3,334/month compared to $1,612/month in Garfield — a 107% difference. Home values follow the same pattern: Garfield is more affordable at $454,300 median vs $1,217,500.

Median household income in Franklin Lakes is $230,987 compared to $75,701 in Garfield (+205.1%). While Franklin Lakes is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Franklin Lakes spend roughly 17.3% of their income on rent, less than the 25.6% in Garfield.