Franklin Lakes, NJ vs Westfield, NJ

The cost of living difference between Franklin Lakes, NJ and Westfield, NJ is dramatic. Westfield is 31.5% 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 Westfield sits at 183, 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 $2,211/month in Westfield — a 51% difference. Home values follow the same pattern: Westfield is more affordable at $930,500 median vs $1,217,500.

Median household income in Franklin Lakes is $230,987 compared to $212,700 in Westfield (+8.6%). Franklin Lakes does offer higher incomes, but the salary premium barely offsets the higher cost of living, leaving residents with a tighter budget. Looking at affordability, residents of Franklin Lakes spend roughly 17.3% of their income on rent, more than the 12.5% in Westfield.