Market Overview
Home Prices in Franklin Lakes, NJ
The median home value in Franklin Lakes, NJ is $1,631,541 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 12% compared to a year ago and up 4.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Franklin Lakes are priced298% above average. Franklin Lakes is part of the New York-Newark-Jersey City, NY-NJ-PA metro area.
Over the past five years, Franklin Lakes home values have risen by approximately49.7%, reflecting strong long-term appreciation in this market.
Price History
Franklin Lakes Home Price Trend
City Comparison
Franklin Lakes vs. National Median
At $1,631,541, homes in Franklin Lakes cost 298% above the national median of $410,000. Buyers in Franklin Lakes should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Franklin Lakes?
20% Down Payment
$326,308
on $1,631,541
Monthly P&I
$8,509/mo
30-yr @ 6.8%
Total Monthly Est.
~$10,806/mo
incl. taxes & insurance
Income Needed
$432,240
gross annual (30% rule)
10% Down Option
$163,154
+ PMI applies
Loan Amount (20% dn)
$1,305,233
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Franklin Lakes, NJ?
The median home value in Franklin Lakes is $1,631,541 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 12% year-over-year.
How much have home prices changed in Franklin Lakes?
Over the past year, home values in Franklin Lakes have increased by 12%. Over five years, prices have risen approximately 49.7%.
How much do I need to earn to buy a home in Franklin Lakes?
To comfortably afford the median home price of $1,631,541 with a 20% down payment ($326,308) at today's rates (6.8%), you'd need a gross annual income of approximately $432,240. This assumes keeping total housing costs at or below 30% of gross income.
How does Franklin Lakes compare to the national average home price?
The national median home value is approximately $410,000. At $1,631,541, homes in Franklin Lakes are 298% above the national average.
What metro area is Franklin Lakes part of?
Franklin Lakes is part of the New York-Newark-Jersey City, NY-NJ-PA metropolitan area. Home prices and market conditions can vary across the broader metro region.