Is Franklin Lakes Safe, Pros and cons of living in Franklin Lakes

Franklin Lakes, New Jersey, offers a suburban lifestyle with convenient access to New York City. This Bergen County borough is known for its affluent community, well-regarded schools, and picturesque surroundings. It provides a tranquil environment for residents while maintaining proximity to urban amenities and employment centers.

The area boasts a high quality of life, characterized by its strong community ties and commitment to preserving its natural beauty. Residents often appreciate the balance between a peaceful residential setting and the opportunities afforded by its strategic location. This blend makes Franklin Lakes an attractive option for families and professionals seeking a refined suburban experience.

Is it Safe to Live in Franklin Lakes?

Franklin Lakes is considered a very safe place to live, with crime rates significantly below the national average. The overall crime index for zip code 07417 is 12, which is 88% lower than the national average (as reported by DoorProfit). Violent crime rates are also notably low, with a rate of 77, which is 23% below the national average (as reported by DoorProfit).

Property crime rates are also well below the national average, standing at 15, or 85% lower than the national average (as reported by DoorProfit). While robbery is an area of higher concern with an index of 150 (50% above the national average), other crime types like burglary have a very low index of 12 (as reported by DoorProfit). Overall, the town’s safety is further underscored by a crime safety grade of A+ for zip code 07417 (as reported by DoorProfit).

Demographics and Community

Franklin Lakes is home to approximately 11,035 residents, with a median age of 46.3 years (as reported by U.S. Census Bureau and World Population Review). The population is diverse, with Caucasians making up about 71.8% of residents, followed by Asians at 12.7% and African Americans at 6.1% (as reported by World Population Review).

The community is largely composed of families, with 85.9% of households being family-oriented (as reported by Point2Homes). The median household income is substantial, reported at $236,023 annually (as reported by U.S. Census Bureau), indicating a high level of affluence within the borough. A significant majority of residents, 96.6%, are U.S. citizens (as reported by Data USA).

Housing Market and Cost of Living

The housing market in Franklin Lakes is characterized by high property values and a strong homeownership rate. The median property value in Franklin Lakes was $1.26 million in 2024 (as reported by Data USA), with the homeownership rate at 88.9% (as reported by Data USA).

The cost of living in Franklin Lakes is significantly higher than the national average. Overall, it is 121% higher than the national average (as reported by AreaVibes). Housing costs are particularly high, being 378% higher than the national average (as reported by AreaVibes). The median rent for a property in Franklin Lakes is approximately $3,200 per month (as reported by Zillow).

Job Market and Major Employers

Franklin Lakes offers a robust job market, with a median household income of $236,023 (as reported by U.S. Census Bureau). The average annual salary in Franklin Lakes is around $103,476 (as reported by Franklin Lakes). Major employers in the area include Becton Dickinson, a Fortune 500 company headquartered in Franklin Lakes (as reported by Wikipedia).

Other significant companies with a presence in or near Franklin Lakes include Accenture, Cognizant, and Sodexo (as reported by Indeed.com and Lensa). The employment landscape also includes opportunities within the healthcare and education sectors, contributing to the diverse economic base of the region.

Climate and Weather

Franklin Lakes experiences a temperate climate with distinct seasons. Summers are warm, humid, and wet, with average high temperatures in July reaching around 83°F (as reported by Weather Spark). Winters are cold and snowy, with average low temperatures in January around 22°F (as reported by Weather Spark).

The town experiences partly cloudy conditions year-round. The clearest part of the year is typically from late June to mid-November, with September being the clearest month (as reported by Weather Spark). The cloudier season runs from mid-November to late June, with January being the cloudiest month (as reported by Weather Spark).

Education and Schools

Franklin Lakes is served by a highly-rated public school system. The Franklin Lakes School District generally receives good ratings, with specific schools often earning high marks from parents and students (as reported by Niche). For example, some elementary schools in the district have received A- ratings (as reported by Niche).

Higher education opportunities are also accessible, with various public and private institutions located within commuting distance. The quality of education is a significant draw for families considering a move to Franklin Lakes, contributing to its reputation as a desirable place to raise children (as reported by Niche).

Pros and Cons of Living in Franklin Lakes

Pros

Franklin Lakes offers a high quality of life, characterized by its safety and excellent public schools. The crime rates are very low, providing residents with peace of mind (as reported by DoorProfit). The educational system is highly regarded, with strong performance metrics and positive reviews from parents and students (as reported by Niche).

The community boasts a beautiful, affluent environment with well-maintained homes and ample green spaces. Its proximity to New York City offers convenient access to urban employment and entertainment opportunities, balancing suburban tranquility with city accessibility (as reported by Harrington Moving & Storage).

Cons

The most significant drawback of living in Franklin Lakes is its high cost of living. Housing costs, in particular, are substantially above the national average, making it one of the more expensive areas in the country (as reported by AreaVibes and Salary.com).

The median home price is considerably higher than the national median, and rental prices also reflect this premium (as reported by Zillow and Redfin). This high cost of living may be a deterrent for individuals or families on a tighter budget, despite the many advantages the borough offers.