Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 11,021, 3,767 total housing units (homes and apartments), and a median house value of $1,513,024, Franklin Lakes house prices are not only among the most expensive in New Jersey, Franklin Lakes real estate also is some of the most expensive in all of America.
Franklin Lakes is a borough of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Franklin Lakes than is found in 98% of the communities in America.
The large homes that make up Franklin Lakes are primarily owner-occupied ( 87.99%).
There is a lot of housing in Franklin Lakes built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Franklin Lakes built between 1940-1969 ( 31.42%). A lesser amount of the housing stock also hails from between 2000 and later ( 23.40%). There's also some housing in Franklin Lakes built before 1939 ( 3.92%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Franklin Lakes, where house values have increased just 36.93%, which is annualized rate of 3.19%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Appreciation rates are so strong in Franklin Lakes that despite a nationwide downturn in the housing market, Franklin Lakes real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Franklin Lakes appreciation rates continue to be some of the highest in America, at 9.24%, which is higher than appreciation rates in 79.11% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Franklin Lakes. Franklin Lakes appreciation rates in the latest quarter were at 4.16%, which equates to an annual appreciation rate of 17.73%.
Importantly, this makes Franklin Lakes one of the highest appreciating communities in the nation for the latest quarter, and may signal the borough's near-future real estate investment strength.
Relative to New Jersey, our data show that Franklin Lakes's latest annual appreciation rate is lower than 80% of the other cities and towns in New Jersey.
$1,513,024
for New jersey
for nation
3,767
$6,594 / per month