Franklin Lakes is a somewhat small borough located in the state of New Jersey. With a population of 11,119 people and two constituent neighborhoods, Franklin Lakes is the 196th largest community in New Jersey.
Franklin Lakes home prices are not only among the most expensive in New Jersey, but Franklin Lakes real estate also consistently ranks among the most expensive in America.
Franklin Lakes is a decidedly white-collar borough, with fully 92.38% of the workforce employed in white-collar jobs, well above the national average. Overall, Franklin Lakes is a borough of managers, professionals, and sales and office workers. There are especially a lot of people living in Franklin Lakes who work in management occupations (24.84%), sales jobs (13.71%), and healthcare (10.75%).
Also of interest is that Franklin Lakes has more people living here who work in computers and math than 95% of the places in the US.
A relatively large number of people in Franklin Lakes telecommute to their jobs. Overall, about 8.74% of the workforce works from home. While this may seem like a small number, as a fraction of the total workforce it ranks among the highest in the country. These workers are often telecommuters who work in knowledge-based, white-collar professions. For example, Silicon Valley has large numbers of people who telecommute. Other at-home workers may be self-employed people who operate small businesses out of their homes.
Because of many things, Franklin Lakes is a great place for families with children to consider. First of all, many other families with children live here, making Franklin Lakes a place where both parents and children are more likely to develop social ties with other families, as well as find family-oriented services and community. The borough’s good public school district and large population of college-educated adults provide an environment conducive to academic values. With regard to real estate, Franklin Lakes has a high rate of owner-occupied single family homes, which tends to reflect stability in the local community. Finally, Franklin Lakes’s overall crime rate ranks among the lowest in the country, making it one of the safest places to raise a family.
One downside of living in Franklin Lakes, however, is that residents on average have to contend with a long commute, spending on average 32.67 minutes every day commuting to work. However, local public transit is widely used. For those who would prefer to avoid driving entirely and leave their car at home, it may be an option to use the transit instead.
In Franklin Lakes, a lot of people use the bus to get to work every day though Franklin Lakes is a relatively small borough. Those that ride the bus are primarily traveling out of town to good jobs in other cities.
Do you have a 4-year college degree or graduate degree? If so, you may feel right at home in Franklin Lakes. 69.09% of adults here have a 4-year degree or graduate degree, whereas the national average for all cities and towns is just 21.84%.
The per capita income in Franklin Lakes in 2018 was $88,963, which is wealthy relative to New Jersey and the nation. This equates to an annual income of $355,852 for a family of four.
Franklin Lakes is a somewhat ethnically-diverse borough. The people who call Franklin Lakes home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Franklin Lakes residents report their race to be White, followed by Asian. Important ancestries of people in Franklin Lakes include Italian, Irish, Polish, German, and Russian.
In addition, Franklin Lakes has a lot of people living here who were born outside of the US (16.86%).
The most common language spoken in Franklin Lakes is English. Other important languages spoken here include Spanish and Arabic.