Franklin Lakes is a somewhat small borough located in the state of New Jersey. With a population of 10,852 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 93.10% of the workforce employed in white-collar jobs, well above the national average. Overall, Franklin Lakes is a borough of managers, sales and office workers, and professionals. There are especially a lot of people living in Franklin Lakes who work in management occupations (26.30%), sales jobs (15.38%), and healthcare (12.22%).
One interesting thing about the economy is that relatively large numbers of people worked from their home: 8.36% of the workforce. While this number may seem small overall, as a fraction of the total workforce this is high compared to the rest of the county. 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.
Franklin Lakes is a good choice for families with children because of several factors. Many other families with children live here, making it a place where both parents and children are more likely to develop social ties with other families. The borough’s good public school district and large population of college-educated adults provide an environment conducive to academic success. Many people own their own single-family homes, providing areas for children to play and stability in the community. Finally, Franklin Lakes’s overall crime rate is lower than average for the country.
In Franklin Lakes, however, the average commute to work is quite long. On average, people spend 31.17 minutes each day getting to work, which is significantly higher than the national average. One bright side is that local public transit is widely used, so it may be an option to avoid the headache of driving in the heavy traffic by leaving the car at home and taking transit.
Even though Franklin Lakes is a smaller borough, it has many people who hop on public transportation – mostly the bus for their daily commute to work. Typically, these people are commuting to good jobs in the surrounding cities.
Do you have a 4-year college degree or graduate degree? If so, you may feel right at home in Franklin Lakes. 66.30% 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 2010 was $79,772, which is wealthy relative to New Jersey and the nation. This equates to an annual income of $319,088 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 Irish, German, Polish, and English.
Foreign born people are also an important part of Franklin Lakes's cultural character, accounting for 17.47% of the borough’s population.
The most common language spoken in Franklin Lakes is English. Other important languages spoken here include Spanish and Arabic.