Franklin Lakes is a somewhat small borough located in the state of New Jersey. With a population of 11,079 people and two constituent neighborhoods, Franklin Lakes is the 176th 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 93.78% of the workforce employed in white-collar jobs, well above the national average. Overall, Franklin Lakes is a borough of professionals, managers, and sales and office workers. There are especially a lot of people living in Franklin Lakes who work in management occupations (22.83%), sales jobs (14.35%), and healthcare (11.98%).
A relatively large number of people in Franklin Lakes telecommute to their jobs. Overall, about 15.67% 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.
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.
One downside of living in Franklin Lakes is that it can take a long time to commute to work. In Franklin Lakes, the average commute to work is 33.24 minutes, which is quite a bit higher than the national average. On the other hand, local public transit is widely used in the borough, so leaving the car at home and taking transit is often a viable alternative.
Even though Franklin Lakes is a smaller borough, it has many people who hop on public transportation – mostly the train for their daily commute to work. Typically, these people are commuting to good jobs in the surrounding cities.
Do you like to read, write and learn? If you move to Franklin Lakes, you'll likely find that many of your neighbors like to as well. Franklin Lakes is one of the more educated communities in America, with a full 73.75% of its adults having a college degree or even advanced degree, compared to a national average across all communities of 21.84%.
The per capita income in Franklin Lakes in 2018 was $88,699, which is wealthy relative to New Jersey and the nation. This equates to an annual income of $354,796 for a family of four.
Franklin Lakes is a very 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, Russian, and German.
Foreign born people are also an important part of Franklin Lakes's cultural character, accounting for 15.87% of the borough’s population.
The most common language spoken in Franklin Lakes is English. Other important languages spoken here include Spanish and Slavic languages.