Franklin Lakes Borough, New Jersey, offers a desirable suburban lifestyle characterized by a strong community spirit, excellent schools, and ample recreational opportunities. However, potential residents should be aware of the high cost of living and property taxes.
Pros and Cons of Living in Franklin Lakes Borough, NJ
Living in Franklin Lakes provides many advantages, including access to top-rated schools, beautiful parks, and a low crime rate. The community is home to around 10,500 residents who enjoy a suburban atmosphere with a high median household income of approximately $138,000. However, prospective homeowners may find the high property taxes and housing costs discouraging, as these financial factors can significantly impact affordability.
Quality of Life and Cost of Living in Franklin Lakes
The quality of life in Franklin Lakes is notably high, marked by safe neighborhoods and well-maintained public spaces that contribute to an appealing living environment. Nevertheless, the cost of living is approximately 50% higher than the national average, with median home prices around $1.2 million and rental prices averaging $2,700 per month. This elevated cost may limit accessibility for some families and individuals seeking to move to the area.
History of Franklin Lakes Borough, NJ
Founded in the mid-1900s, Franklin Lakes transitioned from agricultural land to a suburban community, becoming an independent borough in 1922. The area has a rich Native American history, evidenced by archaeological sites that suggest early settlements. The borough’s development was influenced by its location and the growth of nearby urban centers, leading to its transformation into a sought-after residential area.
Education and Employment Opportunities in Franklin Lakes
Franklin Lakes is served by the Ramapo Indian Hills Regional High School District, known for its exceptional academic performance, with a graduation rate exceeding 95%. Employment opportunities are plentiful due to the borough’s proximity to major metropolitan areas like New York City. Many residents commute to work in diverse sectors, including finance, healthcare, and technology, benefiting from the region’s economic growth.
Recreation and Attractions in Franklin Lakes
The borough offers a wealth of recreational activities, highlighted by the Franklin Lakes Nature Preserve, where residents can engage in hiking, biking, and fishing. Local parks provide spaces for family gatherings and outdoor events, while the community center hosts various activities. Nearby attractions include Skylands Stadium, known for its sports events, and the New Jersey Botanical Garden, which offers beautiful landscapes for public enjoyment.
Real Estate and Transportation in Franklin Lakes
Real estate in Franklin Lakes primarily consists of single-family homes, with about 90% of the housing stock owner-occupied. While public transportation options are limited, residents can utilize NJ Transit bus routes for commuting. The borough’s location offers convenient access to major highways, facilitating travel to New York City and surrounding areas, making it a practical choice for commuters.
In conclusion, Franklin Lakes Borough, NJ, presents a compelling option for those seeking a suburban lifestyle with a strong community and excellent educational opportunities. While the high cost of living and property taxes may be a drawback, the quality of life, recreational options, and proximity to major job markets make it an attractive location for families and professionals alike.