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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Franklin Park, NJ Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Franklin Park, NJ Housing Market Trends

With 13,430 people, 5,282 houses or apartments, and a median cost of homes of $517,644, Franklin Park real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Franklin Park, accounting for 38.51% of the town's housing units. Other types of housing that are prevalent in Franklin Park include row houses and other attached homes ( 34.49%), duplexes, homes converted to apartments or other small apartment buildings ( 15.49%), and a few single-family detached homes ( 11.50%). Towns that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of towns are often walkable and compact, and often have a lively downtown.

People in Franklin Park primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Franklin Park has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Franklin Park 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 Park built between 2000 and later ( 19.47%). A lesser amount of the housing stock also hails from between 1940-1969 ( 10.69%).

Franklin Park Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Franklin Park, where house values have increased just 54.00%, which is annualized rate of 4.41%. 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 Park that despite a nationwide downturn in the housing market, Franklin Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Franklin Park appreciation rates continue to be some of the highest in America, at 9.72%, which is higher than appreciation rates in 85.84% 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 Park. Franklin Park appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.

Relative to New Jersey, our data show that Franklin Park's latest annual appreciation rate is lower than 60% of the other cities and towns in New Jersey.

Average Home Values

Median Home Value

$517,644

Franklin Park, NJ Home Prices
> $1,275,000
$956,001 - $1,275,000
$638,001 - $956,000
$510,001 - $638,000
$382,001 - $510,000
$255,001 - $382,000
$127,001 - $255,000
$64,001 - $127,000
$0 - $64,000
0.1%
0.1%
5.0%
5.0%
13.1%
13.1%
15.3%
15.3%
29.4%
29.4%
19.8%
19.8%
15.5%
15.5%
1.1%
1.1%
0.7%
0.7%
0% 100.0%
% of Homes
Low

for New jersey

Very High

for nation

Number of Homes And Apartments:

5,282

Franklin Park Appreciation Rates

Rent & Ownership

Average Market Rent:

$4,160 / per month

Homeownership Rate

Owners
Renters
59.1%
59.1%
40.9%
40.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.1%
2.1%
97.9%
97.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
19.5%
19.5%
69.5%
69.5%
10.7%
10.7%
0.4%
0.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
11.5%
11.5%
34.5%
34.5%
15.5%
15.5%
38.5%
38.5%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.4%
0.4%
11.7%
11.7%
61.4%
61.4%
17.6%
17.6%
8.7%
8.7%
0.2%
0.2%
0% 100.0%
% of Homes