Lawrence, NY vs Franklin Lakes, NJ: Cost of Living

Which city costs less?

Franklin Lakes, NJ has a modeled overall cost index 29.9% lower than Lawrence, NY.

Lawrence, NY · modeled 2BR rent: $2,560 / month
Franklin Lakes, NJ · modeled 2BR rent: $3,490 / month

These are saved estimates, not current rental listings. Some cities use adjusted regional data. Your household budget can differ from the overall index. Sources and assumptions

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Cost of Living Comparison 2026

Compare Lawrence, NY and Franklin Lakes, NJ using saved regional data and explicit budgeting assumptions. Rent estimates are not live listings. Change the salary below, then check the source notes before applying a result to your household.

Saved regional estimates · Sources and assumptions

Current salary in Lawrence, NY

Numbers update automatically as you type

Estimated savings: $2,451/month in Franklin Lakes, NJ

$150,000 in your current city has a modeled equivalent of $120,593 in Franklin Lakes, NJ

Regional cost estimates: Lawrence, NY uses New York, NY. Franklin Lakes, NJ uses Newark, NJ. Available city ZIP rent estimates are shown separately.

Overall Cost

↓ 29.9%

Less expensive

Monthly Impact

$2,451

Savings

Annual Impact

$29.4K

Per year

Assumes 60% of current gross income goes to living costs. The headline uses the category budget below; taxes, moving costs and savings goals are excluded.

Lawrence, NY

Population:7K

Cost Index:

142.8

100 = national average

Typical Home:$2.06M

Franklin Lakes, NJ

Population:11K

Cost Index:

100.2

100 = national average

Typical Home:$1.51M

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Lawrence, NY

The Empire State

Population

State Tax

Yes

Located in New York, this city has a population of 7K residents.

Franklin Lakes, NJ

The Garden State

11K

Population

State Tax

Yes

Located in New Jersey, this city has a population of 11K residents.

Cost Breakdown by Category

Estimated monthly spending: Lawrence, NY vs Franklin Lakes, NJ

Assumes 60% of your current gross income is spent on these categories. The headline and totals use this same budget. Rent estimates below are separate reference data. Rounded amounts may differ by $1.

Category	Lawrence, NY	Franklin Lakes, NJ	Difference	Change
Housing	$3,917/mo	$1,263/mo	↓ $2,654less	67.7%
Other	$1,157/mo	$1,258/mo	↑ $100more	8.7%
Transportation	$912/mo	$992/mo	↑ $80.52more	8.8%
Healthcare	$424/mo	$443/mo	↑ $18.91more	4.5%
All Utilities	$370/mo	$384/mo	↑ $13.68more	3.7%
Groceries	$719/mo	$709/mo	↓ $10.48less	1.5%

Housing

↓ 67.7%

Lawrence, NY

$3,917

Franklin Lakes, NJ

$1,263

Difference

$2,654

less

Other

↑ 8.7%

Lawrence, NY

$1,157

Franklin Lakes, NJ

$1,258

Difference

$100

Transportation

↑ 8.8%

Lawrence, NY

$912

Franklin Lakes, NJ

$992

Difference

$80.52

Healthcare

↑ 4.5%

Lawrence, NY

$424

Franklin Lakes, NJ

$443

Difference

$18.91

All Utilities

↑ 3.7%

Lawrence, NY

$370

Franklin Lakes, NJ

$384

Difference

$13.68

Groceries

↓ 1.5%

Lawrence, NY

$719

Franklin Lakes, NJ

$709

Difference

$10.48

less

🏠Rent Comparison

Studio

From$2,170

To$2,670

↑ $500

1 Bed

From$2,260

To$3,040

↑ $780

2 Bed

From$2,560

To$3,490

↑ $930

3 Bed

From$3,320

To$4,260

↑ $940

Lawrence, NYZIP-level data

1BR range: $2,260–$2,260/mo

Franklin Lakes, NJZIP-level data

1BR range: $3,040–$3,040/mo

💡 Note: HUD Fair Market Rents estimate 40th-percentile gross rents, including most tenant-paid utilities. City ZIP summaries are medians of those estimates, not market median rents. Actual prices vary by neighborhood, amenities, and condition. Source: HUD Small Area Fair Market Rents FY2026.

$7,500

Monthly in Lawrence, NY

$5,049

Monthly in Franklin Lakes, NJ

$2,451

Difference

Home Values

Lawrence

Franklin Lakes

$2.06M

Median Value

$1.51M

↑ +5.5%

YoY Change

↑ +11.5%

↑ +66.2%

5-Year Change

↑ +56.2%

Homes in Franklin Lakes are 27% less expensive than Lawrence

Calculate payment - Lawrence Calculate payment - Franklin Lakes

Source: Zillow Home Value Index (ZHVI), January 2026

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↑ $2.1K

Per year

Monthly Difference

$176

More take-home

Effective Rate Diff

1.4%

Rate difference

Lawrence, NY

Federal Income Tax

Effective: 18.9%

$25.5K

New York State Tax

Effective: 6.4%

$9.5K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 31.0%

$46.6K

Take-Home Pay

$8,620/month

$103.4K

Franklin Lakes, NJ

Federal Income Tax

Effective: 18.9%

$25.5K

New Jersey State Tax

Effective: 5.0%

$7.4K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 29.6%

$44.4K

Take-Home Pay

$8,796/month

$105.6K

Additional Tax Information

Lawrence, NY Tax Rates

Sales Tax:8.8%

Property Tax:1.2%

Franklin Lakes, NJ Tax Rates

Sales Tax:6.6%

Property Tax:2.5%

💡 Note: Tax calculations are estimates based on 2024/2025 tax brackets for single filers with standard deduction. Actual taxes may vary based on filing status, deductions, credits, and local variations.

Environment

Lawrence

Franklin Lakes

43 Good

Air Quality

N/A

65.8%

Good Air Days

99 High

Climate Risk

98 High

🌊🌀🌡

Top Hazards

🌊🌡🌪

▲+2.7°F

2050 Outlook

▲+2.9°F

11 days

Heat Days >95°F

15 days

▲+2.7°F

2050 Outlook

▲+2.9°F

11 days

Heat Days >95°F

15 days

Before moving from Lawrence, NY to Franklin Lakes, NJ

Use this comparison to shortlist a move, then check the costs that depend on your household.

Compare actual homes. Get current quotes in Franklin Lakes, NJ for the same bedroom count and included utilities as your home in Lawrence, NY. Add parking, deposits, insurance and any overlapping leases. The rent estimates above are a starting point, not available listings.
Confirm your income. Check your expected pay with your employer, including any location adjustment. Use “Different salary at destination?” above to compare two incomes. The budget model excludes taxes and one-time moving costs; it is not a take-home-pay calculation.
Price your daily routine. Check the commute from a specific address to work, school or childcare. Add household expenses missing from this model, such as childcare, debt payments and medical needs. Verify local services before signing a lease.
Plan the transition. Get moving quotes and budget for travel, setup costs and time off. Open your Lawrence to Franklin Lakes moving checklist to organize the tasks and timing.

Still choosing a destination? Explore cities similar to Franklin Lakes, NJ by cost, housing, population and region.

Frequently Asked Questions: Lawrence, NY vs Franklin Lakes, NJ

How do the cost estimates for Lawrence, NY and Franklin Lakes, NJ compare?

Franklin Lakes, NJ has a modeled overall cost index 29.9% lower than Lawrence, NY. This is a broad model comparison, not a survey of today's prices or a forecast of your household spending. Some cities use adjusted regional fallback data.

What does the equivalent salary mean?

At a $150,000 salary in Lawrence, NY, the model estimates $120,593 in Franklin Lakes, NJ. It allocates 60% of gross income to the origin city’s category budget and applies each destination category’s relative cost. The equivalent salary adds the total category difference to your income. The monthly difference is the same category difference divided by 12; it is not take-home pay or guaranteed savings. Household size, childcare and your actual lease are not inputs to this calculation.

What rent estimates are available for Lawrence, NY and Franklin Lakes, NJ?

The modeled two-bedroom rents are $2,560/month in Lawrence, NY and $3,490/month in Franklin Lakes, NJ. Where available, the source is a city median of HUD FY2026 ZIP-level estimates; otherwise a saved metro table is used. City adjustments may also apply. These are not asking rents or available listings. Compare actual properties with the same bedroom count and included utilities.

How should I use this comparison before moving?

Use it to shortlist locations, then replace modeled costs with a current housing quote, employer-confirmed income, commute costs, insurance and your household's other expenses. Add one-time moving costs separately. Source years differ and the saved datasets are not a live price feed. Read the methodology for the formulas and fallback rules.

💰 See how taxes change too — compare take-home pay between New York and New Jersey on TaxTakeHome.com