Franklin Lakes has been named one of the top 15 “Economic Power Towns” in the United States by a new list on the SpareFoot Blog.
The blog placed the borough at Number 4 on a list of towns that considered the home ownership rate, median household income, local unemployment rate, percentage of residents living in poverty, ratio of median home value to median income, and median value of owner-occupied homes.
The list also considered population (only towns of 50,000 residents or less were considered), the number of Fortune 500 companies in each town and how that affects the community, and towns’ proximities to major cities and to regional infrastructure, like airports.
The blog reported the following statistics in Franklin Lakes:
- Population: 10,590
- Nearest major city: New York City
- Fortune 500 company: Becton Dickinson
- Home ownership rate: 90.8 percent
- Median household income: $153,681
- Local unemployment rate: 8 percent
- Percentage of residents living in poverty: 1.3 percent
- Ratio of median home value to median income: 5.86
- Median home value: $900,000
Franklin Lakes was edged out of the top three spots on the list by McLean, Virginia, Weston, Mass., and Riverwoods, Ill. One other NJ town – Warren – made the list, at Number 5. See the full list of 15 towns here.