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Franklin borough, NJ

ZIP 07416 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 07416

Median Home Value
$263,600
Median Rent
$1,129
Affordability Snapshot
$73,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,693/mo PITI).

15%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

2.9x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

19.5 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 07416 in Franklin borough, NJ, a household would need roughly $73,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,693. That sits below the local median household income ($90,869), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Owner-occupied majority; balanced tenure mix.

Heating Fuel
Housing Metrics
Owner Occupied
62.3%-5% vs US avg
x
Vacancy Rate
7.8%-24% vs US avg
x
Broadband Access
89.1%+2% vs US avg
x
4+ Bedrooms
3.1%-79% vs US avg
x
Built Pre-1939
5.0%-61% vs US avg
x
Built Post-2014
0.8%-88% vs US avg
x
Rent Burden >30%
12.1%-76% vs US avg
x
Mortgage-Free
39.8%+4% vs US avg
x
$263,600
Home Value
$1,129
Rent
1958
Year Built
2011
Moved In

Residents have lived here since ~2011 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached56.4%
  • 1-unit attached6.7%
  • 2-9 units19.6%
  • 10+ units13.2%
  • Mobile home & other4.1%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$263,600
Median rent$1,129
Owner-occupied62.3%
Vacant7.8%
Price-to-income2.9x
Est. income to buy$73,000