Cost of Living in Princeton, IL
Population 7,829 · Illinois · Data vintage 2023
(100 = US avg)
Princeton is a smaller Illinois community of around 8000 residents, where median household incomes of $57,682 and housing costs ($131,000 for a typical home) give the local cost-of-living profile a distinctly small-town shape. Unemployment has stayed elevated relative to the national figure — 7.7% as of the most recent ACS release — which shows up in household-income and poverty figures as well.
Geographically, Princeton is about 45 miles north of Peoria, the nearest large metro. Median home values run roughly 12% lower than Peoria's $150,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Princeton
The median home value in Princeton is $131,300 — 57% below the national median of $305,000. Median rent runs $739/month, 44% lower than the national median of $1,314/month. The median household income of $57,682/year is 23% lower than the US median of $74,580. The local unemployment rate is 7.7%, above the national average of 4.8%. Illinois's top state income tax rate is 5.0% and the combined sales tax is 8.7%. Overall, Princeton has a cost of living index of 48 versus the US average of 100, meaning it is 52% less expensive.
Princeton has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
Frequently Asked Questions
What is the cost of living in Princeton, IL?
Princeton has a cost index of 48 (100 = national average). It is 52% below the national average.
What is average rent in Princeton, IL?
The median gross rent in Princeton is $739 per month based on 2023 Census data.
What is the average home price in Princeton?
The median home value in Princeton is $131,300 according to Zillow and Census data.
What is the median income in Princeton?
The median household income in Princeton is $57,682 per year (2023 ACS 5-year estimates).
What is the sales tax in Princeton, IL?
The combined state and local sales tax rate in Princeton is 8.7%. The Illinois state income tax top rate is 5.0%.
Is Princeton, IL affordable?
Yes, Princeton is generally considered affordable, with a cost of living index of 48 — about 52% below the US national average of 100.
Princeton at a Glance
- Population
- 7,829
- Median Income
- $57,682
- Home Value
- $131,300
- Median Rent
- $739/mo
- Unemployment
- 7.7%
- Sales Tax
- 8.7%
Nearby Cities
Explore county-level cost of living data
Illinois Rankings
Similar Cost Cities
Cities in other states with comparable housing costs