Cost of Living in Princeton, MN
Population 4,988 · Minnesota · Data vintage 2023
(100 = US avg)
Under 25,000 residents gives Princeton a small-town character that shows up in every data point below — from the commute patterns to the rental inventory. A typical home runs $212,000. The labor market has been unusually tight, with unemployment around 1.5% — below most comparable cities in the state.
Geographically, Princeton is about 45 miles northwest of Minneapolis, the nearest large metro. Median home values run roughly 39% lower than Minneapolis' $346,000.
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 $212,200 — 30% below the national median of $305,000. Median rent runs $953/month, 27% lower than the national median of $1,314/month. The median household income of $52,450/year is 30% lower than the US median of $74,580. The local unemployment rate is 1.5%, below the national average of 4.8%. Minnesota's top state income tax rate is 9.8% and the combined sales tax is 7.4%. Overall, Princeton has a cost of living index of 71 versus the US average of 100, meaning it is 29% 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
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Princeton, MN?
Princeton has a cost index of 71 (100 = national average). It is 29% below the national average.
What is average rent in Princeton, MN?
The median gross rent in Princeton is $953 per month based on 2023 Census data.
What is the average home price in Princeton?
The median home value in Princeton is $212,200 according to Zillow and Census data.
What is the median income in Princeton?
The median household income in Princeton is $52,450 per year (2023 ACS 5-year estimates).
What is the sales tax in Princeton, MN?
The combined state and local sales tax rate in Princeton is 7.4%. The Minnesota state income tax top rate is 9.8%.
Is Princeton, MN affordable?
Yes, Princeton is generally considered affordable, with a cost of living index of 71 — about 29% below the US national average of 100.
Princeton at a Glance
- Population
- 4,988
- Median Income
- $52,450
- Home Value
- $212,200
- Median Rent
- $953/mo
- Unemployment
- 1.5%
- Sales Tax
- 7.4%
Nearby Cities
Explore county-level cost of living data
Minnesota Rankings
Similar Cost Cities
Cities in other states with comparable housing costs