Cost of Living in Princeton, NJ
Population 30,451 · New Jersey · Data vintage 2023
(100 = US avg)
Princeton's housing market reflects its status as a high-earning metro: $1 million for a typical home, 241% above the US median, paired with household incomes around $184,113 that put it in the upper third of the state.
Geographically, Princeton is about 35 miles southwest of Elizabeth, the nearest large metro. Median home values run roughly 164% higher than Elizabeth's $394,000.
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 $1,040,400 — 241% above the national median of $305,000. Median rent runs $2,448/month, 86% higher than the national median of $1,314/month. The median household income of $184,113/year is 147% higher than the US median of $74,580. The local unemployment rate is 4.5%, below the national average of 4.8%. New Jersey's top state income tax rate is 10.8% and the combined sales tax is 6.6%. The climate averages highs of 63.4°F and lows of 44.8°F, with about 26.6" of annual snowfall. Overall, Princeton has a cost of living index of 279 versus the US average of 100, meaning it is 179% more expensive.
🏠 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
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 40 | 43 | 51 | 63 | 72 | 81 | 86 | 84 | 77 | 66 | 55 | 44 |
| Low °F | 24 | 26 | 33 | 42 | 52 | 61 | 67 | 65 | 58 | 46 | 36 | 29 |
| Precip" | 3.29 | 2.65 | 4.00 | 3.63 | 3.99 | 4.35 | 4.42 | 4.22 | 4.05 | 3.79 | 3.20 | 4.04 |
| Snow" | 8.2 | 8.7 | 4.0 | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.5 | 4.6 |
💨 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, NJ?
Princeton has a cost index of 279 (100 = national average). It is 179% above the national average.
What is average rent in Princeton, NJ?
The median gross rent in Princeton is $2,448 per month based on 2023 Census data.
What is the average home price in Princeton?
The median home value in Princeton is $1,040,400 according to Zillow and Census data.
What is the median income in Princeton?
The median household income in Princeton is $184,113 per year (2023 ACS 5-year estimates).
What is the sales tax in Princeton, NJ?
The combined state and local sales tax rate in Princeton is 6.6%. The New Jersey state income tax top rate is 10.8%.
Is Princeton, NJ affordable?
Princeton is above average in cost of living, with an index of 279 — about 179% higher than the national average.
What is the weather like in Princeton?
Princeton has average high temperatures of 63.4°F and average lows of 44.8°F. Annual precipitation is 45.6". Average annual snowfall is 26.6". Data from NOAA 1991–2020 Climate Normals.
Princeton at a Glance
- Population
- 30,451
- Median Income
- $184,113
- Home Value
- $1,040,400
- Median Rent
- $2,448/mo
- Unemployment
- 4.5%
- Avg High Temp
- 63.4°F
- Sales Tax
- 6.6%
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New Jersey Rankings
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