Princeton, New Jersey, NJ

Very High · 237

New Jersey · Population 30,451 · Updated March 2026

$2,448
Median Rent / Month
$184,113
Median Income
$1,040,400
Median Home Value
$3,004
Owner Costs / Month

Affordability

How far your income goes in Princeton, New Jersey

16.0%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in New Jersey

State-level tax rates that affect your costs

10.75%
Income Tax (Top Rate)
6.625%
Sales Tax
2.23%
Property Tax Rate

Estimated Annual Costs

$29,376
Annual Rent
$19,792
State Income Tax
$23,201
Property Tax (est.)

Cost of Living Overview

Princeton, New Jersey has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 237 (where 100 equals the national median), Princeton, New Jersey residents can expect to pay median rent of $2,448/month while earning a median household income of $184,113/year.

The median home value in Princeton, New Jersey, NJ is $1,040,400, with typical monthly owner costs around $3,004 including mortgage, insurance, and taxes. The median rent-to-income ratio of 16.0% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

New Jersey's top income tax rate of 10.75% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.625% sales tax rate and 2.23% effective property tax rate, the overall tax environment is a factor in the total cost of living in Princeton, New Jersey.

Frequently Asked Questions

Common questions about living costs in Princeton, New Jersey

What is the cost of living in Princeton, New Jersey, NJ?
The cost of living index in Princeton, New Jersey, NJ is 237 (US average = 100). Median monthly rent is $2,448, median household income is $184,113/year, and the median home value is $1,040,400.
Is Princeton, New Jersey, NJ affordable?
No, Princeton, New Jersey is more expensive than the national average with a cost index of 237. The rent-to-income ratio is 16.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Princeton, New Jersey, NJ?
The median gross rent in Princeton, New Jersey, NJ is $2,448 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $29,376.
What is the median household income in Princeton, New Jersey?
The median household income in Princeton, New Jersey, NJ is $184,113 per year. This compares to the national median of approximately $80,000.
What are the taxes like in New Jersey?
New Jersey has a top income tax rate of 10.75%, a sales tax of 6.625%, and an effective property tax rate of 2.23%.