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City Report · NJ

Princeton

Pop. 30,756·18th most expensive in New Jersey·Princeton rents are up 8.2% over the past year
Median rent (all units)
$3,461/mo
Year-over-Year
+8.2%
Month-over-Month
+0.6%
vs US Median
+$1,496
Rising (Monthly)
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Most AffordableMost Expensive
Princeton · $3,461
More expensive than 95% of US cities · National median $1,965/mo
Rent Reality Score
53/100
Fairly priced
OverheatedFairGreat value

Rents are right about where Princeton's 10-year trend predicts.

Actual rent
$3,461/mo
Expected by trend
$3,522/mo
The Rent Reality Score compares today's median rent to where Princeton's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$1,860
1 BR
$2,130
2 BR
$2,690
3 BR
$3,240
4 BR+
$3,630
Research median
$2,690/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$41,532/yr
At $3,461/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 8.2% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+8.2% YoY, +0.6% MoM), not inventory.
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Demographics

Who lives here

Princeton, NJ is majority owner-occupied, skews toward younger working-age adults, has a median income above the national average, 84.7% of residents hold a bachelor's degree or higher.

Population
30,756
Median income
$192,079
Median age
28.5
Renters
44.6%
Age distribution
18.8%
36.5%
22.1%
13%
Under 1818.8%
18–3436.5%
35–5422.1%
55–649.5%
65+13%
Gender
49.3%
50.7%
Male49.3%
Female50.7%
Race & ethnicity
60.2%
21.8%
White60.2%
Black6.4%
Hispanic8%
Asian21.8%
Other3.6%
Education (25+)
84.7%
No HS diploma2.3%
HS diploma4.8%
Some college8.2%
Bachelor's+84.7%
Housing tenure
55.4%
44.6%
Owner55.4%
Renter44.6%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Princeton, NJ has changed in 5 years

Rent
$2,646 → $3,461
up 30.8%
Income
$165,149 → $192,079
up 16.3%
Population
30,717 → 30,756
up 0.1%
Renter share
41.1% → 44.6%
+3.5 pts
Bachelor's+
85.3% → 84.7%
-0.6 pts

Since 2021, the typical rent in Princeton, NJ has increased from $2,646 to $3,461, a 30.8% change over five years. Median household income rose from $165,149 to $192,079 between 2021 and 2024, a 16.3% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. Renters now make up 44.6% of households, compared with 41.1% five years ago. Taken together, the five-year picture in Princeton, NJ reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

Community

Discussions about Princeton

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View Princeton rent history (2015–2026) →
Salary vs rent

Can you afford rent in Princeton on your salary?

At $3,461/mo, how Princeton rent compares to typical pay (30% rule).

By apartment size

Princeton rent by bedroom count

Median rent for each apartment size in Princeton. Click any size for full breakdown.

Local insights

Tips for renters in Princeton

About renting in Princeton, NJ

Last updated: July 20, 2026

The median rent in Princeton is $3,461/mo as of July 2026. A studio apartment averages $1,860/mo while a 2-bedroom runs $2,690/mo. One-bedroom apartments average $2,130/mo and 3-bedroom units go for $3,240/mo.

At 22% of local median household income ($192,079/yr), Princeton ranks as affordable compared to the national benchmark of 30%. Rents have increased 8.2% over the past year.

FAQ

Frequently asked questions

Is Princeton an affordable city for renters?

Princeton is considered very affordable for renters. At $3,461/mo, rent takes approximately 22% of the local median household income ($192,079/yr). The standard benchmark is 30%. Princeton falls comfortably within that range.

How much income do you need to rent in Princeton?

To keep rent at or below 30% of gross income, you would need to earn at least $138,000/year (~$66/hour full-time) to afford the median rent of $3,461/mo in Princeton. The local median household income is $192,079/yr, meaning the typical Princeton household meets that threshold.

Is rent going up or down in Princeton?

Rent in Princeton has increased 8.2% over the past year as of July 2026, putting upward pressure on renter budgets.

How does Princeton rent compare to other cities in New Jersey?

Princeton is one of the pricier cities in New Jersey for rent, ranking #18 out of 180 tracked cities at $3,461/mo.

Which nearby cities are cheaper to rent in than Princeton?

Several nearby cities have lower median rents than Princeton ($3,461/mo): Plainsboro ($2,097/mo), Monmouth Junction ($2,612/mo), Franklin Park ($2,673/mo).

What percentage of Princeton residents rent vs. own?

According to Census data, approximately 44.6% of Princeton households are renters, while 55.4% are owner-occupied. Princeton leans toward homeownership, which can mean a smaller rental inventory.

How does Princeton rent compare to the national average?

Princeton's median rent of $3,461/mo is $1,496 (76%) above the US national median of $1,965/mo. Within New Jersey, it ranks #18 out of 180 tracked cities.
Income Affordability
22%
VERY AFFORDABLE

At $3,461/mo, rent takes ~22% of Princeton's median household income ($192,079/yr). The standard benchmark is 30%.

Princeton 22%Benchmark 30%
State income tax1.4–10.75%
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Princeton, NJ

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