ZIP Code · NJ

ZIP 08534

Part of Pennington, NJ

Pop. 13,272·Mercer County·36th most expensive ZIP in New Jersey

Median rent (all units)

$3,020/mo

Year-over-Year

+6.2%

Month-over-Month

+0.4%

vs US Median

+$1,088

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 08534 · $3,020

More expensive than 91% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,740

1 BR

$2,000

2 BR

$2,520

3 BR

$3,020

4 BR+

$3,450

Research median

$2,520/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: October 17, 2026

From the history

What the numbers show

Past year vs. the rest of New Jersey

Rent in ZIP 08534 changed +6.2% over the year to September 2026. Across the 149 New Jersey ZIP codes Zillow tracks, the typical change was +2.8%.

Recent direction

Rent has risen 3 months in a row, and rose in 7 of the last 12 months.

What a typical income covers

30% of the median household income ($175,573) is $4,389 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($3,450).

Cheaper nearby

ZIP 08628, 5 miles away, rents for 22% less ($2,361/mo), about $7,900 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 08534. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$36,240/yr

At $3,020/mo median

Location

CityPennington

StateNJ

CountyMercer County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 6.2% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+6.2% YoY, +0.4% MoM), not inventory.

Demographics

Who lives here

ZIP 08534 (Pennington, NJ) is majority owner-occupied, has a large share of families with children, has a median income above the national average, 70.6% of residents hold a bachelor's degree or higher.

Population

13,272

Median income

$175,573

Median age

41.6

Renters

11.8%

Age distribution

26.8%

29.6%

14.4%

18.1%

Under 1826.8%

18–3411.2%

35–5429.6%

55–6414.4%

65+18.1%

Gender

48.8%

51.2%

Male48.8%

Female51.2%

Race & ethnicity

74.4%

18%

White74.4%

Black1.4%

Hispanic3%

Asian18%

Other3.1%

Education (25+)

16.7%

70.6%

No HS diploma2.1%

HS diploma10.7%

Some college16.7%

Bachelor's+70.6%

Housing tenure

88.2%

Owner88.2%

Renter11.8%

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

2021 vs 2026

How ZIP 08534 in Pennington, NJ has changed in 5 years

Income

$145,747 → $175,573

up 20.5%

Population

12,672 → 13,272

up 4.7%

Renter share

16.2% → 11.8%

-4.4 pts

Bachelor's+

71.5% → 70.6%

-0.9 pts

Median age

43.1 → 41.6

-1.5 yrs

Median household income rose from $145,747 to $175,573 between 2021 and 2024, a 20.5% shift. The population has grown by 4.7% since 2021, moving from about 12,672 residents to roughly 13,272. Renters now make up 11.8% of households, compared with 16.2% five years ago.

Community

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Local insights

Tips for renters in ZIP 08534

About renting in ZIP 08534

Last updated: October 17, 2026

ZIP code 08534 covers Pennington, NJ. The median rent here is $3,020/mo as of October 2026. A 1-bedroom rents for a median of $2,000/mo. A 2-bedroom rents for a median of $2,520/mo.

At 21% of local median household income ($175,573/yr), ZIP 08534 ranks as affordable compared to the national benchmark of 30%. Rents have increased 6.2% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 08534?

To keep rent at or below 30% of gross income, you would need to earn at least $121,000/year (about $58/hour full-time) to afford the median rent of $3,020/mo in ZIP 08534. The local median household income is $175,573/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 08534?

Rent in ZIP 08534 has risen 6.2% over the past year.

How does ZIP 08534 compare to other ZIPs in New Jersey?

ZIP 08534 is one of the pricier among New Jersey ZIP codes for rent, ranking #36 of 209 at $3,020/mo. Over the year to September 2026, rent in ZIP 08534 changed +6.2%, against a typical +2.8% across the 149 New Jersey ZIP codes Zillow tracks.