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ZIP Code · NJ

ZIP 08534

Pop. 13,272·Mercer County·52nd most expensive ZIP in New Jersey
Median rent (all units)
$2,947/mo
Year-over-Year
+7.8%
Month-over-Month
+1.3%
vs US Median
+$982
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 08534 · $2,947
More expensive than 89% of US ZIP codes · National median $1,965/mo
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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: July 20, 2026

Annual cost
$35,364/yr
At $2,947/mo median
Location
StateNJ
CountyMercer County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 7.8% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+7.8% YoY, +1.3% 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: July 20, 2026

ZIP code 08534 covers Pennington, NJ. The median rent here is $2,947/mo as of July 2026. A 1-bedroom rents for a median of $2,000/mo. A 2-bedroom rents for a median of $2,520/mo.

At 20% of local median household income ($175,573/yr), ZIP 08534 ranks as affordable compared to the national benchmark of 30%. Rents have increased 7.8% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 08534?

As of July 20, 2026, the median monthly rent in ZIP 08534 (Pennington, NJ) is $2,947. This is based on aggregated data from public sources and community submissions.

How does ZIP 08534 rent compare to the US average?

ZIP 08534's median rent of $2,947/mo is $982 (50%) above the US national median of $1,965/mo.

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

ZIP 08534 is one of the pricier ZIP codes in New Jersey, ranking #52 out of 212 ZIPs tracked at $2,947/mo.

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 $118,000/year (~$57/hour full-time) to afford the median rent of $2,947/mo in ZIP 08534. The local median household income is $175,573/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 08534?

Rent in ZIP 08534 has increased 7.8% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 08534 an affordable place to rent?

ZIP 08534 is considered very affordable for renters. At $2,947/mo, rent takes approximately 20% of the local median household income ($175,573/yr). The standard benchmark is 30%. ZIP 08534 falls comfortably within that range.

What percentage of ZIP 08534 residents rent vs. own?

According to Census data, approximately 11.8% of ZIP 08534 households are renters, while 88.2% are owner-occupied. ZIP 08534 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 08534 compare to the rest of Pennington?

ZIP 08534 sits right at the Pennington citywide median of $2,947/mo.

When was rent data for ZIP 08534 last updated?

Rent data for ZIP 08534 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
20%
VERY AFFORDABLE

At $2,947/mo, rent takes ~20% of ZIP 08534's median household income ($175,573/yr). The standard benchmark is 30%.

ZIP 08534 20%Benchmark 30%
State income tax1.4–10.75%
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Schools nearby

Public schools near ZIP 08534 (Pennington, NJ)

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