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ZIP Code · NJ

ZIP 08540

Pop. 50,388·Mercer County·18th most expensive ZIP in New Jersey
Median rent (all units)
$3,509/mo
Year-over-Year
+8.3%
Month-over-Month
+2.2%
vs US Median
+$1,544
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 08540 · $3,509
More expensive than 95% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,840
1 BR
$2,090
2 BR
$2,630
3 BR
$3,150
4 BR+
$3,570
Research median
$2,630/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
$42,108/yr
At $3,509/mo median
Location
StateNJ
CountyMercer County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 8.3% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+8.3% YoY, +2.2% MoM), not inventory.
Demographics

Who lives here

ZIP 08540 (Princeton, NJ) is majority owner-occupied, has a median income above the national average, 82.7% of residents hold a bachelor's degree or higher.

Population
50,388
Median income
$176,983
Median age
40.6
Renters
36.3%
Age distribution
22.7%
20.7%
28.3%
13.3%
15%
Under 1822.7%
18–3420.7%
35–5428.3%
55–6413.3%
65+15%
Gender
49.8%
50.2%
Male49.8%
Female50.2%
Race & ethnicity
50.7%
33.4%
White50.7%
Black5.7%
Hispanic7.4%
Asian33.4%
Other2.8%
Education (25+)
82.7%
No HS diploma2.4%
HS diploma5.5%
Some college9.4%
Bachelor's+82.7%
Housing tenure
63.7%
36.3%
Owner63.7%
Renter36.3%

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

2021 vs 2026

How ZIP 08540 in Princeton, NJ has changed in 5 years

Rent
$2,600 → $3,509
up 35.0%
Income
$163,074 → $176,983
up 8.5%
Population
48,700 → 50,388
up 3.5%
Renter share
34.6% → 36.3%
+1.7 pts
Bachelor's+
82.9% → 82.7%
-0.2 pts

Rent in ZIP 08540 in Princeton, NJ has increased 35.0% since 2021, going from about $2,600 per month to roughly $3,509 today. Household income in the area moved from $163,074 to $176,983 across the same window, up 8.5% versus 2021. Rent outpaced income growth by roughly 26.5 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 48,700 to 50,388 between 2021 and 2024, a 3.5% change. About 36.3% of households rent today, against 34.6% in 2021. Reading these numbers side by side helps frame whether current listings in ZIP 08540 in Princeton, NJ look reasonable against where the market sat half a decade ago.

Community

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Local insights

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About renting in ZIP 08540

Last updated: July 20, 2026

ZIP code 08540 covers Princeton, NJ. The median rent here is $3,509/mo as of July 2026. A 1-bedroom rents for a median of $2,090/mo. A 2-bedroom rents for a median of $2,630/mo.

At 24% of local median household income ($176,983/yr), ZIP 08540 ranks as affordable compared to the national benchmark of 30%. Rents have increased 8.3% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 08540?

As of July 20, 2026, the median monthly rent in ZIP 08540 (Princeton, NJ) is $3,509. This is based on aggregated data from public sources and community submissions.

How does ZIP 08540 rent compare to the US average?

ZIP 08540's median rent of $3,509/mo is $1,544 (79%) above the US national median of $1,965/mo.

How does ZIP 08540 compare to other ZIPs in New Jersey?

ZIP 08540 is one of the pricier ZIP codes in New Jersey, ranking #18 out of 212 ZIPs tracked at $3,509/mo.

How much income do you need to rent in ZIP 08540?

To keep rent at or below 30% of gross income, you would need to earn at least $140,000/year (~$67/hour full-time) to afford the median rent of $3,509/mo in ZIP 08540. The local median household income is $176,983/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 08540?

Rent in ZIP 08540 has increased 8.3% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 08540 an affordable place to rent?

ZIP 08540 is considered very affordable for renters. At $3,509/mo, rent takes approximately 24% of the local median household income ($176,983/yr). The standard benchmark is 30%. ZIP 08540 falls comfortably within that range.

What percentage of ZIP 08540 residents rent vs. own?

According to Census data, approximately 36.3% of ZIP 08540 households are renters, while 63.7% are owner-occupied. ZIP 08540 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 08540 compare to the rest of Princeton?

ZIP 08540 is pricier than Princeton as a whole. At $3,509/mo, it's $48 above the Princeton citywide median of $3,461/mo.

When was rent data for ZIP 08540 last updated?

Rent data for ZIP 08540 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
24%
VERY AFFORDABLE

At $3,509/mo, rent takes ~24% of ZIP 08540's median household income ($176,983/yr). The standard benchmark is 30%.

ZIP 08540 24%Benchmark 30%
State income tax1.4–10.75%
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Schools nearby

Public schools near ZIP 08540 (Princeton, NJ)

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