ZIP 08540
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Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in ZIP 08540 usually run 0.8% below trend in January and 1% above it in June, about $60 a month apart at today's median. Based on 9 years of data.
Rent in ZIP 08540 is at its highest level since Zillow's records here began in January 2016.
Rent in ZIP 08540 changed +4.0% over the year to September 2026. Across the 149 New Jersey ZIP codes Zillow tracks, the typical change was +2.8%.
From 2019 to 2024, rent in ZIP 08540 rose 31% while median household income rose 22.7% ($144,204 to $176,983). Rent outpaced income.
Rent in ZIP 08540 is 35% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 7 months in a row, and rose in 10 of the last 12 months.
30% of the median household income ($176,983) is $4,425 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($3,570).
ZIP 08536, 4 miles away, rents for 35% less ($2,165/mo), about $14,100 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 08540. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 08540 in Princeton, NJ has changed in 5 years
Rent in ZIP 08540 in Princeton, NJ has increased 29.5% since 2021, going from about $2,580 per month to roughly $3,341 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 21.0 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.
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Tips for renters in ZIP 08540
Last updated: October 17, 2026
ZIP code 08540 covers Princeton, NJ. The median rent here is $3,341/mo as of October 2026. A 1-bedroom rents for a median of $2,090/mo. A 2-bedroom rents for a median of $2,630/mo.
At 23% of local median household income ($176,983/yr), ZIP 08540 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.0% over the past year.
Frequently asked questions
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How does ZIP 08540 compare to other ZIPs in New Jersey?
How does ZIP 08540 compare to the rest of Princeton?
At $3,341/mo, rent takes ~23% of ZIP 08540's median household income ($176,983/yr). The standard benchmark is 30%.
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