City · 5,274 residents · Mille Lacs County, Minnesota
Princeton, Minnesota
In Princeton, a typical home is worth $218,700 and typical rent is $991 a month. Compared with all of Mille Lacs County, the typical home value is 15% lower, typical household income is 14% lower, and the share of households that own their home is 16 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $313,943 to $373,791.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Princeton is in Mille Lacs County. The FHA loan limit ($552,000 for a one-unit home), the fair market rents and the help on this page are those of all of Mille Lacs County. See the county
What this place has that others do not, from public data, most unusual first.
1
62% of households in Princeton own their home, against 78% in Mille Lacs County.
2
The typical home in Princeton is worth $218,700,15% less than in Mille Lacs County as a whole ($258,300).
3
Princeton has the 12th smallest share of rent-burdened renters of the 139 cities in Minnesota with more than 5,000 people (40%).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Princeton
What homes there are in Princeton, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Princeton
Mille Lacs County
Minnesota
United States
Kind of home: Princeton and its comparisons
Measure
Princeton
Mille Lacs County
Minnesota
United States
Detached house
56%
74%
66%
61%
Attached house
13%
5%
7%
6%
Building of 2 to 4
Unreliable estimate
2%
4%
8%
Apartments (5 or more)
Unreliable estimate
10%
19%
19%
Mobile home
Unreliable estimate
10%
3%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
Detached houses are the majority in Princeton (56%), but less so than in Mille Lacs County (74%).
Year built
Before 19601960–19791980–19992000–20092010 or laterUnreliable estimate
Princeton
Mille Lacs County
Minnesota
United States
Year built: Princeton and its comparisons
Measure
Princeton
Mille Lacs County
Minnesota
United States
Before 1960
33%
25%
29%
26%
1960–1979
28%
23%
23%
24%
1980–1999
18%
23%
24%
25%
2000–2009
14%
21%
13%
14%
2010 or later
Unreliable estimate
8%
10%
11%
Homes in Princeton are older: the typical year built is 1974; in Mille Lacs County, 1982.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100KUnreliable
$100K–$200K25%
$200K–$300K43%
$300K–$500K18%
$500K–$750KUnreliable
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Princeton and its comparisons
Measure
Princeton
Under $100K
Unreliable estimate
$100K–$200K
25%
$200K–$300K
43%
$300K–$500K
18%
$500K–$750K
Unreliable
$750K–$1M
Unreliable estimate
$1M or more
Unreliable
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99940%
$1,000–$1,499Unreliable
$1,500–$1,999Unreliable
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Princeton and its comparisons
Measure
Princeton
Under $500
Unreliable estimate
$500–$999
40%
$1,000–$1,499
Unreliable estimate
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
Unreliable estimate
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable
With a mortgage
$1,483 a month
Mille Lacs County: $1,733 a month
Without a mortgage
$719 a month
Mille Lacs County: $604 a month
Owners with a mortgage
55%
Mille Lacs County: 63%
In Princeton, 55% of owners have a mortgage, and their typical cost is $1,483 a month, against $1,733 in Mille Lacs County. Without one it drops to $719.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Princeton+55%
Mille Lacs County+58%
Minnesota+47%
United States+53%
Typical rent
Princeton+47%
Mille Lacs County+19%
Minnesota+31%
United States+33%
Typical household income
Princeton+72%
Mille Lacs County+30%
Minnesota+25%
United States+29%
Change since 2015–2019: Princeton and its comparisons
Measure
Princeton
Mille Lacs County
Minnesota
United States
Typical home value
+55%
+58%
+47%
+53%
Typical rent
+47%
+19%
+31%
+33%
Typical household income
+72%
+30%
+25%
+29%
Homes in Princeton gained value more slowly than in Mille Lacs County: 55% since 2015–2019, against 58%.
Rents in Princeton rose faster than in Mille Lacs County: 47% since 2015–2019, against 19%.
The typical household income in Princeton rose 72%: more than home values (+55%) and rent (+47%).
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Princeton and its comparisons
Measure
Princeton
Mille Lacs County
Minnesota
United States
Rental vacancy
Unreliable estimate
Unreliable estimate
5.3%
5.5%
Homeowner vacancy
Unreliable estimate
Unreliable estimate
0.6%
0.9%
More than one person per room
Unreliable estimate
1.8%
2.3%
3.4%
People per household
2.52
2.50
2.43
2.53
Drive alone
83%
76%
69%
69%
Carpool
Unreliable estimate
10%
8%
9%
Public transit
Unreliable estimate
Unreliable estimate
2%
3%
Walk or bike
Unreliable estimate
2%
3%
3%
Work from home
Unreliable estimate
10%
18%
15%
Other means
Unreliable estimate
1%
1%
2%
Typical commute
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
A household in Princeton has 2.52 people on average, about the same as in Mille Lacs County (2.50).
In Princeton, 83% of workers drive alone to work; in Mille Lacs County, 76%.
Do the math
What would you pay each month for a home in Princeton?
A typical home costs more than the typical income allows
We start with a typical home in Princeton, worth $218,700, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 36% of the typical household income in Princeton, which is $62,219 a year. For that payment to be 28% of income, a household would need to earn about $80,550 a year.
The calculator's FHA and conventional loan limits are those of all of Mille Lacs County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Princeton. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $7,655 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$1,880
at 7.18% · 30 years
Loan amount
$214,738
Total interest
$308,958
Paid off in
November 2056
Includes $3,693 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,452 a month
Tight
$1,452 to $1,867 a month
Hard
more than $1,867 a month
Your payment · 36%
Compared with the typical household income in Princeton ($62,219 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,455
Property tax
$237
Home insurance
$91
FHA mortgage insurance (MIP)
$97
You need at least $7,655 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $1,880; principal and interest $1,455.
The city and its county
Princeton and Mille Lacs County
Princeton is in Mille Lacs County, Minnesota. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Princeton
Map of Mille Lacs County, Minnesota, with Princeton marked. Around it, the neighboring counties.
Princeton
Mille Lacs County
Other cities with a page
Princeton's own numbers
Typical home value
$218,700
Typical monthly rent
$991
Typical yearly household income
$62,219
Households that own their home
62%
Effective property tax rate
1.3%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Mille Lacs County
FHA limit, one-unit home
$552,000
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,124
Price change over 5 years (FHFA)
+47%
Homes in a high flood-risk zone
3.6%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Mille Lacs County.
A typical home in Princeton is worth $218,700: 15% below the county and 34% below Minnesota. With the typical household income in Princeton ($62,219 a year), a typical home costs 3.5 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Princeton3.5 years
Mille Lacs3.6 years
Minnesota3.7 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Mille Lacs County
According to FHFA’s house price index, home prices in Mille Lacs County rose 98% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Mille Lacs County.
Yearly change in FHFA’s price index in Mille Lacs County, 2016 to 2025
2016: +8.3% +8.3% 2016
2017: +4.5% +4.5% 2017
2018: +7.3% +7.3% 2018
2019: +9.2% +9.2% 2019
2020: +1.7% +1.7% 2020
2021: +13.1% +13.1% 2021
2022: +16.1% +16.1% 2022
2023: +4.8% +4.8% 2023
2024: +1.3% +1.3% 2024
2025: +5.4% +5.4% 2025
Change in FHFA’s price index in Mille Lacs County, Minnesota and the United States
Period
County
Minnesota
U.S.
Last year (2025)
+5.4%
+2.8%
+2.9%
5 years (2020–2025)
+47%
+37%
+47%
10 years (2015–2025)
+98%
+71%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Princeton next to Mille Lacs County, Minnesota and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Princeton$218,700
Mille Lacs$258,300
Minnesota$329,300
United States$332,700
Typical monthly rent
Princeton$991
Mille Lacs$903
Minnesota$1,280
United States$1,413
Typical yearly household income
Princeton$62,219
Mille Lacs$72,729
Minnesota$89,062
United States$80,734
See the full table
Princeton next to Mille Lacs County and Minnesota
Measure
Princeton
Mille Lacs County
Minnesota
U.S.
Typical home value
$218,700 ▼15% below the county
$258,300
$329,300
$332,700
Typical monthly rent
$991 ▲10% above the county
$903
$1,280
$1,413
Typical yearly household income
$62,219 ▼14% below the county
$72,729
$89,062
$80,734
Households that own their home
62% ▼16 points below the county
78%
72%
65%
Typical yearly property tax
$2,839 ▲5% above the county
$2,698
$3,357
$3,119
Effective property tax rate
1.3% ▲0.26 points above the county
1.04%
1.02%
0.94%
Renters with high rent for their income
40% ▼2 points below the county
42%
48%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Mille Lacs County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Princeton
For a typical $218,700 home in Princeton, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Princeton's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$1,879a month
Least cash to close
Down payment
$7,655
Cash to close
$14,216
Rate
7.18%
Mortgage insurance
FHA MIP · $97
Conventional, 5% down$1,839a month
Down payment
$10,935
Cash to close
$17,496
Rate
7.18%
Mortgage insurance
PMI · $104
Conventional, 20% down, no PMI$1,513a month
Down payment
$43,740
Cash to close
$50,301
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,715a month
Down payment
$32,805
Cash to close
$39,366
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Princeton
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$1,879
$7,655
$214,739
7.18%
FHA MIP · $97
$14,216
580
Conventional, 5% down
$1,839
$10,935
$207,765
7.18%
PMI · $104
$17,496
620*
Conventional, 20% down, no PMI
$1,513
$43,740
$174,960
7.18%
None
$50,301
620*
ITIN, 15% down (example)
$1,715
$32,805
$185,895
8.18%
None
$39,366
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Princeton is $991 a month: 10% above the county. In Princeton, 40% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Mille Lacs County, by unit size. To pay the 2-bedroom one ($1,124 a month) without spending more than 30% of your income, you would need to earn $21.62 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Mille Lacs County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$820
$15.77
$32,800
1 bedroom
$870
$16.73
$34,800
2 bedrooms
$1,124
$21.62
$44,960
3 bedrooms
$1,351
$25.98
$54,040
4 bedrooms
$1,879
$36.13
$75,160
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Princeton
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Princeton is in ZIP code 55371.
For 2 bedrooms it is $1,540: $416 more than the fair market rent for Mille Lacs County ($1,124).
Fair market rent by ZIP code and size in Princeton, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
55371
$1,120
$1,270
$1,540
$2,040
$2,280
ZIP code2 bd3 bd
55371 $1,540$2,040
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Princeton when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
HUD lists 4 buildings with rents for lower incomes in Princeton. These are the largest.
Princeton Apartments206 4th Ave S, Princeton 5537148 low-income homes · For older adults(763) 389-5074
The Oaks Apartments801 3rd St N, Princeton 5537141 homes, 40 low-income · Run by Hra of Princeton, Minnesota · Average payment: $435 a month · Average wait: 6 months(763) 389-2442
West Birch Townhomes504 13th Ave N, Princeton 5537140 homes, 39 low-income · 2 bd: 16 · 3 bd: 8 · In service since 1998
Belle Haven Townhomes101 18th Ave N, Princeton 5537117 homes, 16 low-income · 2 bd: 8 · 3 bd: 9 · In service since 2007 · For people experiencing homelessness
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
We found no HUD-approved agencies with an office in Mille Lacs County. The nearest ones are below; many serve by phone or online.
No down payment, repair or rent-help program on our list is for Princeton or Mille Lacs County. The ones below are statewide in Minnesota: they work in Princeton the same as in the rest of the state.
Minnesota state agency loan for the down payment and closing costs alongside the Start Up mortgage for first-time buyers: up to $14,000 (or $18,000 in the Plus version), with no interest or monthly payments, repaid at the end of the mortgage.Offered by Minnesota Housing (Minnesota Housing Finance Agency).
Minnesota Housing loan of up to $14,000 for the down payment and closing costs, which you repay over 15 years at the same rate as your Minnesota Housing mortgage; it works with Start Up (first-time buyers) or Step Up.Offered by Minnesota Housing (Minnesota Housing Finance Agency).
No legal help resource on our list is for Princeton or Mille Lacs County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Princeton and all of Mille Lacs County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Princeton?
The typical home value in Princeton is $218,700, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Mille Lacs County it is $258,300.
How much does it cost to rent in Princeton?
Typical rent in Princeton is $991 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Mille Lacs County is $1,124.
What is the FHA loan limit in Princeton?
Princeton uses the FHA limit for all of Mille Lacs County (2026): $552,000 for a one-unit home and $1,061,550 for a four-unit home.
How much property tax do owners pay in Princeton?
The typical homeowner in Princeton pays $2,839 a year, according to the U.S. Census Bureau. That is 1.3% of the home’s value; in Mille Lacs County, the rate is 1.04%.
Where can I find free help to buy or rent in Princeton?
We found no HUD-approved counseling agencies with an office in Mille Lacs County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.
