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City · 30,756 residents · Mercer County, New Jersey

Princeton , New Jersey

In Princeton, a typical home is worth $1,050,600 and typical rent is $2,636 a month. Compared with all of Mercer County, the typical home value is 178% higher, typical household income is 91% higher, and the share of households that own their home is 7 points lower.

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  • Typical home value

    $1,050,600

    178% above the county

    131% above New Jersey

    • Princeton
    • Mercer
    • New Jersey

  • Typical rent

    $2,636a month

    62% above the county

    53% above New Jersey

    • Princeton
    • Mercer
    • New Jersey

  • Typical household income

    $192,079a year

    91% above the county

    85% above New Jersey

    • Princeton
    • Mercer
    • New Jersey

  • Households that own their home

    55%

    7 points below the county

    8 points below New Jersey

    • Princeton
    • Mercer
    • New Jersey

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$954,354
3.3% more than 12 months ago
Typical rent
$3,350 a month
3.7% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Princeton is in Mercer County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Mercer County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Princeton apart

What this place has that others do not, from public data, most unusual first.

  1. The typical household income in Princeton is $192,079, 91% more than in Mercer County as a whole ($100,645).

  2. The typical home in Princeton is worth $1,050,600, 178% more than in Mercer County as a whole ($377,700).

  3. The typical rent in Princeton is $2,636 a month, 62% more than in Mercer County as a whole ($1,623).

  4. Nearby, in Monmouth Junction, the typical home value is $552,900: 47% less than in Princeton ($1,050,600).

  5. Nearby, in Heathcote, the typical rent is $1,623: 38% less than in Princeton ($2,636).

  6. 55% of households in Princeton own their home, against 62% in Mercer County.

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

In Princeton, 5 in 10 homes are single-family detached houses; in Mercer County, 5.

Year built

Homes in Princeton are older: the typical year built is 1965; in Mercer County, 1969.

Homes in Princeton are bigger: 65% have 3 bedrooms or more; in Mercer County, 59%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

Owners with a mortgage

54%

Mercer County: 62%

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

Homes in Princeton gained value more slowly than in Mercer County: 21% since 2015–2019, against 30%.

Rents in Princeton rose faster than in Mercer County: 72% since 2015–2019, against 28%.

The typical household income in Princeton rose 40% over that time; home values changed +21% and rent +72%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasurePrincetonMercer CountyNew JerseyUnited States
Rental vacancy Unreliable estimate2.9%3.5%5.5%
Homeowner vacancy Unreliable estimate0.4%0.7%0.9%
More than one person per room Unreliable estimate3.7%4.0%3.4%
People per household 2.542.562.622.53
Drive alone 32%60%62%69%
Carpool 2%9%8%9%
Public transit 8%5%8%3%
Walk or bike 25%4%3%3%
Work from home 33%20%17%15%
Other means Unreliable estimate3%2%2%
Typical commute 10 to 19 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

Much as in Mercer County, a household in Princeton has 2.54 people on average.

More people walk or bike to work in Princeton: 25%, against 4% in Mercer County.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

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 $1,050,600, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 56% of the typical household income in Princeton, which is $192,079 a year. For that payment to be 28% of income, a household would need to earn about $381,057 a year. Note: at that price the loan is above the FHA limit for Mercer County ($541,287), so FHA would not insure it; the payment is only a reference.

The calculator's FHA and conventional loan limits are those of all of Mercer County.

Your numbers

Local data
$

Starts at the typical home value in Princeton. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $36,771 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$8,891

at 7.18% · 30 years

Loan amount
$1,031,571
Total interest
$1,484,189
Paid off in
November 2056

Includes $17,742 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $4,482 a month

  • Tight

    $4,482 to $5,762 a month

  • Hard

    more than $5,762 a month

    Your payment · 56%

Compared with the typical household income in Princeton ($192,079 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$8,891
Principal & interest$6,988
Property tax$832
Home insurance$438
FHA mortgage insurance (MIP)$634

This loan is over the FHA limit

You'd borrow $1,013,829, but the FHA limit for a one-unit home in Princeton is $541,287. You'd need a bigger down payment or a different loan.

You need at least $36,771 for the down payment, plus closing costs.

Next step

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.

The city and its county

Princeton and Mercer County

Princeton is in Mercer County, New Jersey. 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's own numbers

Typical home value
$1,050,600
Typical monthly rent
$2,636
Typical yearly household income
$192,079
Households that own their home
55%
Effective property tax rate
0.95%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Mercer County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$2,242
Price change over 5 years (FHFA)
+68%
Homes in a high flood-risk zone
1.7%

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 Mercer County.

Everything about Mercer County

Buying

Buying a home in Princeton

A typical home in Princeton is worth $1,050,600: 178% above the county and 131% above New Jersey. With the typical household income in Princeton ($192,079 a year), a typical home costs 5.5 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.

  • Princeton 5.5 years
  • Mercer 3.8 years
  • New Jersey 4.4 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Mercer County

According to FHFA’s house price index, home prices in Mercer County rose 87% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Mercer County.

Period County New Jersey U.S.
Last year (2025) +5.7% +6.2% +2.9%
5 years (2020–2025) +68% +63% +47%
10 years (2015–2025) +87% +88% +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 Mercer County, New Jersey and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Princeton $1,050,600
  • Mercer $377,700
  • New Jersey $454,400
  • United States $332,700
Typical monthly rent
  • Princeton $2,636
  • Mercer $1,623
  • New Jersey $1,720
  • United States $1,413
Typical yearly household income
  • Princeton $192,079
  • Mercer $100,645
  • New Jersey $103,556
  • United States $80,734
See the full table
Princeton next to Mercer County and New Jersey
Measure Princeton Mercer County New Jersey U.S.
Typical home value $1,050,600 $377,700 $454,400 $332,700
Typical monthly rent $2,636 $1,623 $1,720 $1,413
Typical yearly household income $192,079 $100,645 $103,556 $80,734
Households that own their home 55% 62% 64% 65%
Typical yearly property tax $10,001 $8,909 $9,590 $3,119
Effective property tax rate 0.95% 2.36% 2.11% 0.94%
Renters with high rent for their income 36% 50% 52% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Mercer 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 $1,050,600 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 $8,891a month

    Above the FHA limit for Mercer County ($541,287)
    Down payment
    $36,771
    Cash to close
    $68,289
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $634

  • Conventional, 5% down $8,530a month

    Above the conventional limit for Mercer County ($832,750): it would be a "jumbo" loan
    Down payment
    $52,530
    Cash to close
    $84,048
    Rate
    7.18%
    Mortgage insurance
    PMI · $499

  • Conventional, 20% down, no PMI $6,963a month

    Above the conventional limit for Mercer County ($832,750): it would be a "jumbo" loan
    Down payment
    $210,120
    Cash to close
    $241,638
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $7,934a month

    Down payment
    $157,590
    Cash to close
    $189,108
    Rate
    8.18%
    Mortgage insurance
    None
  • 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.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Princeton and for Mercer County.

Property tax

Effective rate in Princeton

0.95%of the home’s value each year

$10,001 a year for the typical owner in Princeton.

  • Princeton 0.95%
  • Mercer 2.36%
  • New Jersey 2.11%

What New Jersey publishes ANCHOR, Senior Freeze and Stay NJ: one combined application (New Jersey Division of Taxation)

Exemptions and deadlines in New Jersey

Flood risk in Mercer County

FEMA does not publish these numbers by city: they are for all of Mercer County.

Homes in the high-risk zone
1.7%
1,826
Of those, with NFIP insurance
42%
County New Jersey U.S.
Homes in the high-risk zone 1.7% 6.7% 3.5%
Of those, with NFIP insurance 42% 63% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Princeton

Typical rent in Princeton is $2,636 a month: 62% above the county. In Princeton, 36% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Mercer County, by unit size. To pay the 2-bedroom one ($2,242 a month) without spending more than 30% of your income, you would need to earn $43.12 an hour working full time.

HUD fair market rent for all of Mercer County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,561 $30.02 $62,440
1 bedroom $1,764 $33.92 $70,560
2 bedrooms $2,242 $43.12 $89,680
3 bedrooms $2,741 $52.71 $109,640
4 bedrooms $3,081 $59.25 $123,240

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 has 3 ZIP codes with their own.

For 2 bedrooms it runs from $2,890 in 08540 to $3,360 in 08542.

3 of the 3 are above the fair market rent for Mercer County ($2,242).

  • 08540 $2,890$3,500
  • 08542 $3,360$4,110
  • 08544 $3,000$3,640

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 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Princeton

HUD lists 10 buildings with rents for lower incomes in Princeton. These are the largest.

  • Redding Circle 1 Redding Cir, Princeton 08540 197 low-income homes · For families (609) 924-3448
  • Elm Court 300 Elm Rd, Princeton 08540 89 homes, 88 low-income · For older adults
  • Elm Court II 310 Elm Rd, Princeton 08540 67 low-income homes · For older adults
  • Karin Court 50 Clay St, Princeton 16 low-income homes · In service since 2012
  • Karin Court 16 Karin Ct, Princeton 08540 11 low-income homes · For families

See all 131 buildings in Mercer County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Princeton

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.

There are 2 HUD-approved agencies with an office in Mercer County; 1 says it serves in Spanish.

A man leans over the armchair to help a teenage girl with her book.

HUD counseling is free or low-cost

Assistance programs in Princeton

No down payment, repair or rent-help program on our list is for Princeton or Mercer County. The ones below are statewide in New Jersey: they work in Princeton the same as in the rest of the state.

Which programs do I qualify for? All programs in New Jersey

Housing counselors near Princeton

The HUD-approved agencies closest to the center of Princeton, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Isles, Incorporated

    10 Wood St, Trenton · 11 miles away · Spanish

    Also serves in Cantonese.

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 2 more
    (609) 341-4700

  • Housing & Community Development Network of New Jersey

    145 West Hanover Street, Trenton · 11 miles away

    (917) 974-5922

  • Central Jersey Housing Resource Center, Inc.

    92 E Main St, Somerville · 15 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and credit workshops
    • and 7 more
    (908) 446-0036

Every agency in Mercer County All counseling agencies in New Jersey

Help in Spanish near Princeton

2 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Princeton

HUD’s record names them for Princeton or Mercer County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

4 other authorities have an office in Mercer County: see the list Source: HUD

Cities

Other cities in Mercer County

These cities are also in Mercer County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Mercer County Housing in New Jersey

Nearby cities

The cities closest to Princeton, with the typical home value.

Neighboring counties

If Mercer County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Princeton.

All guides
A couple spread mulch under the avocado trees of their family orchard, he on the tractor and she with a shovel.

Questions

Housing questions about Princeton

Short answers with the numbers for Princeton and all of Mercer 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 $1,050,600, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Mercer County it is $377,700.

How much does it cost to rent in Princeton?

Typical rent in Princeton is $2,636 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Mercer County is $2,242.

What is the FHA loan limit in Princeton?

Princeton uses the FHA limit for all of Mercer County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Princeton?

The typical homeowner in Princeton pays $10,001 a year, according to the U.S. Census Bureau. That is 0.95% of the home’s value; in Mercer County, the rate is 2.36%.

Where can I find free help to buy or rent in Princeton?

There are 2 HUD-approved counseling agencies with an office in Mercer County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).