Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Princeton | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $405,306 | $293,727 | $242,182 |
| Price Trend (Annual %) | 20.1% | 12.0% | 8.2% |
| Median Gross Rent | $1,615 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Princeton is about 38% higher than in Florida. Rent is about 3% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Princeton, up about 20.1% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Princeton rose about 33.8% between 2015 and 2023, from $1,207 to $1,615. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.9 yearly household incomes in Princeton.
Buying the median-priced home in Princeton costs roughly 20.9 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Princeton. The price-to-rent ratio in Florida is about 15.7.
| Metric | Princeton | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $405,306 | $293,727 | $242,182 |
| Median Household Income | $82,116 | $71,865 | $78,145 |
| Price-to-Income Ratio | 4.9 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Princeton rose about 242.8%, while median household income rose about 90.0% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Princeton | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.9% | 57.1% | 58.2% |
| Rental Rate | 28.0% | 27.7% | 31.3% |
| Vacancy Rate | 3.1% | 15.2% | 10.6% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Princeton has a homeownership rate of 68.9%, higher than the Florida average of 57.1%. Its housing vacancy rate is 3.1%, compared with 15.2% in Florida.
Housing Stock
| Metric | Princeton | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.45 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 2006 | 1987 | 1978 |
| Median Number of Rooms | 5.8 | 5.2 | 5.5 |
The typical housing unit in Princeton was built around 2006. On average, 3.4 people live in a home with about 5.8 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Princeton, Florida.
What is the median home price in Princeton, Florida?
The median home price in Princeton, Florida is $405,306, higher than the Florida average of $293,727.
What is the average home price in Princeton, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Princeton, Florida?
The median gross rent in Princeton, Florida is $1,615 per month, higher than the Florida average of $1,564.
What was the median gross rent in Princeton in 2020?
In 2020, the median gross rent in Princeton, Florida was $1,340 per month.
What is the price-to-rent ratio in Princeton, Florida?
The price-to-rent ratio in Princeton, Florida is about 20.9, meaning it would take roughly 20.9 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Princeton.
Are home prices or rent rising faster in Princeton, Florida?
Both home prices and rent are rising in Princeton, up about 20.1% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Princeton, Florida?
68.9% of households in Princeton, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Princeton, Florida?
The housing vacancy rate in Princeton, Florida is 3.1%, lower than the Florida average of 15.2%.