Princeton, New Jersey Housing Market Prices
Princeton Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 30% below the New Jersey median$247,618
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Median rent 53% above the New Jersey median$2,636
Housing Market Overview
| Metric | Princeton | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $247,618 | $352,792 | $248,835 |
| Price Trend (Annual %) | -9.9% | 4.4% | 7.5% |
| Median Gross Rent | $2,636 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 8.4% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Princeton is about 30% lower than in New Jersey. Rent is about 53% higher than the New Jersey average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Princeton: home prices fell about 9.9% a year while rent rose about 8.4% a year. That is an unusual pattern worth watching.
Median rent in Princeton rose about 102.9% between 2015 and 2024, from $1,299 to $2,636. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Princeton.
Buying the median-priced home in Princeton costs roughly 7.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Princeton. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | Princeton | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $247,618 | $352,792 | $248,835 |
| Median Household Income | $195,703 | $103,817 | $80,455 |
| Price-to-Income Ratio | 1.3 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Princeton fell about 74.0%, while median household income rose about 76.8% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Princeton | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.0% | 59.1% | 58.5% |
| Rental Rate | 41.9% | 33.5% | 31.2% |
| Vacancy Rate | 6.1% | 7.5% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Princeton has a homeownership rate of 52.0%, lower than the New Jersey average of 59.1%. Its housing vacancy rate is 6.1%, compared with 7.5% in New Jersey.
Housing Stock
| Metric | Princeton | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1968 | 1968 | 1978 |
| Median Number of Rooms | 6.3 | 5.7 | 5.5 |
The typical housing unit in Princeton was built around 1968. On average, 2.5 people live in a home with about 6.3 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Princeton, New Jersey.
What is the median home price in Princeton, New Jersey?
The median home price in Princeton, New Jersey is $247,618, lower than the New Jersey average of $352,792.
What is the average home price in Princeton, New Jersey?
The typical home price in Princeton, New Jersey, reported as the median sale price, is $247,618. 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, New Jersey?
The median gross rent in Princeton, New Jersey is $2,636 per month, higher than the New Jersey average of $1,719.
What was the median gross rent in Princeton in 2020?
In 2020, the median gross rent in Princeton, New Jersey was $1,704 per month.
What is the price-to-rent ratio in Princeton, New Jersey?
The price-to-rent ratio in Princeton, New Jersey is about 7.8, meaning it would take roughly 7.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Princeton.
Are home prices or rent rising faster in Princeton, New Jersey?
Home prices and rent are moving in opposite directions in Princeton: home prices fell about 9.9% a year while rent rose about 8.4% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Princeton, New Jersey?
52.0% of households in Princeton, New Jersey own their home, lower than the New Jersey average of 59.1%.
What is the vacancy rate in Princeton, New Jersey?
The housing vacancy rate in Princeton, New Jersey is 6.1%, lower than the New Jersey average of 7.5%.
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