Princeton, NJ Cost Of Living
Cost Of Living In Princeton, NJ Summary
Cost of living in Princeton research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Princeton is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New Jersey, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Princeton is 180, with 100 being the average.
The cost of living index in Princeton is 1.8x higher than the national average.
Princeton ranks as the #238 cheapest in New Jersey out of 251.
Princeton ranks as the #6,208 cheapest out of 6,412 in the US.
The median home value in Princeton is $893,600.
The median income in Princeton is $165,149.
Table Of Contents
Princeton's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Princeton, NJ?
According to the most recent data on the cost of living, Princeton has an overall cost of living index of 180, which is 1.8x higher than the national index of 100.
Compared to New Jersey, Princeton has a cost of living index that's 1.6x higher than New Jersey's index of 111.
The standard of living in Princeton ranks as #238 most affordable out of the 251 places we measured in New Jersey. By definition, that implies Princeton ranks as the #13 most expensive place in the Garden State.
For more reading on life in Princeton, check out:
- Living In Princeton
- Princeton Crime Report
- Search Homes For Sale In Princeton, NJ
In New Jersey
In America
Princeton Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Princeton. Here is how it fairs on each of the criteria:
The Services index in Princeton is 111.
The Groceries index in Princeton is 108.
The Health index in Princeton is 102.
The Housing index in Princeton is 351.
The Transportation index in Princeton is 107.
The Utilities index in Princeton is 102.
| Living Expense | Princeton | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 180 | 111 | 100 | |
| Services | 111 | 104 | 100 | |
| Groceries | 108 | 104 | 100 | |
| Health | 102 | 95 | 100 | |
| Housing | 351 | 130 | 100 | |
| Transportation | 107 | 106 | 100 | |
| Utilities | 102 | 108 | 100 | |
Princeton, NJ Housing Cost Breakdown
Housing swings affordability the most between places in New Jersey, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Princeton is $893,600.
The Median Rent in Princeton is $2,025.
The Median Income in Princeton is $165,149.
The Home Value To Income in Princeton is 5.4x.
The Rent To Monthly Income in Princeton is 0.15x.
| Statistic | Princeton | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $893,600 | $355,700 | $244,900 |
| Median Rent | $2,025 | $1,436 | $1,163 |
| Median Income | $165,149 | $89,703 | $69,021 |
| Home Value To Income | 5.4x | 4.0x | 3.5x |
| Rent To Monthly Income | 0.15x | 0.19x | 0.2x |
Median Home Value
Median Rent
Median Income
Princeton, NJ Costs By Category
Detailed Princeton Services Costs Vs. New Jersey
| Item | Princeton | New Jersey |
|---|---|---|
| Shampoo | $1.03 | $1.06 |
| Movie | $12.59 | $10.68 |
| Bowling | $17.73 | $14.67 |
| Haircut | $20.73 | $18.62 |
| Beauty Salon | $36.4 | $39.05 |
Detailed Princeton Groceries Costs Vs. New Jersey
| Item | Princeton | New Jersey |
|---|---|---|
| Ground Beef | $3.87 | $4.22 |
| Fried Chicken | $1.67 | $1.39 |
| Milk | $2.41 | $2.05 |
| Potatoes | $3.09 | $3.29 |
| Pizza | $11.4 | $10.62 |
| Beer | $9.19 | $9.38 |
| Toothpaste | $2.16 | $2.34 |
Detailed Princeton Health Costs Vs. New Jersey
| Item | Princeton | New Jersey |
|---|---|---|
| Optometrist | $101.33 | $108.57 |
| Doctor | $94.5 | $116.17 |
| Dentist | $113.15 | $99.13 |
Detailed Princeton Transportation Costs Vs. New Jersey
| Item | Princeton | New Jersey |
|---|---|---|
| Gasoline | $2.26 | $2.22 |
| Tire Balancing | $56.66 | $50.07 |
Detailed Princeton Utilities Costs Vs. New Jersey
| Item | Princeton | New Jersey |
|---|---|---|
| All Electricity | $174.26 | $167.67 |
| Phone | $179.87 | $175.64 |
Princeton SnackAbility
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