Living in Princeton, Minnesota
Cost of living, income, home prices, rent and demographics of Princeton · Census data 2020–2024
Princeton has 5,274 residents with a median age of 39.4. The median household income is $62,219 (30% lower than the Minnesota median), the median home value is $218,700, the median rent is $991/month.
Princeton at a glance
- Population
- 5,274
- Median age
- 39.4State: 38.8
- Median household income
- $62,219State: $89,062
- Median home value
- $218,700State: $329,300
- Median rent
- $991/moState: $1,280
- Homeowners
- 62.1%
- Bachelor's degree or higher
- 13.6%
- Average commute
- 26 min
Is Princeton a good place to live?
Pros: Home values 34% lower than the state median; unemployment of 1.6%; a poverty rate of 8.5%.
Cons: Median household income 30% lower than the Minnesota median; an average commute of 26 minutes.
The weather is best in June to September.
Cost of living in Princeton
Housing is the biggest part of the cost of living. In Princeton the median home value is $218,700, 34% lower than the U.S. median. Renters pay a median of $991 per month, which is 26.5% of household income. Homeowners with a mortgage pay $1,483 a month in housing costs.
Princeton median household income
The median household income in Princeton is $62,219 and the income per person is $31,770. 8.5% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Princeton: homes for sale and rent
- Housing units
- 2,238
- Owner-occupied
- 62.1%
- Renter-occupied
- 37.9%
- Vacant
- 8.9%Includes seasonal homes
- Median year built
- 1974
- Average household size
- 2.52
Princeton demographics
- Population
- 5,274
- Median age
- 39.4
- Under 18
- 18.5%
- 65 and older
- 24.4%
- Households
- 2,039
- Foreign-born
- 1.2%
- Veterans
- 7.3%Adults 18+
Hispanic or Latino can be of any race. Population history of Princeton ›
Education in Princeton
13.6% of adults 25 and older in Princeton have a bachelor's degree or higher (Minnesota: 39.4%), and 4.9% have a graduate or professional degree.
Jobs and commute in Princeton
- Unemployment rate
- 1.6%State: 4.1%
- Average commute
- 26 minState: 23 min
- Work from home
- 4.9%
- Drive alone
- 83.3%
- Public transit
- 1%
- Walk to work
- 0.6%
- Homes with broadband
- 87.2%
Princeton vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Princeton | 5,274 | $62,219 | $218,700 | $991 |
| Zimmerman | 6,546 | $85,645 | $323,600 | $1,398 |
| Pease | 217 | $66,667 | $178,900 | $1,116 |
| Foreston | 757 | $92,000 | $253,600 | $1,278 |
| Milaca | 3,044 | $49,588 | $203,400 | $835 |
| St. Francis | 8,372 | $111,198 | $327,600 | $1,287 |
| Elk River | 26,793 | $108,741 | $370,100 | $1,283 |
| Foley | 2,675 | $58,833 | $203,800 | $1,041 |
| Big Lake | 12,367 | $120,549 | $330,200 | $1,340 |
More for people moving to Princeton
Princeton ZIP code ›Weather and climate ›Living in Princeton: FAQ
What is the median household income in Princeton, MN?
The median household income in Princeton is $62,219, 30% lower than the Minnesota median of $89,062 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Princeton?
The median home value in Princeton is $218,700, compared with $329,300 in Minnesota.
How much is rent in Princeton?
The median gross rent in Princeton is $991 per month, about 26.5% of household income.
Is Princeton, MN a good place to live?
Pluses: home values 34% lower than the state median; unemployment of 1.6%; a poverty rate of 8.5%. Minuses: median household income 30% lower than the Minnesota median; an average commute of 26 minutes.
What is the median age in Princeton?
The median age in Princeton is 39.4 years (Minnesota: 38.8).
How long is the commute in Princeton?
The average commute to work in Princeton is 26 minutes; 4.9% of workers work from home.
What is the unemployment rate in Princeton?
The unemployment rate in Princeton is 1.6% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Princeton?
13.6% of adults in Princeton have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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