Living in Pennington, New Jersey
Cost of living, income, home prices, rent and demographics of Pennington · Census data 2020–2024
Pennington has 2,827 residents with a median age of 47.8. The median household income is $192,586 (86% higher than the New Jersey median), the median home value is $672,900, the median rent is $1,886/month.
Pennington at a glance
- Population
- 2,827
- Median age
- 47.8State: 40.1
- Median household income
- $192,586State: $103,556
- Median home value
- $672,900State: $454,400
- Median rent
- $1,886/moState: $1,720
- Homeowners
- 81.7%
- Bachelor's degree or higher
- 73.4%
- Average commute
- 27 min
Is Pennington a good place to live?
Pros: Median household income 86% higher than the New Jersey median; an average commute of 27 minutes; unemployment of 2.4%; a poverty rate of 4.8%.
Cons: Home values 48% higher than the state median.
The weather is best in May–June and August–September.
Cost of living in Pennington
Housing is the biggest part of the cost of living. In Pennington the median home value is $672,900, 102% higher than the U.S. median. Renters pay a median of $1,886 per month, which is 28.2% of household income. Homeowners with a mortgage pay $3,463 a month in housing costs.
Pennington median household income
The median household income in Pennington is $192,586 and the income per person is $97,605. 4.8% of residents live below the poverty line (New Jersey: 9.7%).
Housing in Pennington: homes for sale and rent
- Housing units
- 1,250
- Owner-occupied
- 81.7%
- Renter-occupied
- 18.3%
- Vacant
- 7.8%Includes seasonal homes
- Median year built
- 1953
- Average household size
- 2.35
Pennington demographics
- Population
- 2,827
- Median age
- 47.8
- Under 18
- 22%
- 65 and older
- 23%
- Households
- 1,152
- Foreign-born
- 9%
- Veterans
- 2.6%Adults 18+
Hispanic or Latino can be of any race. Population history of Pennington ›
Education in Pennington
73.4% of adults 25 and older in Pennington have a bachelor's degree or higher (New Jersey: 43.6%), and 41.9% have a graduate or professional degree.
Jobs and commute in Pennington
- Unemployment rate
- 2.4%State: 6.3%
- Average commute
- 27 minState: 31 min
- Work from home
- 24.1%
- Drive alone
- 61.6%
- Public transit
- 3.3%
- Walk to work
- 4.4%
- Homes with broadband
- 96.4%
Pennington vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Pennington | 2,827 | $192,586 | $672,900 | $1,886 |
| Lawrenceville | 3,924 | $122,614 | $411,900 | $2,241 |
| Lawrence | 32,313 | $130,142 | $439,700 | $2,020 |
| Washington Crossing | 536 | $186,458 | $427,800 | — |
| Ewing | 35,604 | $91,267 | $294,400 | $1,679 |
| Hopewell | 1,823 | $145,114 | $586,600 | $1,856 |
| Titusville | 501 | $120,234 | $341,200 | — |
| West Amwell | 3,027 | $151,250 | $596,900 | $2,217 |
| Yardley | 2,609 | $112,500 | $480,300 | $1,404 |
More for people moving to Pennington
Pennington ZIP code ›Weather and climate ›Living in Pennington: FAQ
What is the median household income in Pennington, NJ?
The median household income in Pennington is $192,586, 86% higher than the New Jersey median of $103,556 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Pennington?
The median home value in Pennington is $672,900, compared with $454,400 in New Jersey.
How much is rent in Pennington?
The median gross rent in Pennington is $1,886 per month, about 28.2% of household income.
Is Pennington, NJ a good place to live?
Pluses: median household income 86% higher than the New Jersey median; an average commute of 27 minutes; unemployment of 2.4%; a poverty rate of 4.8%. Minuses: home values 48% higher than the state median.
What is the median age in Pennington?
The median age in Pennington is 47.8 years (New Jersey: 40.1).
How long is the commute in Pennington?
The average commute to work in Pennington is 27 minutes; 24.1% of workers work from home.
What is the unemployment rate in Pennington?
The unemployment rate in Pennington is 2.4% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Pennington?
73.4% of adults in Pennington 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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