Mortgage payment estimates, closing cost breakdowns, and homebuying data for Princeton, New Jersey.
Median Home Price
$850K
Population
32K
Avg Monthly Rent
$2,450
Property Tax Rate
2.47% *
* Property tax shown is the New Jersey state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Princeton.
Princeton vs New Jersey Median
The median home price in Princeton is $850,000, which is 68% above the New Jersey state median of $505,000.
Mortgage Calculator — Princeton, NJ
Pre-filled with Princeton median home price and New Jersey tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $850K home using New Jersey's 2.47% tax rate and $1,500/yr insurance.
5% Down
$7,450/mo
Down: $42,500
Loan: $808K
P&I: $5,104
Tax: $1,750
Insurance: $125
PMI: $471
10% Down
$7,156/mo
Down: $85,000
Loan: $765K
P&I: $4,835
Tax: $1,750
Insurance: $125
PMI: $446
20% Down (No PMI)
$6,173/mo
Down: $170,000
Loan: $680K
P&I: $4,298
Tax: $1,750
Insurance: $125
Income needed (28% rule): $265K/year with 20% down, $307K/year with 10% down.
Rent vs Buy in Princeton
Rent
$2,450/mo
vs
Buy (10% down)
$7,156/mo
Price-to-rent ratio: 28.9 — At a ratio above 20, renting may be more economical in Princeton for shorter stays. Buying costs $4,706 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Princeton is $850,000, 68% above the New Jersey state median of $505,000. With a population of 31,822, Princeton is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in New Jersey average 2.47% annually. This higher-than-average tax rate means a $850,000 home in Princeton would carry roughly $1,750/month in property taxes alone — plan accordingly. Homeowners insurance in New Jersey runs approximately $1,500 per year. This is within the normal range nationally.
Average rent in Princeton is $2,450/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Princeton is a higher-cost market. At $850K median, buyers need significant savings or strong income. Down payment assistance through New Jersey's NJHMFA DPA Program program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Princeton.