salaryRent is higher than in 77% of U.S. cities. Household incomes are higher than in 88% of U.S. cities. A typical house costs about 4.3 years of household income. It is a highly educated city: 57.1% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $88,720 a year. That is $43 an hour at a full-time job.
Is rent cheaper than other New Jersey cities?
Yes. Rent here is cheaper than in most of New Jersey. It is number 139 of 291 cities from cheapest to most expensive.
How much do households earn in Preakness?
Share of households by yearly income. 52.3% of households earn $100,000 or more.
Rent by apartment size in Preakness
| Size | Preakness | U.S. average |
|---|---|---|
| Studio | $967 | $1,338 |
| 1 bedroom | $1,727 | $1,324 |
| 2 bedrooms | $2,532 | $1,509 |
| 3 bedrooms | $2,493 | $1,698 |
| 4 bedrooms | $3,213 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Preakness overall?
Everyday prices in New Jersey overall are 9% above the U.S. average (index 108.8, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Preakness, so the New Jersey figure is shown.
Taxes and bills in Preakness
Life in Preakness
Is it cheaper to rent or buy in Preakness?
Renting is cheaper right now: about $2,068 a month less.
Owning assumes a typical $617,700 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $61,770 for the down payment.
Frequently asked questions
What is the average rent in Preakness, NJ?
Renting in Preakness costs a median of about $2,218 a month in 2026, including utilities. The New Jersey median is $2,240.
How much do I need to make to live in Preakness?
To keep rent under 30% of income, you need about $88,720 a year, or $43 an hour at a full-time job.
Is Preakness cheap or expensive?
Preakness is rated Cheap: rent takes 18.5% of the typical household income of $143,662. It ranks 139th cheapest of 291 New Jersey cities we track.
How much are property taxes in Preakness?
The median homeowner in Preakness pays $10,000+ a year in property taxes, about 1.62% of the median home value.
Is Preakness more expensive than the national average?
Overall prices in New Jersey are 9% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Preakness?
The median home value in Preakness is $617,700, about 4.3 times the typical yearly household income.
18,520 people live in Preakness. Numbers are typical (middle) values.