States › Illinois › Princeton

Is Princeton, IL expensive to live in?

CheapRent takes 18 cents of every $1 people earn here.
🏠 Rent per month (2026)$99144% lower than U.S. average
💵 Families earn per year (2026)$66,809about $5,567/month · 23% lower than U.S. average
🔑 House price$134,70060% lower than U.S. average

Rent is lower than in 88% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Commutes are short, about 18.2 minutes.

How much money do I need?

To rent here comfortably, you should earn about $39,640 a year. That is $19 an hour at a full-time job.

Is rent cheaper than other Illinois cities?

Yes. Rent here is cheaper than in most of Illinois. It is number 52 of 334 cities from cheapest to most expensive.

Princeton
$991
Rockton
$1,079
Lincolnshire
$3,161
Silvis
$1,067
South Beloit
$1,075
Island Lake
$2,072
Round Lake Park
$1,550

How much do households earn in Princeton?

Under $25k
19.0%
$25k–50k
24.8%
$50k–100k
33.5%
$100k–150k
16.7%
$150k+
2.9%

Share of households by yearly income. 19.7% of households earn $100,000 or more.

Rent by apartment size in Princeton

SizePrincetonU.S. average
Studio$378$1,338
1 bedroom$686$1,324
2 bedrooms$979$1,509
3 bedrooms$1,090$1,698

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Princeton overall?

Everyday prices in Illinois overall are same as the U.S. average (index 100.0, U.S. = 100).

Housing
94
Goods (food, clothes…)
104
Utilities
85
Other services
100
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Princeton, so the Illinois figure is shown.

Taxes and bills in Princeton

🏛️ Property tax$2,556a year · 1.90% of home value · U.S. $3,119
⚡ Electric bill$151a month (typical) · U.S. $156

Life in Princeton

Commute to work18.2 minU.S.: 26.4 min
College degree26.3%U.S.: 35.7%
Own their home68.6%U.S.: 65.2%
Below poverty line12.7%U.S.: 12.5%
Unemployment5.4%U.S.: 5.2%

Is it cheaper to rent or buy in Princeton?

Buying is cheaper month to month: about $56 a month less than renting.

Renting
$991
Owning
$935

Owning assumes a typical $134,700 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $13,470 for the down payment.

Frequently asked questions

What is the average rent in Princeton, IL?

Renting in Princeton costs a median of about $991 a month in 2026, including utilities. The Illinois median is $1,517.

How much do I need to make to live in Princeton?

To keep rent under 30% of income, you need about $39,640 a year, or $19 an hour at a full-time job.

Is Princeton cheap or expensive?

Princeton is rated Cheap: rent takes 17.8% of the typical household income of $66,809. It ranks 52nd cheapest of 334 Illinois cities we track.

How much are property taxes in Princeton?

The median homeowner in Princeton pays $2,556 a year in property taxes, about 1.90% of the median home value.

Is Princeton more expensive than the national average?

Overall prices in Illinois are same as the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Princeton?

The median home value in Princeton is $134,700, about 2.0 times the typical yearly household income.

7,975 people live in Princeton. Numbers are typical (middle) values.