States › Minnesota › Princeton

Is Princeton, MN expensive to live in?

OKRent takes 22 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,21431% lower than U.S. average
💵 Families earn per year (2026)$67,103about $5,592/month · 23% lower than U.S. average
🔑 House price$218,70034% lower than U.S. average

Rent is lower than in 75% of U.S. cities. A typical house costs about 3.3 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $48,560 a year. That is $23 an hour at a full-time job.

Is rent cheaper than other Minnesota cities?

Yes. Rent here is cheaper than in most of Minnesota. It is number 33 of 150 cities from cheapest to most expensive.

Princeton
$1,214
La Crescent
$814
Montevideo
$941
North Oaks
$3,500+
Morris
$1,083
St. Paul Park
$2,404
Falcon Heights
$1,298

How much do households earn in Princeton?

Under $25k
20.3%
$25k–50k
24.3%
$50k–100k
33.9%
$100k–150k
16.6%
$150k+
2.6%

Share of households by yearly income. 19.2% of households earn $100,000 or more.

Rent by apartment size in Princeton

SizePrincetonU.S. average
1 bedroom$877$1,324
2 bedrooms$1,032$1,509
3 bedrooms$1,894$1,698

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

How expensive is Princeton overall?

Everyday prices in Minnesota overall are 1% below the U.S. average (index 98.6, U.S. = 100).

Housing
91
Goods (food, clothes…)
101
Utilities
91
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 Minnesota figure is shown.

Taxes and bills in Princeton

🏛️ Property tax$2,839a year · 1.30% of home value · U.S. $3,119
⚡ Electric bill$132a month (typical) · U.S. $156

Life in Princeton

Commute to work25.8 minU.S.: 26.4 min
College degree13.6%U.S.: 35.7%
Own their home62.1%U.S.: 65.2%
Below poverty line8.5%U.S.: 12.5%
Unemployment1.6%U.S.: 5.2%

Is it cheaper to rent or buy in Princeton?

Renting is cheaper right now: about $303 a month less.

Renting
$1,214
Owning
$1,517

Owning assumes a typical $218,700 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $21,870 for the down payment.

Frequently asked questions

What is the average rent in Princeton, MN?

Renting in Princeton costs a median of about $1,214 a month in 2026, including utilities. The Minnesota median is $1,525.

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

To keep rent under 30% of income, you need about $48,560 a year, or $23 an hour at a full-time job.

Is Princeton cheap or expensive?

Princeton is rated OK: rent takes 21.7% of the typical household income of $67,103. It ranks 33rd cheapest of 150 Minnesota cities we track.

How much are property taxes in Princeton?

The median homeowner in Princeton pays $2,839 a year in property taxes, about 1.30% of the median home value.

Is Princeton more expensive than the national average?

Overall prices in Minnesota are 1% below 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 $218,700, about 3.3 times the typical yearly household income.

5,274 people live in Princeton. Numbers are typical (middle) values.