Princeton, IL
Population 7,829 · Illinois
About Princeton, IL
Princeton is a small town located in Illinois with a population of 7,829 residents according to the latest US Census Bureau American Community Survey data. The median household income is $57,682 per year, which is 23% below the national median of $75,149. The median age of 45.4 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Princeton features a median home value of $131,300, which is 46% below the national median of $244,900. This makes Princeton one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $739, 36% below the national average of $1,163/month. Of the 3,746 total housing units, 71% are owner-occupied (2,458 units) and 29% are renter-occupied (985 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Princeton shows an unemployment rate of 7.7%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 15.8%, above the national average of 12.4%. Workers in Princeton have an average one-way commute time of 17.3 minutes, one of the shorter commutes in the region.
Education & Demographics
25.3% of Princeton residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 3.3% White, 0.6% Hispanic or Latino, 0.0% Black or African American, and 0.5% Asian residents, with 1.9% of the population being foreign-born.
Cost of Living in Princeton, IL
Compared to national averages, Princeton has a median household income of $57,682 (23% below the national median of $75,149). Home values average $131,300, which is 46% below the national median. Monthly rent at $739 is 36% below the US average of $1,163. Within Illinois, Princeton's income is 23% below the state average of $75,072, and home values are 21% below the state median of $165,779.
Why Live in Princeton, IL?
Princeton offers affordable housing with a median home value of $131,300, below the US average of $244,900, and rent that’s lower than the national average at $739/month, and short commute times averaging just 17.3 minutes.
Potential considerations include median household income ($57,682) that falls below the national average. However, Princeton’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Princeton has a population of 7,829 with a median age of 45.4 years. Compare Princeton with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Princeton
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Round Lake Park | 7,833 | $57,486 | $157,900 | Compare |
| West Dundee | 7,867 | $104,750 | $342,900 | Compare |
| Broadview | 7,898 | $60,139 | $240,600 | Compare |
| South Beloit | 7,930 | $81,836 | $160,800 | Compare |
| Lincolnshire | 7,937 | $179,735 | $625,800 | Compare |
| Silvis | 7,939 | $67,569 | $161,300 | Compare |
| Island Lake | 8,023 | $98,125 | $241,900 | Compare |
| Park City | 7,631 | $62,875 | $0 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Princeton With Other Cities
Frequently Asked Questions about Princeton
What is the population of Princeton, IL?
The population of Princeton, IL is 7,829 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Illinois.
What is the median household income in Princeton?
The median household income in Princeton, IL is $57,682 per year, which is 23% below the national median of $75,149.
What is the median home value in Princeton?
The median home value in Princeton, IL is $131,300, which is 46% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Princeton?
The median monthly rent in Princeton, IL is $739, which is 36% below the national average of $1,163/month.
What is the unemployment rate in Princeton?
The unemployment rate in Princeton, IL is 7.7%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Princeton, IL a good place to live?
Princeton offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 7,829 and a median age of 45.4, the city appeals to established professionals and retirees.
How educated is Princeton, IL?
25.3% of residents in Princeton aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Princeton?
Key cost-of-living indicators for Princeton, IL: median home value is $131,300 (46% below national), median rent is $739/month, and median household income is $57,682. The home-value-to-income ratio is 2.3x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Princeton?
The poverty rate in Princeton, IL is 15.8%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Princeton, IL?
Princeton's population is 3.3% White, 0.6% Hispanic or Latino, 0.0% Black or African American, 0.5% Asian, and 0.9% two or more races. 1.9% of residents are foreign-born.