Princeton, MN
Population 4,988 · Minnesota
About Princeton, MN
Princeton is a small town located in Minnesota with a population of 4,988 residents according to the latest US Census Bureau American Community Survey data. The median household income is $52,450 per year, which is 30% below the national median of $75,149. The median age of 39.5 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Princeton features a median home value of $212,200, which is 13% below the national median of $244,900. This positions Princeton in a moderately priced market relative to the rest of the country. Median monthly rent is $953, 18% below the national average of $1,163/month. Of the 2,134 total housing units, 58% are owner-occupied (1,207 units) and 42% are renter-occupied (886 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Princeton shows an unemployment rate of 1.5%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 9.2%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Princeton have an average one-way commute time of 23.5 minutes.
Education & Demographics
12.9% of Princeton residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 1.8% White, 1.5% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.8% of the population being foreign-born.
Cost of Living in Princeton, MN
Compared to national averages, Princeton has a median household income of $52,450 (30% below the national median of $75,149). Home values average $212,200, which is 13% below the national median. Monthly rent at $953 is 18% below the US average of $1,163. Within Minnesota, Princeton's income is 29% below the state average of $74,221, and home values are 4% above the state median of $204,472.
Why Live in Princeton, MN?
Princeton offers affordable housing with a median home value of $212,200, below the US average of $244,900, and rent that’s lower than the national average at $953/month, and a strong job market with an unemployment rate of just 1.5%. Additionally, the city features a low poverty rate of 9.2%, better than the national average, and short commute times averaging just 23.5 minutes.
Potential considerations include median household income ($52,450) 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 4,988 with a median age of 39.5 years. Compare Princeton with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Princeton
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Circle Pines | 4,980 | $96,477 | $277,300 | Compare |
| Becker | 4,958 | $90,188 | $257,600 | Compare |
| Lake City | 5,021 | $76,125 | $234,100 | Compare |
| Lindstrom | 4,933 | $99,844 | $336,800 | Compare |
| Elko New Market | 4,915 | $147,381 | $407,400 | Compare |
| Luverne | 4,907 | $66,145 | $181,100 | Compare |
| Redwood Falls | 5,075 | $61,947 | $162,000 | Compare |
| Morris | 5,092 | $63,807 | $185,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Minnesota
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, MN?
The population of Princeton, MN is 4,988 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Minnesota.
What is the median household income in Princeton?
The median household income in Princeton, MN is $52,450 per year, which is 30% below the national median of $75,149.
What is the median home value in Princeton?
The median home value in Princeton, MN is $212,200, which is 13% 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, MN is $953, which is 18% below the national average of $1,163/month.
What is the unemployment rate in Princeton?
The unemployment rate in Princeton, MN is 1.5%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Princeton, MN a good place to live?
Princeton offers a moderate cost of living, affordable housing, and a strong job market. With a population of 4,988 and a median age of 39.5, the city appeals to a broad range of residents.
How educated is Princeton, MN?
12.9% 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, MN: median home value is $212,200 (13% below national), median rent is $953/month, and median household income is $52,450. The home-value-to-income ratio is 4.0x, a moderate figure by national standards.
What is the poverty rate in Princeton?
The poverty rate in Princeton, MN is 9.2%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Princeton, MN?
Princeton's population is 1.8% White, 1.5% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.3% two or more races. 0.8% of residents are foreign-born.