Pennington, NJ
Population 2,798 · New Jersey
About Pennington, NJ
Pennington is a small community in New Jersey with a population of 2,798 residents. The median household income is $171,282 per year, which is above the national average. The median age in Pennington is 49 years.
Housing in Pennington has a median home value of $608,200 and median monthly rent of $1,819. Of the 1,268 total housing units, the majority are owner-occupied, with 929 owner-occupied and 239 renter-occupied units.
The unemployment rate in Pennington is 2.5% and the poverty rate is 4.5%. 73.6% of residents hold a bachelor's degree or higher. The average commute time is 26 minutes.
Cost of Living in Pennington, NJ
Compared to national averages, Pennington has a median household income of $171,282 (128% above the national median of $75,149). Home values average $608,200, which is 148% above the national median. Monthly rent at $1,819 is 56% above the US average of $1,163. Within New Jersey, Pennington's income is 48% above the state average of $115,667, and home values are 30% above the state median of $469,644.
Why Live in Pennington, NJ?
Pennington offers a strong local economy with a median household income of $171,282, well above the national average, and a strong job market with an unemployment rate of just 2.5%, and a well-educated community where 73.6% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 4.5%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $608,200. However, Pennington’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Pennington has a population of 2,798 with a median age of 49 years. Compare Pennington with other cities to see how it stacks up, or explore all cities in New Jersey.
Similar Cities Near Pennington
Cities in New Jersey with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Hewitt | 2,797 | $182,516 | $436,700 | Compare |
| Stockton University | 2,801 | $0 | $0 | Compare |
| Keasbey | 2,793 | $65,948 | $328,100 | Compare |
| Cape May | 2,789 | $57,230 | $823,800 | Compare |
| Clinton | 2,784 | $142,563 | $407,800 | Compare |
| Spring Lake | 2,782 | $146,976 | $2,000,001 | Compare |
| Riverton | 2,771 | $126,818 | $354,900 | Compare |
| Pine Ridge at Crestwood | 2,756 | $61,563 | $133,800 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in New Jersey
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Pennington
What is the population of Pennington, NJ?
The population of Pennington, NJ is 2,798 according to the latest Census data.
What is the median household income in Pennington?
The median household income in Pennington, NJ is $171,282 per year.
What is the median home value in Pennington?
The median home value in Pennington, NJ is $608,200.
What is the average rent in Pennington?
The median monthly rent in Pennington, NJ is $1,819.
What is the unemployment rate in Pennington?
The unemployment rate in Pennington, NJ is 2.5%.