Pennington, NJ
Population 2,798 · New Jersey
About Pennington, NJ
Pennington is a small town located in New Jersey with a population of 2,798 residents according to the latest US Census Bureau American Community Survey data. The median household income is $171,282 per year, which is 128% above the national median of $75,149. The median age of 49 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 Pennington features a median home value of $608,200, which is 148% above the national median of $244,900. This places Pennington in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,819, 56% above the national average of $1,163/month. Of the 1,268 total housing units, 80% are owner-occupied (929 units) and 20% are renter-occupied (239 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Pennington shows an unemployment rate of 2.5%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 4.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Pennington have an average one-way commute time of 26 minutes.
Education & Demographics
73.6% of Pennington residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 1.7% White, 0.3% Hispanic or Latino, 1.9% Black or African American, and 1.4% Asian residents, with 9.7% of the population being foreign-born.
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.
Compare Pennington With Other Cities
Frequently Asked Questions about Pennington
What is the population of Pennington, NJ?
The population of Pennington, NJ is 2,798 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in New Jersey.
What is the median household income in Pennington?
The median household income in Pennington, NJ is $171,282 per year, which is 128% above the national median of $75,149.
What is the median home value in Pennington?
The median home value in Pennington, NJ is $608,200, which is 148% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Pennington?
The median monthly rent in Pennington, NJ is $1,819, which is 56% above the national average of $1,163/month.
What is the unemployment rate in Pennington?
The unemployment rate in Pennington, NJ is 2.5%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Pennington, NJ a good place to live?
Pennington offers above-average incomes, a competitive housing market, and a strong job market. With a population of 2,798 and a median age of 49, the city appeals to established professionals and retirees.
How educated is Pennington, NJ?
73.6% of residents in Pennington aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Pennington?
Key cost-of-living indicators for Pennington, NJ: median home value is $608,200 (148% above national), median rent is $1,819/month, and median household income is $171,282. The home-value-to-income ratio is 3.6x, a moderate figure by national standards.
What is the poverty rate in Pennington?
The poverty rate in Pennington, NJ is 4.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Pennington, NJ?
Pennington's population is 1.7% White, 0.3% Hispanic or Latino, 1.9% Black or African American, 1.4% Asian, and 2.1% two or more races. 9.7% of residents are foreign-born.