Cost of Living in Princeton, IA

With a cost of living index of 78, Princeton, IA is a very affordable place to live. Living here is 22% cheaper than the national average and 7% above the Iowa state average of 71. Princeton is a small community of 875 residents.

Housing costs are the biggest factor in Princeton's cost of living. The median monthly rent is $857 (35% below the US median of $1,319), and the median home value sits at $257,000 (16% below the national median of $304,900). At current prices, the median home costs roughly 3.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Princeton is $80,714, which is 7% higher than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Princeton. The area sees an average annual temperature of 49.9°F, with summers averaging 72°F and winters around 25°F. Annual rainfall totals 36.2 inches spread over roughly 124 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Davenport-Moline-Rock Island, IA-IL (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.