C+
18%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
49%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Princeton Florida National
Cost of living11898100
Goods & Services10698100
Groceries10499100
Health care9696100
Housing14996100
Transportation10399100
Utilities10397100

An Overview of Cost of Living in Princeton, FL

Knowing the cost of living in Princeton allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Princeton stands at 118, marking it 18% higher than the national average.

Housing costs significantly influence the Princeton cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 49.3%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Princeton Affordable?

Is Princeton affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Princeton, the median home price is 51.2% higher than the national average and monthly rent prices are 45.1% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Princeton boasting a median household income of $64,901, 17.3% higher than the national average.

What Factors can Influence the Cost of Living in Princeton?

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Princeton, the utilities index is 2.8% higher than the national average.

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Princeton, the groceries index is 4% higher than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Where is the Data From?

The Princeton cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Princeton is 21% higher than the Florida average
  • The cost of living in Princeton is 18% higher than the national average
  • Princeton housing is 49% higher than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Princeton

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Compare Princeton, FL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$74,973$6,248$1,749$2,249
      Renters$39,272$3,273$916$1,178
      A good indicator of the general affordability of housing in Princeton, FL, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Princeton, the median monthly income is $74,973 for those who own their own homes. Under the standard rule, that income level would allow for $1,749 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $39,272, per the median income in the area. That would allow for renters to spend up to $916 on monthly rental expenses.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Princeton National avg. Difference
      Haircut $20.53$24.2615.4%
      Beauty Salon $88.07$45.5693.3%
      Toothpaste $3.51$3.705.2%
      Shampoo $1.53$1.2819.7%
      Movie $14.35$12.1318.2%
      Bowling $23.67$18.0031.5%

      Groceries

      Item Princeton National avg. Difference
      Ground Beef $6.11$5.844.6%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.60$4.671.5%
      Potatoes $5.24$4.936.2%
      Pizza $14.13$12.0916.9%
      Beer $11.44$10.419.9%

      Health Care

      Item Princeton National avg. Difference
      Optometrist $98.49$125.6821.6%
      Doctor $127.08$135.786.4%
      Dentist $107.83$113.294.8%
      Ibuprofen $11.10$10.654.2%
      Lipitor $490.35$468.604.6%

      Housing

      Item Princeton National avg. Difference
      Home Price $279,200.00$184,700.0051.2%
      Avg. Mortgage Payment $3,109.00$2,346.6932.5%
      Apartment Rent $1,377.00$949.0045.1%

      Transportation

      Item Princeton National avg. Difference
      Gasoline $3.49$3.460.8%
      Tire Balancing $64.09$59.927.0%

      Utilities

      Item Princeton National avg. Difference
      All Electricity $200.94$193.993.6%
      Phone $194.37$192.251.1%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Homestead Base, FL7251044.2%
      Florida City, FL11,8551043.5%
      West Perrine, FL9,6531098.8%
      Naranja, FL12,2671099.1%
      Leisure City, FL26,7081099.4%
      Princeton, FL35,56411817.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      La Vergne, TN35,5561000.5%
      Oildale, CA35,5201088.4%
      Claremont, CA35,61017170.9%
      West Hollywood, CA35,50618282.0%
      Mount Vernon, WA35,50212222.5%
      Princeton, FL35,56411817.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.