Princeton, MN Profile: Facts & Data

The primary coordinate point for Princeton is located at latitude 45.57 and longitude -93.5816 in Mille Lacs County. The formal boundaries for the City of Princeton encompass a land area of 4.98 sq. miles and a water area of 0.22 sq. miles. Mille Lacs County is in the Central time zone (GMT -6).

While the primary coordinates for City of Princeton are located in Mille Lacs County, it should be noted that the formal boundaries for this community also extend into and Sherburne County.

The City of Princeton has a C5 Census Class Code which indicates an active incorporated place that is independent of any county subdivision and serves as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

Princeton, MN Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	4,957 (100%)
Population in Households	4,833 (97.5%)
Population in Families	3,570 (72.0%)
Population in Group Quarters¹	124 ( 2.5%)
Population Density	1,005
Diversity Index²	22


INCOME
Median Household Income	$58,013
Average Household Income	$76,814
% of Income for Mortgage⁴	25%
Per Capita Income	$33,875
Wealth Index⁵	51
Socioeconomic Status Index⁶	Moderate (48.6)

HOUSING
Total HU (Housing Units)	2,349 (100%)
Owner Occupied HU	1,440 (61.3%)
Renter Occupied HU	743 (31.6%)
Vacant Housing Units	166 ( 7.1%)
Median Home Value	$232,781
Average Home Value	$258,038
Housing Affordability Index³	96

HOUSEHOLDS
Total Households	2,183
Average Household Size	2.21
Family Households	1,299
Average Family Size	3.00

NOTES

Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

Princeton, MN - Peer Comparisons by Rank and Percentile

The table below compares Princeton to the other 914 incorporated cities, towns and CDPs in Minnesota by rank and percentile using July 1, 2024 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

GROWTH RATE / YEAR	2020-2024	2024-2029
Population	0.35%	0.59%
Households	0.57%	0.84%
Families		0.58%
Median Household Income		2.44%
Per Capita Income		2.61%
Owner Occupied HU		0.94%

Variable Description	Rank	Percentile
Total Population	# 154	83rd
Population Density	# 273	70th
Median Household Income	# 774	15th
Housing Affordability Index	# 383	42nd
Per Capita Income	# 737	19th
Diversity Index	# 400	56th

Princeton, MN Profile: Facts & Data

Princeton, Minnesota - Basic Facts

Princeton, MN Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Princeton, MN - Peer Comparisons by Rank and Percentile

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Mille Lacs County