Cost of Living in Pennington
Summary: If you are thinking about moving to Pennington, here is an overview of the cost of living there.
Pennington, is a small borough in Mercer County known for its quaint charm and high quality of life. The cost of living in Pennington is generally higher than the national average, reflecting the desirability of the area and its proximity to major cities like New York and Philadelphia. Housing costs in Pennington are a significant factor in the overall cost of living. As of my knowledge cutoff in early 2023, the median home value in Pennington is quite high, with 3-bedroom homes typically ranging from $400,000 to $600,000, while larger 4-bedroom homes can range from $500,000 to over $700,000, depending on the location, size, and condition of the property.
Apartment rentals in Pennington also reflect the upscale nature of the community. A 1-bedroom apartment can cost anywhere from $1,500 to $2,500 per month, while a 2-bedroom apartment can range from $2,000 to $3,000 per month. Purchasing an apartment or a condo in Pennington can vary widely based on the size and amenities offered, with prices typically starting around $250,000 and going up significantly from there.
When it comes to dining out, Pennington offers a variety of restaurants ranging from casual eateries to upscale dining experiences. A meal at an inexpensive restaurant might cost around $15 to $25 per person, while a three-course meal at a mid-range restaurant could be between $50 and $70 per person, excluding drinks and gratuity.
Utilities, including electricity, heating, cooling, water, and garbage, for a standard 85m² apartment in Pennington, can range from $150 to $250 per month, depending on usage and the time of year. Internet services typically add another $60 to $100 to monthly expenses.
Private school tuition in Pennington can be a considerable expense for families. Preschool costs can range from $1,000 to $2,000 per month. Elementary and middle schools can charge anywhere from $10,000 to $25,000 per year, while private high schools can cost between $15,000 and $30,000 annually, depending on the institution's prestige and the level of education provided.
| Item | Cost |
|---|---|
| 3-bedroom home (purchase) | $400,000 - $600,000 |
| 4-bedroom home (purchase) | $500,000 - $700,000+ |
| 1-bedroom apartment (rent) | $1,500 - $2,500/month |
| 2-bedroom apartment (rent) | $2,000 - $3,000/month |
| Apartment/Condo (purchase) | $250,000+ |
| Inexpensive restaurant meal | $15 - $25/person |
| Mid-range restaurant (3-course) | $50 - $70/person |
| Utilities (monthly for 85m² apartment) | $150 - $250 |
| Internet (monthly) | $60 - $100 |
| Private preschool (monthly) | $1,000 - $2,000 |
| Private elementary/middle school (annual) | $10,000 - $25,000 |
| Private high school (annual) | $15,000 - $30,000 |
About the Author
Betsy Burlingame is one of the founders of BlueBurbia and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and BlueBurbia, Betsy worked at AT&T in International
and Mass Market Marketing. She graduated from Ohio Wesleyan University
with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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