Princeton, New Jersey, will probably always be known first and foremost for the Ivy League institution that bears its name. But a lot more than academics lure people here. Princeton is a beautiful town of approximately 26,500 residents. Its architecture, though diverse, is defined by sprawling colonial homes sitting amidst manicured lawns. Much of the town's population works in New York City or Philadelphia, both located just 50 miles away and accessible by train. Residents on average are fairly affluent professionals. A significant percentage of them, of course, are employed by nearby Princeton University.

Princeton actually is comprised of two sectors: the Borough, which contains the center of town; and the Township, the area surrounding the Borough which is about 5 miles by 3 miles in area. Its beautiful scenery and comparatively quiet atmosphere offer its residents the best of all possible worlds. They can work in the bustling urban centers less than one hour away (and enjoy the convenience of public transportation), then return to a town bordered on one side by stretches of countryside.

Not that Princeton doesn't offer plenty of business opportunities in its own right. The "Princeton Corridor" has experienced significant growth in recent years as major corporations -- including Merrill Lynch, Johnson & Johnson, Bristol Myers Squibb, Bloomberg Financial and Educational Testing Service -- moved their headquarters to Princeton or established regional offices here. These companies are reaping the benefits of cutting edge technology and the resources to keep up with its evolution. Local businesses also have an extremely talented pool of new recruits in their own backyard; Princeton University is among the world's great universities, attracting not only the nation's best students (some from the town's only high school), but also top students from around the globe. Many top-performing high-school students from local districts have the option of taking a few courses at Princeton University before they even receive their high-school diplomas.

Housing in Princeton is expensive, but for those who choose to live here, the benefits of living in a town with a healthy local economy, excellent schools, low crime, high property values and a high quality of life are well worth the financial cost. According to local economic statistics, the average cost of a single-family home in Princeton Borough ranges anywhere from about $140,000 to $1 million-plus. Condominiums, townhomes and similar types of multifamily housing range from $65,000 to about $500,000. The average rental rate for a two-bedroom unit is $1,200 per month. In the Princeton Township, the average cost of a single-family home ranges from around $175,000 to $1 million-plus; median price is $350,000. Condos and townhomes range from $175,000 to $500,000; median price is $220,000. Princeton's inventory offers the option of older homes located toward the center of town, many of them historic; larger homes on sizeable pieces of property, as one travels outward from the town center; as well as numerous condominiums, an attractive choice for local college students, professors and administrators. The "college town" atmosphere adds a lively element to the community, and causes an influx of residents each fall -- not to mention many new, permanent residents upon graduation.

In addition to Princeton University, Princeton also is home to Princeton Theological Seminary, the largest seminary associated with the Presbyterian Church; and Westminster Choir College, which specializes in preparing graduates for various careers in music. At the primary and secondary levels, Princeton's public school district offers four elementary schools, one middle school and one high school. The presence of just one high school is incomprehensible to those of us accustomed to booming suburbs and larger cities. Yet Princeton maintains just one -- and its results its students have produced are noteworthy. The high school is highly regarded for its challenging and results-oriented academic programs; nearly 90 percent of its graduates go on to college. Several top prep schools and specialized schools are located in and around Princeton, as well.

Despite the relatively small size of Princeton, it offers many options in the arts, due in part to the presence of a major university. Among its cultural offerings are the Princeton University Art Museum, which contains a permanent collection of American, European, African, Medieval and Oriental art. Princeton University also has its own Natural History Museum, open to the public. And the university opens the doors of its auditorium to the Chamber Symphony of Princeton.

In addition to its easy proximity to New York and Philly, Princeton offers its residents excellent transportation and highways to the shores and beaches of New Jersey as well Washington, D.C., Baltimore, Pennsylvania Dutch Country and the New England States.

Among the residential areas in and around Princeton are: the Borough, which contains the Gothic Princeton University, tree-lined streets and mix of housing styles, the newest of which was built in the 1950s; Princeton Township, which experienced a surge in construction when the Borough reached near-maximum capacity, and which saw a "condo boom" in the mid-1990s; West Windsor Township/Plainsboro, known for its excellent high school and homes ranging from the high $200s to $500,000 and up; Cranbury Township, which resembles a quaint Yankee village with quiet, tree-lined streets and sprawling, historic homes; Montgomery Township, which experienced a surge of corporate growth in the late '80s and has reaped the benefits of new-home construction commanding prices in the $350,000 to $500,000 range.

Princeton is one of the nation's great suburbs. This town has successfully combined the best aspects of a historical village with modern corporate and economic development. While its residents pay relatively high prices for their homes, their property values remain high and are likely to stay that way for many years to come. The Ivy League town has a built-in insurance policy for its future growth which reaches beyond just the presence of its great university. Its location near numerous urban centers and its second-to-none transportation network allow residents to have their cake and eat it, too.

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Published: May 10, 1999

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