Princeton is a
borough and
township in
New Jersey.
Princeton University resides in both.
The borough of Princeton is one of the most affluent in the state, due to its long history as a home to both academics and corporate executives of the many companies headquartered in the area. It has a wonderful downtown area with the requisite cool shops and the Princeton Record Exchange.
It's the kind of place I like walking around in in the rattiest clothes I have, and then going into a store and buying something really nice, thus confusing everyone.