Cost of Living in Prospect Park, NJ
Population 6,286 · New Jersey · Data vintage 2023
(100 = US avg)
Prospect Park sits on the smaller end of the New Jersey city distribution. That scale shapes the housing market, the labor pool, and the services available to residents in ways the data below makes visible. A poverty rate near 25% adds context to the income figures — well above the US average, and worth factoring into any comparison with cities on the coasts or in the Rockies.
Prospect Park is part of the immediate Paterson metro area — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 17% higher than Paterson's $335,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Prospect Park
The median home value in Prospect Park is $391,500 — 28% above the national median of $305,000. Median rent runs $1,794/month, 37% higher than the national median of $1,314/month. The median household income of $48,615/year is 35% lower than the US median of $74,580. The local unemployment rate is 8.2%, above the national average of 4.8%. New Jersey's top state income tax rate is 10.8% and the combined sales tax is 6.6%. The climate averages highs of 62.4°F and lows of 43.8°F. Overall, Prospect Park has a cost of living index of 132 versus the US average of 100, meaning it is 32% more expensive.
Prospect Park has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 38 | 41 | 49 | 62 | 72 | 81 | 85 | 84 | 76 | 65 | 53 | 43 |
| Low °F | 23 | 24 | 31 | 41 | 51 | 60 | 66 | 64 | 57 | 45 | 35 | 28 |
| Precip" | 3.04 | 2.55 | 4.07 | 3.71 | 3.39 | 4.27 | 4.33 | 4.49 | 3.72 | 3.97 | 3.30 | 4.04 |
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Prospect Park, NJ?
Prospect Park has a cost index of 132 (100 = national average). It is 32% above the national average.
What is average rent in Prospect Park, NJ?
The median gross rent in Prospect Park is $1,794 per month based on 2023 Census data.
What is the average home price in Prospect Park?
The median home value in Prospect Park is $391,500 according to Zillow and Census data.
What is the median income in Prospect Park?
The median household income in Prospect Park is $48,615 per year (2023 ACS 5-year estimates).
What is the sales tax in Prospect Park, NJ?
The combined state and local sales tax rate in Prospect Park is 6.6%. The New Jersey state income tax top rate is 10.8%.
Is Prospect Park, NJ affordable?
Prospect Park is above average in cost of living, with an index of 132 — about 32% higher than the national average.
What is the weather like in Prospect Park?
Prospect Park has average high temperatures of 62.4°F and average lows of 43.8°F. Annual precipitation is 44.9". Data from NOAA 1991–2020 Climate Normals.
Prospect Park at a Glance
- Population
- 6,286
- Median Income
- $48,615
- Home Value
- $391,500
- Median Rent
- $1,794/mo
- Unemployment
- 8.2%
- Avg High Temp
- 62.4°F
- Sales Tax
- 6.6%
Nearby Cities
Explore county-level cost of living data
New Jersey Rankings
Similar Cost Cities
Cities in other states with comparable housing costs