salaryRent is higher than in 66% of U.S. cities. Incomes are on the low side for rents this high, so budgets feel tight. A typical house costs about 7.1 years of household income, so buying is hard for most locals. Most households rent (58%), so there are plenty of rental options.
How much money do I need?
To rent here comfortably, you should earn about $77,400 a year. That is $37 an hour at a full-time job.
Is rent cheaper than other New Jersey cities?
Yes. Rent here is cheaper than in most of New Jersey. It is number 82 of 291 cities from cheapest to most expensive.
How much do households earn in Prospect Park?
Share of households by yearly income. 21.2% of households earn $100,000 or more.
Rent by apartment size in Prospect Park
| Size | Prospect Park | U.S. average |
|---|---|---|
| 1 bedroom | $1,175 | $1,324 |
| 2 bedrooms | $1,671 | $1,509 |
| 3 bedrooms | $2,165 | $1,698 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Prospect Park overall?
Everyday prices in New Jersey overall are 9% above the U.S. average (index 108.8, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Prospect Park, so the New Jersey figure is shown.
Taxes and bills in Prospect Park
Life in Prospect Park
Is it cheaper to rent or buy in Prospect Park?
Renting is cheaper right now: about $888 a month less.
Owning assumes a typical $406,800 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $40,680 for the down payment.
Frequently asked questions
What is the average rent in Prospect Park, NJ?
Renting in Prospect Park costs a median of about $1,935 a month in 2026, including utilities. The New Jersey median is $2,240.
How much do I need to make to live in Prospect Park?
To keep rent under 30% of income, you need about $77,400 a year, or $37 an hour at a full-time job.
Is Prospect Park cheap or expensive?
Prospect Park is rated Expensive: rent takes 40.5% of the typical household income of $57,295. It ranks 82nd cheapest of 291 New Jersey cities we track.
How much are property taxes in Prospect Park?
The median homeowner in Prospect Park pays $10,000+ a year in property taxes, about 2.46% of the median home value.
Is Prospect Park more expensive than the national average?
Overall prices in New Jersey are 9% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Prospect Park?
The median home value in Prospect Park is $406,800, about 7.1 times the typical yearly household income.
6,319 people live in Prospect Park. Numbers are typical (middle) values.