Prospect, KY
Population 4,518 · Kentucky
About Prospect, KY
Prospect is a small community in Kentucky with a population of 4,518 residents. The median household income is $172,361 per year, which is above the national average. The median age in Prospect is 55.2 years.
Housing in Prospect has a median home value of $494,000 and median monthly rent of $1,287. Of the 2,059 total housing units, the majority are owner-occupied, with 1,800 owner-occupied and 157 renter-occupied units.
The unemployment rate in Prospect is 4.5% and the poverty rate is 2.2%. 71.4% of residents hold a bachelor's degree or higher. The average commute time is 22.1 minutes.
How Prospect Ranks in Kentucky
Cost of Living in Prospect, KY
Compared to national averages, Prospect has a median household income of $172,361 (129% above the national median of $75,149). Home values average $494,000, which is 102% above the national median. Monthly rent at $1,287 is 11% above the US average of $1,163. Within Kentucky, Prospect's income is 160% above the state average of $66,273, and home values are 171% above the state median of $182,504.
Why Live in Prospect, KY?
Prospect offers a strong local economy with a median household income of $172,361, well above the national average, and a well-educated community where 71.4% of residents hold a bachelor’s degree or higher, and a low poverty rate of 2.2%, better than the national average. Additionally, the city features short commute times averaging just 22.1 minutes.
Potential considerations include a competitive housing market where the typical home costs $494,000. However, Prospect’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Prospect has a population of 4,518 with a median age of 55.2 years. Compare Prospect with other cities to see how it stacks up, or explore all cities in Kentucky.
Similar Cities Near Prospect
Cities in Kentucky with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Greenville | 4,435 | $70,401 | $118,500 | Compare |
| Crescent Springs | 4,402 | $76,530 | $289,300 | Compare |
| Farley | 4,402 | $45,676 | $82,400 | Compare |
| Scottsville | 4,391 | $36,259 | $140,600 | Compare |
| Ludlow | 4,378 | $58,295 | $154,700 | Compare |
| Hurstbourne | 4,669 | $113,906 | $495,100 | Compare |
| Benton | 4,774 | $63,368 | $159,600 | Compare |
| Paintsville | 4,256 | $26,713 | $110,800 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Kentucky
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Prospect
What is the population of Prospect, KY?
The population of Prospect, KY is 4,518 according to the latest Census data.
What is the median household income in Prospect?
The median household income in Prospect, KY is $172,361 per year.
What is the median home value in Prospect?
The median home value in Prospect, KY is $494,000.
What is the average rent in Prospect?
The median monthly rent in Prospect, KY is $1,287.
What is the unemployment rate in Prospect?
The unemployment rate in Prospect, KY is 4.5%.