Prospect, KY
Population 4,518 · Kentucky
About Prospect, KY
Prospect is a small town located in Kentucky with a population of 4,518 residents according to the latest US Census Bureau American Community Survey data. The median household income is $172,361 per year, which is 129% above the national median of $75,149. The median age of 55.2 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Prospect features a median home value of $494,000, which is 102% above the national median of $244,900. This places Prospect in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,287, 11% above the national average of $1,163/month. Of the 2,059 total housing units, 92% are owner-occupied (1,800 units) and 8% are renter-occupied (157 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Prospect shows an unemployment rate of 4.5%, which is near the national rate of 3.7%. The poverty rate stands at 2.2%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Prospect have an average one-way commute time of 22.1 minutes.
Education & Demographics
71.4% of Prospect residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 0.0% White, 0.3% Hispanic or Latino, 0.0% Black or African American, and 0.4% Asian residents, with 4.9% of the population being foreign-born.
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.
Compare Prospect With Other Cities
Frequently Asked Questions about Prospect
What is the population of Prospect, KY?
The population of Prospect, KY is 4,518 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Kentucky.
What is the median household income in Prospect?
The median household income in Prospect, KY is $172,361 per year, which is 129% above the national median of $75,149.
What is the median home value in Prospect?
The median home value in Prospect, KY is $494,000, which is 102% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Prospect?
The median monthly rent in Prospect, KY is $1,287, which is 11% above the national average of $1,163/month.
What is the unemployment rate in Prospect?
The unemployment rate in Prospect, KY is 4.5%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Prospect, KY a good place to live?
Prospect offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 4,518 and a median age of 55.2, the city appeals to established professionals and retirees.
How educated is Prospect, KY?
71.4% of residents in Prospect aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Prospect?
Key cost-of-living indicators for Prospect, KY: median home value is $494,000 (102% above national), median rent is $1,287/month, and median household income is $172,361. The home-value-to-income ratio is 2.9x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Prospect?
The poverty rate in Prospect, KY is 2.2%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Prospect, KY?
Prospect's population is 0.0% White, 0.3% Hispanic or Latino, 0.0% Black or African American, 0.4% Asian, and 5.0% two or more races. 4.9% of residents are foreign-born.