Prospect Park, NJ
Population 6,286 · New Jersey
About Prospect Park, NJ
Prospect Park is a small town located in New Jersey with a population of 6,286 residents according to the latest US Census Bureau American Community Survey data. The median household income is $48,615 per year, which is 35% below the national median of $75,149. The median age of 35.4 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Prospect Park features a median home value of $391,500, which is 60% above the national median of $244,900. This places Prospect Park in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,794, 54% above the national average of $1,163/month. Of the 2,176 total housing units, 40% are owner-occupied (821 units) and 60% are renter-occupied (1,224 units). The higher proportion of renters may reflect a transient population, younger demographics, or high housing costs relative to income.
Economy & Employment
The local economy in Prospect Park shows an unemployment rate of 8.2%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 24.9%, above the national average of 12.4%. Workers in Prospect Park have an average one-way commute time of 22 minutes.
Education & Demographics
24.5% of Prospect Park residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 5.7% White, 2.7% Hispanic or Latino, 8.5% Black or African American, and 49.2% Asian residents, with 41.9% of the population being foreign-born.
Cost of Living in Prospect Park, NJ
Compared to national averages, Prospect Park has a median household income of $48,615 (35% below the national median of $75,149). Home values average $391,500, which is 60% above the national median. Monthly rent at $1,794 is 54% above the US average of $1,163. Within New Jersey, Prospect Park's income is 58% below the state average of $115,667, and home values are 17% below the state median of $469,644.
Why Live in Prospect Park, NJ?
Prospect Park offers short commute times averaging just 22 minutes.
Potential considerations include median household income ($48,615) that falls below the national average, and a competitive housing market where the typical home costs $391,500. However, Prospect Park’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Prospect Park has a population of 6,286 with a median age of 35.4 years. Compare Prospect Park with other cities to see how it stacks up, or explore all cities in New Jersey.
Similar Cities Near Prospect Park
Cities in New Jersey with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Yardville | 6,266 | $100,776 | $326,400 | Compare |
| Leisure Village | 6,307 | $42,705 | $127,000 | Compare |
| Kingston Estates | 6,250 | $103,056 | $288,400 | Compare |
| Carlstadt | 6,343 | $94,854 | $523,800 | Compare |
| Morris Plains | 6,214 | $149,623 | $609,700 | Compare |
| Paulsboro | 6,213 | $68,750 | $169,400 | Compare |
| Roseland | 6,211 | $160,644 | $640,600 | Compare |
| Bridgewater Center | 6,198 | $201,250 | $649,900 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in New Jersey
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Prospect Park With Other Cities
Frequently Asked Questions about Prospect Park
What is the population of Prospect Park, NJ?
The population of Prospect Park, NJ is 6,286 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in New Jersey.
What is the median household income in Prospect Park?
The median household income in Prospect Park, NJ is $48,615 per year, which is 35% below the national median of $75,149.
What is the median home value in Prospect Park?
The median home value in Prospect Park, NJ is $391,500, which is 60% above the national median of $244,900. A significant portion of residents rent their homes.
What is the average rent in Prospect Park?
The median monthly rent in Prospect Park, NJ is $1,794, which is 54% above the national average of $1,163/month.
What is the unemployment rate in Prospect Park?
The unemployment rate in Prospect Park, NJ is 8.2%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Prospect Park, NJ a good place to live?
Prospect Park offers a moderate cost of living, a competitive housing market, and growing employment opportunities. With a population of 6,286 and a median age of 35.4, the city appeals to a broad range of residents.
How educated is Prospect Park, NJ?
24.5% of residents in Prospect Park aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Prospect Park?
Key cost-of-living indicators for Prospect Park, NJ: median home value is $391,500 (60% above national), median rent is $1,794/month, and median household income is $48,615. The home-value-to-income ratio is 8.1x, which suggests housing may be stretched relative to local earnings.
What is the poverty rate in Prospect Park?
The poverty rate in Prospect Park, NJ is 24.9%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Prospect Park, NJ?
Prospect Park's population is 5.7% White, 2.7% Hispanic or Latino, 8.5% Black or African American, 49.2% Asian, and 14.3% two or more races. 41.9% of residents are foreign-born.