Prospect, PA
Population 1,104 · Pennsylvania
About Prospect, PA
Prospect is a small town located in Pennsylvania with a population of 1,104 residents according to the latest US Census Bureau American Community Survey data. The median household income is $81,042 per year, which is 8% above the national median of $75,149. The median age of 45.5 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 $170,600, which is 30% below the national median of $244,900. This positions Prospect in a moderately priced market relative to the rest of the country. Median monthly rent is $885, 24% below the national average of $1,163/month. Of the 456 total housing units, 91% are owner-occupied (359 units) and 9% are renter-occupied (37 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Prospect shows an unemployment rate of 5.8%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 6.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Prospect have an average one-way commute time of 29 minutes.
Education & Demographics
19.8% of Prospect residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.2% White, 0.2% Hispanic or Latino, 0.0% Black or African American, and 0.3% Asian residents, with 1.2% of the population being foreign-born.
Cost of Living in Prospect, PA
Compared to national averages, Prospect has a median household income of $81,042 (8% above the national median of $75,149). Home values average $170,600, which is 30% below the national median. Monthly rent at $885 is 24% below the US average of $1,163. Within Pennsylvania, Prospect's income is 10% above the state average of $73,376, and home values are 11% below the state median of $190,903.
Why Live in Prospect, PA?
Prospect offers a strong local economy with a median household income of $81,042, well above the national average, and affordable housing with a median home value of $170,600, below the US average of $244,900, and rent that’s lower than the national average at $885/month. Additionally, the city features a low poverty rate of 6.3%, better than the national average.
Prospect has a population of 1,104 with a median age of 45.5 years. Compare Prospect with other cities to see how it stacks up, or explore all cities in Pennsylvania.
Similar Cities Near Prospect
Cities in Pennsylvania with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Hawley | 1,104 | $46,693 | $173,500 | Compare |
| Hegins | 1,103 | $90,829 | $209,800 | Compare |
| Yoe | 1,105 | $64,792 | $175,900 | Compare |
| Nemacolin | 1,107 | $17,774 | $92,600 | Compare |
| Dilworthtown | 1,098 | $176,438 | $550,500 | Compare |
| East Earl | 1,110 | $101,900 | $344,900 | Compare |
| Fairhope | 1,113 | $36,917 | $115,600 | Compare |
| McClure | 1,113 | $68,833 | $130,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Pennsylvania
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, PA?
The population of Prospect, PA is 1,104 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Pennsylvania.
What is the median household income in Prospect?
The median household income in Prospect, PA is $81,042 per year, which is 8% above the national median of $75,149.
What is the median home value in Prospect?
The median home value in Prospect, PA is $170,600, which is 30% below 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, PA is $885, which is 24% below the national average of $1,163/month.
What is the unemployment rate in Prospect?
The unemployment rate in Prospect, PA is 5.8%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Prospect, PA a good place to live?
Prospect offers above-average incomes, affordable housing, and growing employment opportunities. With a population of 1,104 and a median age of 45.5, the city appeals to established professionals and retirees.
How educated is Prospect, PA?
19.8% of residents in Prospect 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?
Key cost-of-living indicators for Prospect, PA: median home value is $170,600 (30% below national), median rent is $885/month, and median household income is $81,042. The home-value-to-income ratio is 2.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Prospect?
The poverty rate in Prospect, PA is 6.3%, 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, PA?
Prospect's population is 0.2% White, 0.2% Hispanic or Latino, 0.0% Black or African American, 0.3% Asian, and 0.0% two or more races. 1.2% of residents are foreign-born.