Prospect, TN
Population 165 · Tennessee
About Prospect, TN
Prospect is a small community located in Tennessee with a population of 165 residents according to the latest US Census Bureau American Community Survey data. The median household income is $74,583 per year, which is 1% below the national median of $75,149. The median age of 41.8 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Prospect features a median home value of $117,000, which is 52% below the national median of $244,900. This makes Prospect one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $0, 100% below the national average of $1,163/month. Of the 36 total housing units, 81% are owner-occupied (29 units) and 19% are renter-occupied (7 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Prospect shows an unemployment rate of 6.5%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 0.0%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Prospect have an average one-way commute time of 31.6 minutes.
Education & Demographics
40.0% of Prospect 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 0.0% White, 6.7% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 2.4% of the population being foreign-born.
How Prospect Ranks in Tennessee
Cost of Living in Prospect, TN
Compared to national averages, Prospect has a median household income of $74,583 (1% below the national median of $75,149). Home values average $117,000, which is 52% below the national median. Monthly rent at $0 is 100% below the US average of $1,163. Within Tennessee, Prospect's income is 19% above the state average of $62,849, and home values are 45% below the state median of $214,371.
Why Live in Prospect, TN?
Prospect offers affordable housing with a median home value of $117,000, below the US average of $244,900, and rent that’s lower than the national average at $0/month, and a well-educated community where 40.0% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 0.0%, better than the national average.
Potential considerations include median household income ($74,583) that falls below the national average. However, Prospect’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Prospect has a population of 165 with a median age of 41.8 years. Compare Prospect with other cities to see how it stacks up, or explore all cities in Tennessee.
Similar Cities Near Prospect
Cities in Tennessee with a similar population size.
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Tennessee
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, TN?
The population of Prospect, TN is 165 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Tennessee.
What is the median household income in Prospect?
The median household income in Prospect, TN is $74,583 per year, which is 1% below the national median of $75,149.
What is the median home value in Prospect?
The median home value in Prospect, TN is $117,000, which is 52% 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, TN is $0, which is 100% below the national average of $1,163/month.
What is the unemployment rate in Prospect?
The unemployment rate in Prospect, TN is 6.5%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Prospect, TN a good place to live?
Prospect offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 165 and a median age of 41.8, the city appeals to a broad range of residents.
How educated is Prospect, TN?
40.0% 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, TN: median home value is $117,000 (52% below national), median rent is $0/month, and median household income is $74,583. The home-value-to-income ratio is 1.6x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Prospect?
The poverty rate in Prospect, TN is 0.0%, 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, TN?
Prospect's population is 0.0% White, 6.7% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 2.4% of residents are foreign-born.