Prospect Park, NJ Cost Of Living
Cost Of Living In Prospect Park, NJ Summary
Cost of living in Prospect Park research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Prospect Park is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New Jersey, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Prospect Park is 118, with 100 being the average.
The cost of living index in Prospect Park is 1.2x higher than the national average.
Prospect Park ranks as the #74 cheapest in New Jersey out of 260.
Prospect Park ranks as the #4,280 cheapest out of 6,489 in the US.
The median home value in Prospect Park is $530,713.
The median income in Prospect Park is $48,615.
Table Of Contents
Prospect Park's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Prospect Park, NJ?
According to the most recent data on the cost of living, Prospect Park has an overall cost of living index of 118, which is 1.2x higher than the national index of 100.
Compared to New Jersey, Prospect Park has a cost of living index that's 1.0x lower than New Jersey's index of 122.
The standard of living in Prospect Park ranks as #74 most affordable out of the 260 places we measured in New Jersey. By definition, that implies Prospect Park ranks as the #186 most expensive place in the Garden State.
For more reading on life in Prospect Park, check out:
In New Jersey
In America
Prospect Park Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Prospect Park. Here is how it fairs on each of the criteria:
The Services index in Prospect Park is 107.
The Groceries index in Prospect Park is 100.
The Health index in Prospect Park is 97.
The Housing index in Prospect Park is 150.
The Transportation index in Prospect Park is 109.
The Utilities index in Prospect Park is 112.
| Living Expense | Prospect Park | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 118 | 122 | 100 | |
| Services | 107 | 108 | 100 | |
| Groceries | 100 | 104 | 100 | |
| Health | 97 | 99 | 100 | |
| Housing | 150 | 159 | 100 | |
| Transportation | 109 | 101 | 100 | |
| Utilities | 112 | 107 | 100 | |
Prospect Park, NJ Housing Cost Breakdown
Housing swings affordability the most between places in New Jersey, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Prospect Park is $530,713.
The Median Rent in Prospect Park is $1,794.
The Median Income in Prospect Park is $48,615.
The Home Value To Income in Prospect Park is 10.9x.
The Rent To Monthly Income in Prospect Park is 0.44x.
| Statistic | Prospect Park | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $530,713 | $564,432 | $303,400 |
| Median Rent | $1,794 | $1,653 | $1,348 |
| Median Income | $48,615 | $101,050 | $78,538 |
| Home Value To Income | 10.9x | 5.6x | 3.9x |
| Rent To Monthly Income | 0.44x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Prospect Park, NJ Costs By Category
Detailed Prospect Park Services Costs Vs. New Jersey
| Item | Prospect Park | New Jersey |
|---|---|---|
| Shampoo | $1.48 | $1.28 |
| Movie | $15.78 | $12.13 |
| Bowling | $21.0 | $18 |
| Haircut | $25.62 | $24.26 |
| Beauty Salon | $41.67 | $45.56 |
Detailed Prospect Park Groceries Costs Vs. New Jersey
| Item | Prospect Park | New Jersey |
|---|---|---|
| Ground Beef | $5.65 | $5.84 |
| Fried Chicken | $1.39 | $1.57 |
| Milk | $4.71 | $4.67 |
| Potatoes | $5.37 | $4.93 |
| Pizza | $11.49 | $12.09 |
| Beer | $11.33 | $10.41 |
| Toothpaste | $3.72 | $3.7 |
Detailed Prospect Park Health Costs Vs. New Jersey
| Item | Prospect Park | New Jersey |
|---|---|---|
| Optometrist | $157.11 | $125.68 |
| Doctor | $115.59 | $135.78 |
| Dentist | $124.27 | $113.29 |
Detailed Prospect Park Transportation Costs Vs. New Jersey
| Item | Prospect Park | New Jersey |
|---|---|---|
| Gasoline | $3.41 | $3.46 |
| Tire Balancing | $82.67 | $59.92 |
Detailed Prospect Park Utilities Costs Vs. New Jersey
| Item | Prospect Park | New Jersey |
|---|---|---|
| All Electricity | $236.04 | $193.99 |
| Phone | $186.61 | $192.25 |
Prospect Park SnackAbility
/10
Cost Of Living In Cities Around Prospect Park
The cost of living varies in the cities and towns around Prospect Park. Here's a quick look at the cost of living in the most populous nearby places:
Paterson, NJ has a cost of living index of 114, 1.0x Prospect Park.
Fair Lawn, NJ has a cost of living index of 144, 1.2x Prospect Park.
Elmwood Park, NJ has a cost of living index of 135, 1.1x Prospect Park.
| City | Population | Cost Of Living | Vs. Prospect Park |
|---|---|---|---|
| Paterson, NJ | 157,660 | 114 | 1.0x |
| Fair Lawn, NJ | 35,153 | 144 | 1.2x |
| Elmwood Park, NJ | 21,287 | 135 | 1.1x |
| Eastchester, NY | 20,519 | 167 | 1.4x |
| Hawthorne, NJ | 19,472 | 135 | 1.1x |
| Woodland Park, NJ | 13,284 | 132 | 1.1x |
| Glen Rock, NJ | 12,082 | 165 | 1.4x |
| Dobbs Ferry, NY | 11,397 | 173 | 1.5x |
| Totowa, NJ | 10,919 | 130 | 1.1x |
| Hillcrest, NY | 8,989 | 140 | 1.2x |
