Prospect Park, NJ Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

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 #78 cheapest in New Jersey out of 251.

  • Prospect Park ranks as the #4,687 cheapest out of 6,412 in the US.

  • The median home value in Prospect Park is $296,100.

  • The median income in Prospect Park is $51,618.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
118
Prospect Park's Overall Cost Of Living
1.2x
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 1.1x higher than New Jersey's index of 111.

The standard of living in Prospect Park ranks as #78 most affordable out of the 251 places we measured in New Jersey. By definition, that implies Prospect Park ranks as the #173 most expensive place in the Garden State.

For more reading on life in Prospect Park, check out:

78 out of 251
In New Jersey
4,687 out of 6,412
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 113.

  • The Groceries index in Prospect Park is 109.

  • The Health index in Prospect Park is 97.

  • The Housing index in Prospect Park is 133.

  • The Transportation index in Prospect Park is 109.

  • The Utilities index in Prospect Park is 102.

Living Expense Prospect Park New Jersey National Average
Overall 118 111 100
Services 113 104 100
Groceries 109 104 100
Health 97 95 100
Housing 133 130 100
Transportation 109 106 100
Utilities 102 108 100
For more reading on cost of living around New Jersey, check out:
Prospect Park Cost of Living Vs. NJ

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 2017-2021. The key points are:

  • The Median Home Value in Prospect Park is $296,100.

  • The Median Rent in Prospect Park is $1,474.

  • The Median Income in Prospect Park is $51,618.

  • The Home Value To Income in Prospect Park is 5.7x.

  • The Rent To Monthly Income in Prospect Park is 0.34x.

Statistic Prospect Park New Jersey United States
Median Home Value $296,100 $355,700 $244,900
Median Rent $1,474 $1,436 $1,163
Median Income $51,618 $89,703 $69,021
Home Value To Income 5.7x 4.0x 3.5x
Rent To Monthly Income 0.34x 0.19x 0.2x
Search Homes For Sale In Prospect Park, NJ
$296,100
Median Home Value
$1,474
Median Rent
$51,618
Median Income

Prospect Park, NJ Costs By Category

Detailed Prospect Park Services Costs Vs. New Jersey

Item Prospect Park New Jersey
Shampoo $1.0 $1.06
Movie $12.49 $10.68
Bowling $18.0 $14.67
Haircut $20.93 $18.62
Beauty Salon $36.53 $39.05

Detailed Prospect Park Groceries Costs Vs. New Jersey

Item Prospect Park New Jersey
Ground Beef $4.09 $4.22
Fried Chicken $1.79 $1.39
Milk $2.44 $2.05
Potatoes $3.25 $3.29
Pizza $11.36 $10.62
Beer $9.32 $9.38
Toothpaste $2.22 $2.34

Detailed Prospect Park Health Costs Vs. New Jersey

Item Prospect Park New Jersey
Optometrist $106.0 $108.57
Doctor $91.0 $116.17
Dentist $102.33 $99.13

Detailed Prospect Park Transportation Costs Vs. New Jersey

Item Prospect Park New Jersey
Gasoline $2.37 $2.22
Tire Balancing $54.12 $50.07

Detailed Prospect Park Utilities Costs Vs. New Jersey

Item Prospect Park New Jersey
All Electricity $178.53 $167.67
Phone $179.87 $175.64

Prospect Park SnackAbility

7
/10
Overall SnackAbility
Jobs
6/10
Housing
8.5
Affordability
3
Diversity
9.5
Safety
8
Amenities
9
Education
6
Commute
8

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 116, 1.0x Prospect Park.

  • Fair Lawn, NJ has a cost of living index of 137, 1.2x Prospect Park.

  • Elmwood Park, NJ has a cost of living index of 129, 1.1x Prospect Park.

City Population Cost Of Living Vs. Prospect Park
Paterson, NJ 157,927 116 1.0x
Fair Lawn, NJ 34,820 137 1.2x
Elmwood Park, NJ 21,239 129 1.1x
Eastchester, NY 20,636 163 1.4x
Hawthorne, NJ 19,507 130 1.1x
Woodland Park, NJ 13,265 133 1.1x
Glen Rock, NJ 12,098 163 1.4x
Dobbs Ferry, NY 11,511 169 1.4x
Totowa, NJ 11,013 131 1.1x
Haledon, NJ 8,936 121 1.0x

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