The typical owner-occupied home in Prospect is worth about $171,300, 33% below the Pennsylvania median of $254,500 and 49% below the national median of $332,700. Owners pay a median $2,030 a year in property taxes, about 1.19% of their home's value, lower than the Pennsylvania rate of 1.30%. The median household earns $88,250 a year, so the median home costs 1.9 times the median income (3.3 times for Pennsylvania). 91% of occupied homes here are lived in by their owners, and 48% of those owners still have a mortgage.
Prospect at a glance
| Prospect | Pennsylvania | U.S. | |
|---|---|---|---|
| Median home value | $171,300 | $254,500 | $332,700 |
| Median property tax paid per year | $2,030 | $3,311 | $3,119 |
| Property tax as a share of value | 1.19% | 1.30% | 0.94% |
| Median household income | $88,250 | $77,971 | $80,734 |
| Homes lived in by their owners | 91% | 69% | 65% |
| Owner homes with a mortgage | 48% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,662 | $1,762 | $1,963 |
| Those costs as a share of the owners' income | 16.3% | 19.4% | 21.0% |
| Median rent | $873 | $1,209 | $1,413 |
| Rent as a share of renters' income | 17.2% | 29.2% | 30.6% |
| Median year homes were built | 1971 | 1965 | 1980 |
| Vacant homes | 13.1% | 9.2% | 10.1% |
| Population | 1,157 | 13,018,639 | 334,922,499 |
What a typical home costs per month in Prospect
At this week's average 30-year rate of 7.11%, buying the median Prospect home of $171,300 with 20% down costs about $1,163 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,448, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $49,848 for the 20%-down payment. That payment is 16% of the median Prospect household income of $88,250; at that income and 20% down, the 28% guideline points to a home of about $303,000.
The median rent here is $873 a month, so owning the median home costs about $290 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $34,260 |
|---|---|
| Loan amount | $137,040 |
| Principal and interest | $922 |
| Property taxes (1.19% a year) | $170 |
| Homeowners insurance (our estimate, 0.5% a year) | $71 |
| PMI | $0 |
| Total per month | $1,163 |
Change the numbers in the calculator
| Down payment | $5,996 |
|---|---|
| Loan amount | $168,197 |
| Principal and interest | $1,131 |
| Property taxes (1.19% a year) | $170 |
| Homeowners insurance (our estimate, 0.5% a year) | $71 |
| FHA mortgage insurance | $76 |
| Total per month | $1,448 |
Change the numbers in the calculator
Questions about home buying in Prospect
What is the median home value in Prospect?
About $171,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Prospect?
Homeowners pay a median $2,030 a year, which is about 1.19% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Prospect?
For the median home with 20% down at 7.11%, the payment is about $1,163 a month. Keeping that under 28% of gross income takes about $49,848 a year.
More about Prospect
- Mortgage Refinance in Prospect
- Debt Relief in Prospect
- Home Equity Loans in Prospect
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data