The typical owner-occupied home in Prospect Park is worth about $244,600, 4% below the Pennsylvania median of $254,500 and 26% below the national median of $332,700. Owners pay a median $5,341 a year in property taxes, about 2.18% of their home's value, higher than the Pennsylvania rate of 1.30%. The median household earns $63,077 a year, so the median home costs 3.9 times the median income (3.3 times for Pennsylvania). 58% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Prospect Park at a glance
| Prospect Park | Pennsylvania | U.S. | |
|---|---|---|---|
| Median home value | $244,600 | $254,500 | $332,700 |
| Median property tax paid per year | $5,341 | $3,311 | $3,119 |
| Property tax as a share of value | 2.18% | 1.30% | 0.94% |
| Median household income | $63,077 | $77,971 | $80,734 |
| Homes lived in by their owners | 58% | 69% | 65% |
| Owner homes with a mortgage | 49% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,908 | $1,762 | $1,963 |
| Those costs as a share of the owners' income | 22.4% | 19.4% | 21.0% |
| Median rent | $1,183 | $1,209 | $1,413 |
| Rent as a share of renters' income | 39.7% | 29.2% | 30.6% |
| Median year homes were built | 1949 | 1965 | 1980 |
| Vacant homes | 6.5% | 9.2% | 10.1% |
| Population | 6,417 | 13,018,639 | 334,922,499 |
What a typical home costs per month in Prospect Park
At this week's average 30-year rate of 7.11%, buying the median Prospect Park home of $244,600 with 20% down costs about $1,863 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,270, 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 $79,827 for the 20%-down payment. That payment is 35% of the median Prospect Park household income of $63,077; at that income and 20% down, the 28% guideline points to a home of about $193,000.
The median rent here is $1,183 a month, so owning the median home costs about $680 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $48,920 |
|---|---|
| Loan amount | $195,680 |
| Principal and interest | $1,316 |
| Property taxes (2.18% a year) | $444 |
| Homeowners insurance (our estimate, 0.5% a year) | $102 |
| PMI | $0 |
| Total per month | $1,863 |
Change the numbers in the calculator
| Down payment | $8,561 |
|---|---|
| Loan amount | $240,170 |
| Principal and interest | $1,616 |
| Property taxes (2.18% a year) | $444 |
| Homeowners insurance (our estimate, 0.5% a year) | $102 |
| FHA mortgage insurance | $108 |
| Total per month | $2,270 |
Change the numbers in the calculator
Questions about home buying in Prospect Park
What is the median home value in Prospect Park?
About $244,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Prospect Park?
Homeowners pay a median $5,341 a year, which is about 2.18% 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 Park?
For the median home with 20% down at 7.11%, the payment is about $1,863 a month. Keeping that under 28% of gross income takes about $79,827 a year.
More about Prospect Park
- Mortgage Refinance in Prospect Park
- Debt Relief in Prospect Park
- Home Equity Loans in Prospect Park
- 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