Prospect, CT is a small town located about 30 miles outside of Hartford. It has a population of 8,229 people and a median household income of $81,998. Prospect is known for its businesses such as Prospect Food Services Inc., Big Y Foods Inc., and R&D Automation Limited Partners. Additionally, Prospect is home to many large corporations such as Covidien, Cooper Power Systems and GE Aviation. The cost of living in Prospect is slightly higher than the US average due to higher rent prices- a two bedroom rental costs an average of $1,600 compared to the US average of $1,430- and grocery costs which index 107 versus 100 in the US. Despite this, Prospect remains an attractive destination for those looking to live in a small town with easy access to larger cities.
Prospect has an unemployment rate of 6.7%. The US average is 6.0%.
Prospect has seen the job market decrease by -0.4% over the last year. Future job growth over the next ten years is predicted to be 27.5%, which is lower than the US average of 33.5%.
Tax Rates for Prospect
- The Sales Tax Rate for Prospect is 6.4%. The US average is 7.3%.
- The Income Tax Rate for Prospect is 5.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Prospect
- The average income of a Prospect resident is $43,881 a year. The US average is $37,638 a year.
- The Median household income of a Prospect resident is $109,800 a year. The US average is $69,021 a year.