Prospect Park, NJ is a great place to live with plenty of local businesses and an attractive cost of living compared to the US average. The two bedroom rent in Prospect Park is $1,850 which is significantly higher than the US average which is $1,430. This high rental rate shows that it's a desirable location. Additionally, Prospect Park’s grocery cost index of 106 versus 100 in the US indicates that food prices are slightly more expensive than elsewhere in the nation. Local companies such as Prospect Pizza Company, Safe Harbor Financial Services, and Prospect Park Nursery provide services to residents along with employment opportunities. Therefore, Prospect Park is an excellent choice if you're looking for a cost-effective area with access to essential amenities.
Prospect Park has an unemployment rate of 10.0%. The US average is 6.0%.
Prospect Park has seen the job market decrease by -0.5% over the last year. Future job growth over the next ten years is predicted to be 21.7%, which is lower than the US average of 33.5%.
Tax Rates for Prospect Park
- The Sales Tax Rate for Prospect Park is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Prospect Park 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 Park
- The average income of a Prospect Park resident is $22,001 a year. The US average is $28,555 a year.
- The Median household income of a Prospect Park resident is $51,618 a year. The US average is $69,021 a year.