Prospect Park cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexProspect ParkPennsylvaniaNational
Cost of living index92100100
IndexProspect ParkPennsylvaniaNational
Goods & Services index10899100
Groceries index116102100
Health care index10690100
Housing index4493100
Transportation index115109100
Utilities index124115100
The above illustration supplies generalized information for the Prospect Park, PA cost of living index. Compared to other cities in Pennsylvania and cities across the country, the cost of living index in Prospect Park, PA is 92, which is 8% lower than the Pennsylvania average and 8% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Prospect Park, PA are 10% higher than the average for Pennsylvania and 8% higher than the rest of the country.

Did you know?

  • The cost of living in Prospect Park is 8% lower than the Pennsylvania average.
  • The cost of living in Prospect Park is 8% lower than the national average.
  • The cost of housing in Prospect Park is 56% lower than the national average.
  • Pennsylvania general sales tax is 18% higher than the national average.
  • Pennsylvania state income tax is 38% higher than the national average.

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Salary Calculator

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Use the salary calculator to compare your current salary in Prospect Park, PA to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Prospect Park, PA, then you would need to earn more income in order to maintain the same standard of living. To use the Prospect Park, PA salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$43,438$3,620$1,013$1,303
Renters$14,931$1,244$348$448
One can approximate the cost of living and the housing affordability in Prospect Park, PA by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Prospect Park, PA have a median income of $43,438. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,013 per month to avoid calamity and poverty. The renters in the city have an income of about $14,931, which would make their monthly maximum allowable rental costs $348.

Pennsylvania Sales Tax

StateGeneral Sales TaxWith Max Surtax
Pennsylvania6%8%

Pennsylvania Income Tax

StateIncome Tax (Low)Income Tax (High)
Pennsylvania3.07%3.07%
For those who live in Prospect Park, PA and want to know what the true cost of living is, they ought to look at both the Pennsylvania income tax rate and the Pennsylvania sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Pennsylvania, the sales tax is 6%, while the most you'll pay in surtax is 8%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Pennsylvania, the income tax rate ranges between 3.07% to 3.07%.

Goods & Services

ItemProspect ParkNational avg.Difference
Haircut $17.96$15.5615.4%
Beauty Salon $54.38$36.1150.6%
Toothpaste $2.34$2.475.5%
Shampoo $0.99$0.962.6%
Movie $11.55$10.1314.0%
Bowling $5.13$4.748.4%

Groceries

ItemProspect ParkNational avg.Difference
Ground Beef $3.87$3.983.0%
Fried Chicken $1.68$1.4119.2%
Milk $1.97$2.064.5%
Potatoes $3.44$2.9815.2%
Pizza $10.38$9.479.6%
Beer $8.18$8.797.0%

Health Care

ItemProspect ParkNational avg.Difference
Optometrist $102.70$101.041.6%
Doctor $124.15$107.4415.6%
Dentist $97.92$90.428.3%
Ibuprofen $9.59$9.283.3%
Lipitor $386.87$426.509.3%

Housing

ItemProspect ParkNational avg.Difference
Home Price $70,300.00$175,700.0060.0%
Avg. Mortgage Payment $1,520.01$1,133.2334.1%
Apartment Rent $498.00$920.0045.9%

Transportation

ItemProspect ParkNational avg.Difference
Gasoline $2.23$1.9911.9%
Tire Balancing $55.56$45.7621.4%

Utilities

ItemProspect ParkNational avg.Difference
All Electricity$182.53$163.8111.4%
Phone $40.01$28.3940.9%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Tavistock, NJ911313%
Cheyney University, PA9291077%
Arcadia University, PA62311313%
Audubon Park, NJ1,05194-6%
Chester, PA34,00791-9%
Prospect Park, PA28892-8%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Kawela Bay, HI28816262%
St. Petersburg, PA28885-15%
Dover, KY28884-16%
Zanesfield, OH28888-12%
Cedro, NM2881022%
Prospect Park, PA28892-8%
Source: The Prospect Park, PA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.