Cost of Living in Prospect, NY

With a cost of living index of 81, Prospect, NY is a very affordable place to live. Living here is 19% cheaper than the national average and 30% below the New York state average of 111. Prospect is a small community of 337 residents.

The median household income in Prospect is $46,413, which is 38% lower than the national median of $75,149. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Prospect. The area sees an average annual temperature of 46.6°F, with summers averaging 68°F and winters around 24°F. Annual rainfall totals 43.8 inches spread over roughly 175 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Utica-Rome, NY (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 5 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.