How much does it cost to rent in Prospect, KY?

As of August 2026, the median monthly rent in Prospect, KY is $2,382. This figure is based on aggregated data from public sources and community-submitted rents.

Is Prospect cheaper than other Kentucky cities?

Prospect is one of the pricier cities in Kentucky, ranking #1 out of 36 cities tracked at $2,382/mo.

When was Prospect rent data last updated?

Prospect rent data reflects August 2026 and was last refreshed on August 17, 2026. RentDataNow refreshes all data monthly using public and private datasets.

What is the Fair Market Rent in Prospect, KY?

HUD sets the Fair Market Rent for a two-bedroom home in Prospect, KY at $2,000 per month, which is 16% below the $2,382 market median. Fair Market Rent is the Housing Choice Voucher (Section 8) payment standard. It is a 40th-percentile gross rent that includes essential utilities such as electricity, water, gas, sewer, and trash, and HUD updates it once a year, so it measures something different from current market asking rent.

City Report · KY

Prospect

Name: Average Rent Prices in Prospect, KY
Creator: RentDataNow
License: https://creativecommons.org/licenses/by/4.0/

Pop. 4,542·1st most expensive in Kentucky·Rental market data updated monthly for Prospect, KY

Median rent (all units)

$2,382/mo

Year-over-Year

Stable

Month-over-Month

+1.7%

vs US Median

+$420

Rising (Monthly)

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Most AffordableMost Expensive

Prospect · $2,382

More expensive than 75% of US cities · National median $1,962/mo

Rent Reality Score

53/100

Fairly priced

OverheatedFairGreat value

Rents are right about where Prospect's 10-year trend predicts.

Actual rent

$2,382/mo

Expected by trend

$2,424/mo

The Rent Reality Score compares today's median rent to where Prospect's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$1,510

1 BR

$1,640

2 BR

$2,000

3 BR

$2,580

4 BR+

$2,990

Fair Market Rent (HUD)

$2,000/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $2,382 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

Loading…

Last updated: August 17, 2026

Annual cost

$28,584/yr

At $2,382/mo median

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+0.0% YoY, +1.7% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

Who lives here

Prospect, KY is majority owner-occupied, has a large retiree population, has a median income above the national average, 74.4% of residents hold a bachelor's degree or higher.

Population

4,542

Median income

$163,462

Median age

54.5

Renters

6.7%

Age distribution

18.6%

24.5%

18.7%

30.5%

Under 1818.6%

18–347.7%

35–5424.5%

55–6418.7%

65+30.5%

Gender

47.6%

52.4%

Male47.6%

Female52.4%

Race & ethnicity

89.4%

White89.4%

Black4.5%

Asian4.2%

Other1.5%

Education (25+)

21.4%

74.4%

No HS diploma1.1%

HS diploma3.1%

Some college21.4%

Bachelor's+74.4%

Housing tenure

93.3%

Owner93.3%

Renter6.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2023 vs 2026

How Prospect, KY has changed in 5 years

Rent

$2,053 → $2,382

up 16.0%

Income

$160,960 → $163,462

up 1.6%

Population

4,653 → 4,542

down 2.4%

Renter share

5.8% → 6.7%

+0.9 pts

Bachelor's+

71.7% → 74.4%

+2.7 pts

Median age

57.5 → 54.5

-3.0 yrs

Compared with 2023, rent in Prospect, KY has climbed by $329 per month, settling near $2,382 after starting the period at $2,053. Local incomes tracked alongside that move, going from a median of $160,960 in 2021 to $163,462 more recently. Rent outpaced income growth by roughly 14.4 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 4,653 to 4,542 between 2021 and 2024, a 2.4% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 71.7% to 74.4%. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the Prospect, KY market of 2023.

Community

Discussions about Prospect

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View Prospect rent history (2015–2026) →

Salary vs rent

Can you afford rent in Prospect on your salary?

At $2,382/mo, how Prospect rent compares to typical pay (30% rule).

Registered Nurse

Avg $83,142/yr · Rent = 34.4% income

stretched

Elementary School Teacher

Avg $59,030/yr · Rent = 48.4% income

rent-burdened

Police Officer

Avg $67,998/yr · Rent = 42% income

rent-burdened

Software Developer

Avg $121,537/yr · Rent = 23.5% income

affordable

Lawyer

Avg $155,294/yr · Rent = 18.4% income

very comfortable

Firefighter

Avg $55,273/yr · Rent = 51.7% income

severely rent-burdened

Truck Driver

Avg $49,905/yr · Rent = 57.3% income

severely rent-burdened

Electrician

Avg $61,512/yr · Rent = 46.5% income

rent-burdened

By apartment size

Prospect rent by bedroom count

Median rent for each apartment size in Prospect. Click any size for full breakdown.

Local insights

Tips for renters in Prospect

About renting in Prospect, KY

Last updated: August 17, 2026

The median rent in Prospect is $2,382/mo as of August 2026. A studio apartment averages $1,510/mo while a 2-bedroom runs $2,000/mo. One-bedroom apartments average $1,640/mo and 3-bedroom units go for $2,580/mo.

At 17% of local median household income ($163,462/yr), Prospect ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Prospect an affordable city for renters?

Prospect is considered very affordable for renters. At $2,382/mo, rent takes approximately 17% of the local median household income ($163,462/yr). The standard benchmark is 30%. Prospect falls comfortably within that range.

How much income do you need to rent in Prospect?

To keep rent at or below 30% of gross income, you would need to earn at least $95,000/year (~$46/hour full-time) to afford the median rent of $2,382/mo in Prospect. The local median household income is $163,462/yr, meaning the typical Prospect household meets that threshold.

Is rent going up or down in Prospect?

Rent in Prospect has been relatively stable over the past year, with a 0.0% change year over year as of August 2026.

How does Prospect rent compare to other cities in Kentucky?

Prospect is one of the pricier cities in Kentucky for rent, ranking #1 out of 36 tracked cities at $2,382/mo.

Which nearby cities are cheaper to rent in than Prospect?

Several nearby cities have lower median rents than Prospect ($2,382/mo): Clarksville ($1,217/mo), Sellersburg ($1,274/mo), Jeffersonville ($1,301/mo).

What percentage of Prospect residents rent vs. own?

According to Census data, approximately 6.7% of Prospect households are renters, while 93.3% are owner-occupied. Prospect leans toward homeownership, which can mean a smaller rental inventory.

How does Prospect rent compare to the national average?

Prospect's median rent of $2,382/mo is $420 (21%) above the US national median of $1,962/mo. Within Kentucky, it ranks #1 out of 36 tracked cities.

Income Affordability

17%

VERY AFFORDABLE

At $2,382/mo, rent takes ~17% of Prospect's median household income ($163,462/yr). The standard benchmark is 30%.

Prospect 17%Benchmark 30%

State income tax4%

Run the Prospect affordability calculator →

Nearby cities