As of 2012, there were 476 people with 170 households. A population density of 323/sq mi. The racial makeup of the community was 0.63% Black or African American, 95.38% White, 0.63% Native American, 0.42% Asian, and 2.94% from other races. 1.63% of the population were Hispanic or Latino of any race. 50% of the population are male thus the other 50% are female.
The median age of Prospect was 34.6 which is lower than the US median, 37.3. 52.69% of the population are married, 13.26% are divorced. The average household size is 2.79 people. 34.65% of people who have children are married couples while 14.96% that have children are single.
The median home cost was $93,600 with a cost of living at 14.90%. Unemployment rate was 8.60%.