The village was founded in 1803 and incorporated in 1890. Residents voted 91-7 to dissolve to village on July 21, 2015. This was primarily due to a lengthy dispute regarding worker's compensation claims from two firefighters. The village officially dissolved on December 31, 2015. It should be classified as a census-designated place by the U.S. Census Bureau within the next couple years. All government activities previously managed by the village are now handled by the Town of Trenton. The volunteer fire department disbanded in 2014, also due to the said dispute. The volunteer ambulance still remains in service.
Geography
Prospect is located at . According to the United States Census Bureau, the hamlet has a total area of, all of it land.
Demographics
As of the census of 2000, there were 330 people, 123 households, and 87 families residing in what was then a village. The population density was 1,621.2 people per square mile. There were 138 housing units at an average density of 678.0 per square mile. The racial makeup of the village was 99.09% White, 0.61% African American, and 0.30% from two or more races. Hispanic or Latino of any race were 1.21% of the population. There were 123 households of which 39.0% had children under the age of 18 living with them, 50.4% were married couplesliving together, 14.6% had a female householder with no male present, and 28.5% were non-families. 23.6% of all households were made up of individuals and 10.6% had someone living alone who was 65 years of age or older. The average household size was 2.68 and the average family size was 3.18. Of the population, 29.4% were under the age of 18, 6.7% from 18 to 24, 31.8% from 25 to 44, 21.8% from 45 to 64, and 10.3% who were 65 years of age or older. The median age was 36 years. For every 100 females, there were 87.5 males. For every 100 females age 18 and over, there were 95.8 males. The median annual income for a household in the village was $49,167, and the median income for a family was $50,625. Males had a median income of $32,708 versus $28,333 for females. The per capita income for the village was $16,579. About 3.4% of families and 5.4% of the population were below the poverty line, including 6.7% of those under 18, but none of those age 65 or over.
