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Expensive
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These days, finding an affordable place to live in the Downtown Paterson area can be challenging. Home prices in Downtown Paterson are now at a median cost of $372,607, higher than the Paterson average of $352,445.
The average cost of rent is $1,390/mo in Downtown Paterson, primarily driven by the current value of real estate in the Downtown Paterson area. In Downtown Paterson, 92.16% of households rent, and 58.51% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Downtown Paterson is $3,465 per month. Households that rent pay about 40.12% of their income on rent here. Downtown Paterson’s most expensive areas are in the northern regions, while the cheapest areas are in the southwestern parts of the neighborhood.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Neighborhoods
- Albion Place, Clifton, NJ: higher priced homes
- Lake View, Paterson, NJ: equally priced homes
- Radburn, Fair Lawn, NJ: higher priced homes
- Richfield, Clifton, NJ: higher priced homes
- Warren Point, Fair Lawn, NJ: higher priced homes
- Passaic Junction, Saddle Brook, NJ: higher priced homes
- Athenia, Clifton, NJ: higher priced homes
- Ridgewood Junction, Glen Rock, NJ: higher priced homes
- Allwood, Clifton, NJ: higher priced homes
- Downtown Ridgewood, Ridgewood, NJ: higher priced homes
Neighborhoods with Similar Populations
- East Falls, Philadelphia, PA: equally priced homes
- Marina-San Francisco, San Francisco, CA: higher priced homes
- Martha Lake, Lynnwood, WA: higher priced homes
- Edison Park, Chicago, IL: higher priced homes
- Meadow Point, Wesley Chapel, FL: equally priced homes
- Eastwood, Syracuse, NY: less expensive homes
- Eastwick, Philadelphia, PA: less expensive homes
- Midway, St. Paul, MN: less expensive homes
- East Village, San Diego, CA: higher priced homes
- Monta Loma, Mountain View, CA: higher priced homes
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