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These days, finding an affordable place to live in the Paterson area can be challenging. Home prices in Paterson are now at a median cost of $352,445, lower than the New Jersey average of $496,577.
The average cost of rent is $1,589/mo in Paterson, primarily driven by the current value of real estate in the Paterson area. In Paterson, 73.22% of households rent, and 38.14% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Paterson is $5,479 per month. Households that rent pay about 29.01% of their income on rent here. Paterson’s most expensive areas are in the central regions, while the cheapest areas are in the northwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Prospect Park, NJ: higher priced homes
- Haledon, NJ: higher priced homes
- Elmwood Park, NJ: higher priced homes
- Woodland Park, NJ: higher priced homes
- Totowa, NJ: higher priced homes
- Fair Lawn, NJ: higher priced homes
- Hawthorne, NJ: higher priced homes
- Clifton, NJ: higher priced homes
- North Haledon, NJ: higher priced homes
- Saddle Brook, NJ: higher priced homes
Cities with Similar Populations
- Coral Springs, FL: higher priced homes
- Detroit, MI: less expensive homes
- Costa Mesa, CA: higher priced homes
- Columbia, MD: higher priced homes
- Cordova, TN: less expensive homes
- Columbia, MO: less expensive homes
- Council Bluffs, IA: less expensive homes
- Covington, GA: less expensive homes
- Concord, CA: higher priced homes
- Conyers, GA: less expensive homes
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