Downtown Paterson renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in Downtown Paterson is about $1,091 per month. This puts it in the 16th percentile compared to the city average cost of rent, which is $1,319. Households in Downtown Paterson have a median income of $2,915 per month so the average renter in Downtown Paterson is spending roughly 37% of their earnings on housing.
Nationally, and in Downtown Paterson, home values are the data point most closely correlated with the cost of rent. The median price of a home in Downtown Paterson is $272,392 right now, which is lower than nearby neighborhoods, meaning that rents in Downtown Paterson also tend to be lower versus these nearby neighborhoods.
Higher rent prices are common in the southwestern parts of Downtown Paterson while lower rent rates are often available in northwestern areas.
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