Paterson, New Jersey.
Typical home $540,919 (+5.0% in a year), asking rent $1,889 (+0.6%). New York-Newark-Jersey City, NY-NJ-PA metro.
to buy the typical home at today's mortgage rate — +$1,699 (+149%) since Jan 2020.
- 1 year
- Up $25,713 +5%
- $515,206$540,919 since Sep 2025
- 5 years
- Up $149,484 +38%
- $391,435$540,919 since Sep 2021
Monthly payment to buy the typical home
Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.
- Paterson$2,839
- New Jersey$3,019
- United States$1,922
At the last five years' pace, a typical home here doubles in price every 11 years.
Typical home values in Paterson, NJ rose 5.0% over the past year — faster than the nation's +1.2%.
Asking rents in Paterson, NJ rose 0.6% over the past year — slower than the nation's +2.7%.
Owning the typical home in Paterson runs $2,510/mo more than renting one — the widest that gap has been in this data.
That is $4,399 a month against $1,889 rent: a $2,839 mortgage payment, plus $981 property tax and $579 insurance & upkeep.
Owning vs renting — Paterson
The owning line is the typical home's monthly payment at that month's rate, plus property tax and insurance & upkeep; the renting line is the typical asking rent; the grey line is the mortgage payment on its own. Same homes, same months, both ways of paying for a roof.
- Owning all in$4,399
- Renting$1,889
- Mortgage only$2,839
Property tax · $981/mo 2.18% of value a year — the ACS 2020-2024 median bill over the median home value for Passaic County, NJ
Insurance & upkeep · $579/mo insurance, maintenance and repairs together, from the BLS Consumer Expenditure Survey — the national figure for mortgaged homeowners, scaled to this market's home value. BLS publishes the three bundled and they cannot be split.
Both are priced off the same month's home value, so they rise with the market. Neither is a quote — a specific home's bill depends on its assessment, its age and its insurer.
Living in Paterson, Passaic County, New Jersey
Paterson is a city of 159,732 people in Passaic County. Half its households earn more than $55,997 a year and half less, against $87,522 across Passaic County; 21% of its people live below the poverty line. 27% of its homes are lived in by their owners and 73% are rented. Unemployment in Paterson was 7.8% in August 2026, and Passaic County had 2.0% more jobs in 2025 than the year before. The most residents work in schools and health care, then manufacturing.
Written by AI Claude Sonnet 5.5 wrote this on 23 October 2026 from the figures here, a list of nearby places and what it knows. It can be wrong or out of date.
What it’s like
The place. Paterson is a city with a younger population than most, and far more of its homes are rented than lived in by their owners. Household incomes run well below the county's, and more residents live below the poverty line than is typical, while fewer adults hold a four-year degree. Winters are cold, with January highs near freezing and lows well below it, and summers turn warm by July.
Work. Many residents work in schools, hospitals and social care, with manufacturing, shops, and transport and warehousing also employing a good share. Among the largest workplaces in Paterson are St. Joseph's University Medical Center, the Paterson Public School District and Passaic County Community College. Unemployment has eased over the past year, and the county has added jobs. A typical commute is moderate, and few people work from home.
Things to do. MetLife Stadium and Giants Stadium are both a short drive away, the kind of places people go for big games and concerts. A longer drive brings you to the Statue of Liberty, a tourist attraction on the Hudson River, and to Central Park, a large garden in the middle of the city.
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- 49,865households
- 12%of adults have a degree
- 21%below the poverty line
- 23 mintypical commute
- 5%work from home
What residents work in
Employed residents by industry, from the Census survey. Passaic County had 174,268 jobs in 2025, 2.0% more than the year before (Bureau of Labor Statistics).
Weather through the year
Coldest in January, with highs near 39° and lows near 22°; warmest in July, with highs near 86° and lows near 65°.
Average daily high and low, 1991–2020, at the Little Falls weather station, 4 miles away (NOAA).
Largest workplaces in Paterson
- St. Josephs University Medical CentGeneral hospital4,616FTE
- Paterson Public School DistrictSchool district3,667FTE
- Passaic County Community CollegeTwo-year college1,178
- Accurate Box CompanyBoxes, corrugated and solid fiber, made from purchased paper or paperboard322
- Paterson Charter School for Science and TechnologySchool district271FTE
- Kontos FoodsBakery products, fresh, made in commercial bakeries246
- Gaeta Recycling CompanyGarbage collection services230
- Complete Care Fair Lawn EdgeNursing homes190
Staff on average in 2025, as each workplace reported it to OSHA with its injury records: 37 workplaces with 20 or more staff, 3,398 people in all. Hospitals come from their Medicare cost reports (CMS, 2023), school districts from the Common Core of Data (NCES, 2023–24) and colleges from IPEDS (NCES, 2023–24); FTE marks full-time equivalent staff. Not listed: many offices and banks, which need not report to OSHA; military bases, whose staff OPM withholds; and, in about half the states, city and county governments.
Natural hazards
- Strong windRelatively high
- Winter weatherRelatively high
- Lightningrelatively high in parts of PatersonRelatively moderate
- Heat wavesRelatively moderate
- Inland floodingrelatively high in parts of PatersonRelatively moderate
- Cold wavesRelatively moderate
FEMA’s National Risk Index (December 2025) rates the risk each natural hazard poses to the people, buildings and farms in Paterson’s census tracts, against the rest of the country; all of them together, relatively low. It is meant for planning, not a substitute for a local risk assessment or a flood map: FEMA’s index.
From the U.S. Census Bureau’s 2020 census and its American Community Survey (2020–2024 five-year estimates), and the Bureau of Labor Statistics. A survey, so each figure has a margin of error, and figures it is not sure of are left out. More on Passaic County and the New York-Newark-Jersey City, NY-NJ-PA metro.
Paterson home values
Zillow measures a city over its municipal boundary. Against the state and national figures, mid-tier homes, smoothed and seasonally adjusted.
- Paterson$540,919
- New Jersey$575,123
- United States$366,157
Levy by levy, and a check of one home’s own bill, the site covers Ohio’s property tax.
Sellers are cutting prices on about 1 in 6 Paterson listings, and the typical home goes pending in 38 days — the market is cooling.
When this market ran hot
Each cell is that month's year-on-year home-value growth. Read left to right, top row is the latest year — the 2021–22 band is the boom.
Market heat, inside the city limits
Share of listings with a price cut
The early-warning dial: sellers cut when buyers stop reaching. Rising cuts cool a market months before prices notice.
- Paterson17.29%
- United States26.90%
Days to pending
How long the typical listing takes to go under contract.
- Paterson38
- United States27
Homes for sale
Active for-sale inventory. More supply hands power to buyers.
- Paterson133
New listings per month
Sellers arriving at the market.
- Paterson32
Median sale price
What buyers actually paid — closed sales, not asking prices.
- Paterson$541,247
- United States$371,407
Zip codes with a Paterson address
A different geography, not a breakdown. The figure above covers the municipality; these zips cover everywhere the Post Office calls Paterson — often including townships beyond the city limits. Both come straight from Zillow, and they are not expected to average out.
Zip codes in Paterson
| Zip activate to sort by Zip | Place activate to sort by Place | Population sorted descending, activate to sort ascending | Rent activate to sort by Rent | Home value activate to sort by Home value |
|---|---|---|---|---|
| 07501 | Paterson | 35,481 | $1,796 | $478,671 |
| 07522 | Paterson | 23,040 | $1,996 | $501,266 |
| 07514 | Paterson | 20,647 | — | $537,455 |
| 07503 | Paterson | 19,170 | $2,149 | $565,637 |
| 07502 | Paterson | 17,158 | — | $542,381 |
| 07524 | Paterson | 13,808 | $2,000 | $537,771 |
| 07504 | Paterson | 13,123 | — | $588,499 |
| 07513 | Paterson | 11,576 | — | $590,684 |