Paterson Housing Information
| Index | Paterson | New Jersey | National |
| Median home price | $236,000 | $316,400 | $184,700 |
| Median rent asked | $1,122 | $1,213 | $949 |
| Avg. people per household | 3.4 | 2.7 | 2.6 |
| Owner occupied households | 26.2% | 64.1% | 63.6% |
| Renter occupied households | 73.8% | 35.9% | 36.4% |
Paterson Home Affordability
When looking for real estate in Paterson, NJ, nothing is more important than affordability. There are several methods to calculate the affordability of a home, but perhaps the best way is the home price to median household income ratio. In Paterson, NJ, the median price of a home is $236,000 and $34,042 is the median household income. This means that the home price to income ratio is 6.9x, a ratio that is 61% higher than the average in New Jersey. The median home price is divided by the median home income to calculate the home affordability ratio. Homes in Paterson, NJ will be more financially accessable if the ratio has a lower than average home price to home income. These are not the only aspects to look at when determining the affordability of a home. A home affordability calculator offers a much more exact overview of the true affordability of a property. Use the calculator below to better determine how much you can pay for real estate in Paterson, NJ.Nearby cities with low home prices
| City, State | Population | Home Price | National Avg. |
| Teterboro, NJ | 86 | $0 | 100% |
| East Orange, NJ | 64,621 | $209,500 | 13% |
| Newark, NJ | 280,139 | $222,100 | 20% |
| Silver Lake, NJ | 4,007 | $224,200 | 21% |
| Prospect Park, NJ | 5,919 | $249,800 | 35% |
| Paterson, NJ | 146,894 | $236,000 | 28% |
Cities with similar population
| City, State | Population | Home Price | National Avg. |
| Bridgeport, CT | 147,022 | $168,200 | 9% |
| Torrance, CA | 147,307 | $652,600 | 253% |
| Clarksville, TN | 146,281 | $140,000 | 24% |
| Joliet, IL | 147,515 | $163,900 | 11% |
| Naperville, IL | 145,789 | $388,400 | 110% |
| Paterson, NJ | 146,894 | $236,000 | 28% |