Paterson, New Jersey Real Estate & Housing Market

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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%

Above is a snapshot look at the real estate market in Paterson, NJ. In Paterson, NJ, the median house price is $236,000, making the price 25% lower than that the average for New Jersey. Therefore, the affordability of Paterson, NJ area real estate is more affordable than the real estate in other areas of New Jersey. In addition, Paterson, NJ has a median rent price of $1,122; this price is 8% lower than that the average rental price for New Jersey. 26.2% of residents in Paterson, NJ are homeowners, and the average amount of people who reside in each home is 3.4. Paterson, NJ has a wide array of real estate options available, ranging from cost-friendly condos to high-end luxury homes. We filter listings by number of bathrooms and bedrooms, price and area to simplify the search process for Paterson, NJ real estate for sale.

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%

Source: The Paterson, NJ housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).