Passaic, NJ—07055
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Passaic, NJ
As of Oct '25, the median home price in Passaic, NJ is $547,000, with a year-over-year change of 4.4%. This indicates that home prices in Passaic, NJ are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $547,000 | 4.4% |
| Single Family | $602,000 | 3.3% |
| Condos | $332,000 | 4.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $360,000 | 4.0% |
3 Bed | $545,000 | 3.6% |
4 Bed | $617,000 | 2.8% |
| 5 Bed | $749,000 | 2.6% |
% of Housing Stock
Rental Trends — Passaic, NJ
As of July '25, Rentcast reports the average rent in Passaic, NJ is $2,320, with a year-over-year rent change of 0.4%. Per bedroom, the median rent as of July '25 in Passaic, NJ is studios: $1,580, 1-bedrooms: $1,810, 2-bedrooms: $2,160, 3-bedrooms: $2,770, 4-bedrooms: $3,100. The most common rental property sizes in Passaic, NJ are 2-bedroom and 1-bedroom, accounting for 41.8% and 27.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,200 | $2,320 |
| Studio Rent | $1,600 | $1,580 |
| 1 Bed Rent | $1,700 | $1,810 |
| 2 Bed Rent | $2,150 | $2,160 |
| 3 Bed Rent | $2,650 | $2,770 |
| 4 Bed Rent | $3,000 | $3,100 |
% of Rental Stock
Property Listings — Passaic, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Passaic, NJ is 31. This is a decrease of -34.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 6.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $379,000 | -8.0% |
Listing Count | 35 | 16.0% |
| Listings as % of Homes | 0.1% | 16.0% |
Days on Market | 31 | -34.0% |
Demographics — Passaic, NJ
As of the latest ACS Survey released in 2023, Passaic, NJ has a population of 69,700, which has remained stable by -0.8% over the past 5 years. Passaic, NJ is a popular place for families, as children make up 31.4% of the population. The area has a poorly educated workforce, with 16.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 69,700 | -0.8% |
% Under 18 | 31.4% | -1.6% |
% Seniors | 9.5% | 2.2% |
% WFH | 8.2% | 272.7% |
% w/ College Degree | 16.9% | 6.3% |
As of the latest ACS Survey released in 2023, Passaic, NJ is a predominantly hispanic area, with 73.0% of the population identifying as hispanic. The hispanic population has shrunk by 0.9% in the last 5 years. The second most common race or ethnicity in Passaic, NJ is white, making up 14.6% of the population. Foreign-born residents account for 42.1% of the population in Passaic, NJ, and this percentage has increased by 9.4% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 14.6% | -10.4% |
% Black | 7.0% | -14.6% |
% Hispanic | 73.0% | -0.9% |
% Asian | 4.7% | 62.1% |
% Foreign Born | 42.1% | 9.4% |
Mortgage and Risk — Passaic, NJ
According to HUD data as of 2023, there were 207 mortgage originations in Passaic, NJ, of which 78.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Passaic, NJ. Investor activity is low, as 11.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 207 |
% Conventional Loans | 78.0% |
% Government Loans | 22.0% |
% Investor Loans | 11.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Passaic, NJ
As of 2024, the percent of homes in Passaic, NJ under the Section 8 program is 17.7%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Passaic, NJ, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 3,149 |
Total Units Section 8 | 2,735 |
% Rentals under Section 8 | 17.7% |
% Occupied Section 8 | 92.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$270 | $1,700 | $1,430 |
| 2 Bedroom | -$510 | $2,150 | $1,640 |
| 3 Bedroom | -$630 | $2,650 | $2,020 |
| 4 Bedroom | -$450 | $3,000 | $2,550 |
Affordability — Passaic, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 8.1 |
| Median Home Price | $547,000 |
| Median Household Income | $56,800 |