Paterson, NJ—07502
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Paterson, NJ
As of Oct '25, the median home price in Paterson, NJ is $526,000, with a year-over-year change of 3.2%. This indicates that home prices in Paterson, NJ are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $526,000 | 3.2% |
| Single Family | $528,000 | 2.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $450,000 | 4.9% |
3 Bed | $514,000 | 3.4% |
4 Bed | $548,000 | 3.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Paterson, NJ
As of July '25, Rentcast reports the average rent in Paterson, NJ is $2,360, with a year-over-year rent change of 4.4%. Per bedroom, the median rent as of July '25 in Paterson, NJ is 1-bedrooms: $1,680, 2-bedrooms: $2,410, 3-bedrooms: $2,570, 4-bedrooms: $2,430. The most common rental property sizes in Paterson, NJ are 2-bedroom and 3-bedroom, accounting for 41.6% and 31.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,400 | $2,360 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,700 | $1,680 |
| 2 Bed Rent | $2,400 | $2,410 |
| 3 Bed Rent | $2,500 | $2,570 |
| 4 Bed Rent | $2,500 | $2,430 |
% of Rental Stock
Property Listings — Paterson, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Paterson, NJ is 37. This is a decrease of -57.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $548,000 | 11.0% |
Listing Count | 15 | 0.0% |
| Listings as % of Homes | 0.5% | 0.0% |
Days on Market | 37 | -57.0% |
Demographics — Paterson, NJ
As of the latest ACS Survey released in 2023, Paterson, NJ has a population of 17,500, which has increased by 4.2% over the past 5 years. Paterson, NJ is a popular place for families, as children make up 28.3% of the population. The area has a poorly educated workforce, with 16.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 2.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 17,500 | 4.2% |
% Under 18 | 28.3% | 3.3% |
% Seniors | 10.4% | 5.1% |
% WFH | 2.9% | 45.0% |
% w/ College Degree | 16.5% | 26.0% |
As of the latest ACS Survey released in 2023, Paterson, NJ is a predominantly hispanic area, with 50.1% of the population identifying as hispanic. The hispanic population has shrunk by 9.4% in the last 5 years. The second most common race or ethnicity in Paterson, NJ is asian, making up 25.7% of the population. Foreign-born residents account for 41.5% of the population in Paterson, NJ, and this percentage has increased by 20.3% 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 | 10.5% | -9.5% |
% Black | 11.6% | -28.8% |
% Hispanic | 50.1% | -9.4% |
% Asian | 25.7% | 57.7% |
% Foreign Born | 41.5% | 20.3% |
Mortgage and Risk — Paterson, NJ
According to HUD data as of 2023, there were 102 mortgage originations in Paterson, NJ, of which 65.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Paterson, NJ. Investor activity is low, as 3.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 102 |
% Conventional Loans | 65.0% |
% Government Loans | 35.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Paterson, NJ
As of 2024, the percent of homes in Paterson, NJ under the Section 8 program is 4.8%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Paterson, NJ, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 92 |
Total Units Section 8 | 92 |
% Rentals under Section 8 | 4.8% |
% Occupied Section 8 | 92.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$140 | $1,700 | $1,560 |
| 2 Bedroom | -$610 | $2,400 | $1,790 |
| 3 Bedroom | -$300 | $2,500 | $2,200 |
| 4 Bedroom | $290 | $2,500 | $2,790 |
Affordability — Paterson, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.4 |
| Median Home Price | $526,000 |
| Median Household Income | $68,600 |