Paterson, NJ—07503
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 $531,000, with a year-over-year change of 6.8%. This indicates that home prices in Paterson, NJ are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $531,000 | 6.8% |
| Single Family | $540,000 | 6.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $516,000 | 6.0% |
4 Bed | N/A | N/A |
| 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 $2,410, with a year-over-year rent change of 5.2%. Per bedroom, the median rent as of July '25 in Paterson, NJ is 1-bedrooms: $1,750, 2-bedrooms: $2,350, 3-bedrooms: $2,530, 4-bedrooms: $3,400. The most common rental property sizes in Paterson, NJ are 2-bedroom and 3-bedroom, accounting for 40.1% and 27.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,400 | $2,410 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,800 | $1,750 |
| 2 Bed Rent | $2,400 | $2,350 |
| 3 Bed Rent | $2,500 | $2,530 |
| 4 Bed Rent | $3,400 | $3,400 |
% 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 22. This is a decrease of -37.0% 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 | $335,000 | 13.0% |
Listing Count | 10 | 50.0% |
| Listings as % of Homes | 0.1% | 50.0% |
Days on Market | 22 | -37.0% |
Demographics — Paterson, NJ
As of the latest ACS Survey released in 2023, Paterson, NJ has a population of 19,600, which has increased by 7.4% over the past 5 years. Paterson, NJ is a popular place for families, as children make up 26.8% of the population. The area has a poorly educated workforce, with 14.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,600 | 7.4% |
% Under 18 | 26.8% | 1.9% |
% Seniors | 11.6% | -1.7% |
% WFH | 4.0% | 263.6% |
% w/ College Degree | 14.8% | 35.8% |
As of the latest ACS Survey released in 2023, Paterson, NJ is a predominantly hispanic area, with 59.2% of the population identifying as hispanic. The hispanic population has shrunk by 1.5% in the last 5 years. The second most common race or ethnicity in Paterson, NJ is white, making up 29.8% of the population. Foreign-born residents account for 50.7% of the population in Paterson, NJ, and this percentage has increased by 11.2% 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 | 29.8% | 3.8% |
% Black | 8.7% | 6.1% |
% Hispanic | 59.2% | -1.5% |
% Asian | 0.4% | -66.7% |
% Foreign Born | 50.7% | 11.2% |
Mortgage and Risk — Paterson, NJ
According to HUD data as of 2023, there were 83 mortgage originations in Paterson, NJ, of which 66.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 42.0% above 90% LTV (very high). This implies large mortgage risk in Paterson, NJ. Investor activity is low, as 10.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 83 |
% Conventional Loans | 66.0% |
% Government Loans | 34.0% |
% Investor Loans | 10.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Paterson, NJ
As of 2024, the percent of homes in Paterson, NJ under the Section 8 program is 5.5%. 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. In Paterson, 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 | 431 |
Total Units Section 8 | 230 |
% Rentals under Section 8 | 5.5% |
% Occupied Section 8 | 94.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$170 | $1,800 | $1,630 |
| 2 Bedroom | -$530 | $2,400 | $1,870 |
| 3 Bedroom | -$200 | $2,500 | $2,300 |
| 4 Bedroom | -$490 | $3,400 | $2,910 |
Affordability — Paterson, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.2 |
| Median Home Price | $531,000 |
| Median Household Income | $60,300 |