Paterson, NJ—07504
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 $564,000, with a year-over-year change of 5.9%. 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 | $564,000 | 5.9% |
| Single Family | $565,000 | 5.0% |
| 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 | N/A | N/A |
4 Bed | $555,000 | 3.4% |
| 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 $2,290, with a year-over-year rent change of -9.1%. Per bedroom, the median rent as of July '25 in Paterson, NJ is 1-bedrooms: $1,410, 2-bedrooms: $2,000, 3-bedrooms: $2,350, 4-bedrooms: $2,850. The most common rental property sizes in Paterson, NJ are 2-bedroom and 3-bedroom, accounting for 40.8% and 29.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,250 | $2,290 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,410 | $1,410 |
| 2 Bed Rent | $2,000 | $2,000 |
| 3 Bed Rent | $2,250 | $2,350 |
| 4 Bed Rent | $2,850 | $2,850 |
% 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 35. This is a increase of 70.0% from last year, suggesting that homes are sitting on the market longer 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 | $700,000 | 52.0% |
Listing Count | 12 | 82.0% |
| Listings as % of Homes | 0.3% | 82.0% |
Days on Market | 35 | 70.0% |
Demographics — Paterson, NJ
As of the latest ACS Survey released in 2023, Paterson, NJ has a population of 13,500, which has increased by 17.3% over the past 5 years. Paterson, NJ is a moderately popular place for families, as children make up 24.1% of the population. The area has a poorly educated workforce, with 17.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 13,500 | 17.3% |
% Under 18 | 24.1% | 19.3% |
% Seniors | 13.0% | -4.4% |
% WFH | 7.9% | 464.3% |
% w/ College Degree | 17.6% | -5.9% |
As of the latest ACS Survey released in 2023, Paterson, NJ is a predominantly hispanic area, with 58.3% of the population identifying as hispanic. The hispanic population has grown by 15.0% in the last 5 years. The second most common race or ethnicity in Paterson, NJ is black, making up 39.8% of the population. Foreign-born residents account for 43.6% of the population in Paterson, NJ, and this percentage has increased by 2.6% 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 | 2.0% | -13.0% |
% Black | 39.8% | -11.8% |
% Hispanic | 58.3% | 15.0% |
% Asian | 0.6% | -62.5% |
% Foreign Born | 43.6% | 2.6% |
Mortgage and Risk — Paterson, NJ
According to HUD data as of 2023, there were 63 mortgage originations in Paterson, NJ, of which 59.0% of loans were conventional mortgages. The average loan-to-value was 71.0%, with 48.0% above 90% LTV (very high). This implies large mortgage risk in Paterson, NJ. Investor activity is low, as 0.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 63 |
% Conventional Loans | 59.0% |
% Government Loans | 41.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Paterson, NJ
As of 2024, the percent of homes in Paterson, NJ under the Section 8 program is 5.3%. 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. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Paterson, NJ, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 119 |
Total Units Section 8 | 119 |
% Rentals under Section 8 | 5.3% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $190 | $1,410 | $1,600 |
| 2 Bedroom | -$170 | $2,000 | $1,830 |
| 3 Bedroom | $0 | $2,250 | $2,250 |
| 4 Bedroom | $0 | $2,850 | $2,850 |
Affordability — Paterson, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.2 |
| Median Home Price | $564,000 |
| Median Household Income | $67,300 |