Paterson, NJ—07513
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 $558,000, with a year-over-year change of 4.8%. This indicates that home prices in Paterson, NJ are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $558,000 | 4.8% |
| Single Family | $558,000 | 4.1% |
| 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 | N/A | N/A |
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 $2,540, with a year-over-year rent change of 14.4%. Per bedroom, the median rent as of July '25 in Paterson, NJ is 2-bedrooms: $2,100, 3-bedrooms: $2,880. The most common rental property sizes in Paterson, NJ are 2-bedroom and 3-bedroom, accounting for 39.0% and 29.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,200 | $2,540 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $2,100 | $2,100 |
| 3 Bed Rent | $2,400 | $2,880 |
| 4 Bed Rent | N/A | N/A |
% 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 41. This is a increase of 200.0% 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 | $512,000 | -4.0% |
Listing Count | 4 | 120.0% |
| Listings as % of Homes | N/A | 120.0% |
Days on Market | 41 | 200.0% |
Demographics — Paterson, NJ
As of the latest ACS Survey released in 2023, Paterson, NJ has a population of 11,000, which has decreased by -11.9% over the past 5 years. Paterson, NJ is a popular place for families, as children make up 26.9% of the population. The area has a poorly educated workforce, with 11.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 11,000 | -11.9% |
% Under 18 | 26.9% | 2.3% |
% Seniors | 12.4% | 27.8% |
% WFH | 5.5% | 41.0% |
% w/ College Degree | 11.9% | 24.0% |
As of the latest ACS Survey released in 2023, Paterson, NJ is a predominantly hispanic area, with 76.7% of the population identifying as hispanic. The hispanic population has shrunk by 6.6% in the last 5 years. The second most common race or ethnicity in Paterson, NJ is black, making up 20.8% of the population. Foreign-born residents account for 51.9% of the population in Paterson, NJ, and this percentage has increased by 7.9% 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 | 1.8% | -59.1% |
% Black | 20.8% | 51.8% |
% Hispanic | 76.7% | -6.6% |
% Asian | 0.6% | ∞% |
% Foreign Born | 51.9% | 7.9% |
Mortgage and Risk — Paterson, NJ
According to HUD data as of 2023, there were 19 mortgage originations in Paterson, NJ, of which 63.0% of loans were conventional mortgages. The average loan-to-value was 66.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Paterson, NJ. Investor activity is low, as 11.0% of loans were by investors. 21.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 19 |
% Conventional Loans | 63.0% |
% Government Loans | 37.0% |
% Investor Loans | 11.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 21.0% |
Loan Activity
Rentals and Section 8 — Paterson, NJ
Paterson, NJ lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 112 |
Total Units Section 8 | 112 |
% Rentals under Section 8 | 5.9% |
% Occupied Section 8 | 90.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,670 |
| 2 Bedroom | -$190 | $2,100 | $1,910 |
| 3 Bedroom | -$50 | $2,400 | $2,350 |
| 4 Bedroom | N/A | N/A | $2,970 |
Affordability — Paterson, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.7 |
| Median Home Price | $558,000 |
| Median Household Income | $64,300 |