Paterson, NJ—07514
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 5.9%. 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 | $526,000 | 5.9% |
| Single Family | $537,000 | 4.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $497,000 | 4.4% |
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 $2,360, with a year-over-year rent change of 5.4%. Per bedroom, the median rent as of July '25 in Paterson, NJ is 1-bedrooms: $1,710, 2-bedrooms: $2,300, 3-bedrooms: $2,630, 4-bedrooms: $2,900. The most common rental property sizes in Paterson, NJ are 2-bedroom and 3-bedroom, accounting for 47.4% and 23.3% 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 | $1,710 |
| 2 Bed Rent | $2,350 | $2,300 |
| 3 Bed Rent | $2,500 | $2,630 |
| 4 Bed Rent | $2,900 | $2,900 |
% 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 79. This is a increase of 56.0% 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 10.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $470,000 | -1.0% |
Listing Count | 20 | 26.0% |
| Listings as % of Homes | 0.2% | 26.0% |
Days on Market | 79 | 56.0% |
Demographics — Paterson, NJ
As of the latest ACS Survey released in 2023, Paterson, NJ has a population of 18,900, which has remained stable by -0.7% over the past 5 years. Paterson, NJ is a moderately popular place for families, as children make up 24.8% of the population. The area has a poorly educated workforce, with 12.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 18,900 | -0.7% |
% Under 18 | 24.8% | -9.5% |
% Seniors | 17.0% | 49.1% |
% WFH | 6.5% | 35.4% |
% w/ College Degree | 12.4% | 2.5% |
As of the latest ACS Survey released in 2023, Paterson, NJ is a predominantly hispanic area, with 61.6% of the population identifying as hispanic. The hispanic population has grown by 23.0% in the last 5 years. The second most common race or ethnicity in Paterson, NJ is black, making up 32.5% of the population. Foreign-born residents account for 50.5% of the population in Paterson, NJ, and this percentage has increased by 42.7% 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 | 4.1% | -25.5% |
% Black | 32.5% | -28.1% |
% Hispanic | 61.6% | 23.0% |
% Asian | 1.3% | 160.0% |
% Foreign Born | 50.5% | 42.7% |
Mortgage and Risk — Paterson, NJ
According to HUD data as of 2023, there were 97 mortgage originations in Paterson, NJ, of which 56.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 40.0% above 90% LTV (very high). This implies large mortgage risk in Paterson, NJ. Investor activity is low, as 7.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 97 |
% Conventional Loans | 56.0% |
% Government Loans | 44.0% |
% Investor Loans | 7.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Paterson, NJ
As of 2024, the percent of homes in Paterson, NJ under the Section 8 program is 18.4%. 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 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 | 957 |
Total Units Section 8 | 956 |
% Rentals under Section 8 | 18.4% |
% Occupied Section 8 | 88.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$180 | $1,700 | $1,520 |
| 2 Bedroom | -$610 | $2,350 | $1,740 |
| 3 Bedroom | -$360 | $2,500 | $2,140 |
| 4 Bedroom | -$190 | $2,900 | $2,710 |
Affordability — Paterson, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.8 |
| Median Home Price | $526,000 |
| Median Household Income | $65,500 |