Paterson, NJ—07524
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 $515,000, with a year-over-year change of 4.1%. 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 | $515,000 | 4.1% |
| Single Family | $525,000 | 2.9% |
| 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 $2,290, with a year-over-year rent change of -6.5%. Per bedroom, the median rent as of July '25 in Paterson, NJ is 1-bedrooms: $1,950, 2-bedrooms: $2,060, 3-bedrooms: $2,330, 4-bedrooms: $2,560. The most common rental property sizes in Paterson, NJ are 2-bedroom and 3-bedroom, accounting for 53.0% and 23.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,300 | $2,290 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,950 | $1,950 |
| 2 Bed Rent | $2,300 | $2,060 |
| 3 Bed Rent | $2,300 | $2,330 |
| 4 Bed Rent | $2,450 | $2,560 |
% 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 76. This is a decrease of -29.0% 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 40.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $400,000 | 34.0% |
Listing Count | 5 | 55.0% |
| Listings as % of Homes | 0.0% | 55.0% |
Days on Market | 76 | -29.0% |
Demographics — Paterson, NJ
As of the latest ACS Survey released in 2023, Paterson, NJ has a population of 14,700, which has increased by 10.9% over the past 5 years. Paterson, NJ is a popular place for families, as children make up 29.4% of the population. The area has a poorly educated workforce, with 13.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 3.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 14,700 | 10.9% |
% Under 18 | 29.4% | 2.8% |
% Seniors | 11.3% | 2.7% |
% WFH | 3.7% | 48.0% |
% w/ College Degree | 13.2% | 37.5% |
As of the latest ACS Survey released in 2023, Paterson, NJ is a predominantly hispanic area, with 72.2% of the population identifying as hispanic. The hispanic population has shrunk by 1.6% in the last 5 years. The second most common race or ethnicity in Paterson, NJ is black, making up 28.4% of the population. Foreign-born residents account for 45.7% of the population in Paterson, NJ, and this percentage has increased by 28.7% 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 | 1.0% | -77.3% |
% Black | 28.4% | 24.0% |
% Hispanic | 72.2% | -1.6% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 45.7% | 28.7% |
Mortgage and Risk — Paterson, NJ
According to HUD data as of 2023, there were 67 mortgage originations in Paterson, NJ, of which 46.0% of loans were conventional mortgages. The average loan-to-value was 80.0%, with 58.0% above 90% LTV (very high). This implies large mortgage risk in Paterson, NJ. Investor activity is low, as 9.0% 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 | 67 |
% Conventional Loans | 46.0% |
% Government Loans | 54.0% |
% Investor Loans | 9.0% |
% 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 6.2%. 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 | 270 |
Total Units Section 8 | 171 |
% Rentals under Section 8 | 6.2% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$410 | $1,950 | $1,540 |
| 2 Bedroom | -$530 | $2,300 | $1,770 |
| 3 Bedroom | -$120 | $2,300 | $2,180 |
| 4 Bedroom | $300 | $2,450 | $2,750 |
Affordability — Paterson, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 9 |
| Median Home Price | $515,000 |
| Median Household Income | $50,000 |