Paterson, NJ—07501
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 $461,000, with a year-over-year change of 0.3%. This indicates that home prices in Paterson, NJ are flat. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $461,000 | 0.3% |
| Single Family | $495,000 | 2.9% |
| Condos | $370,000 | 8.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $384,000 | 3.8% |
3 Bed | $429,000 | 3.6% |
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 $2,170, with a year-over-year rent change of -1.4%. Per bedroom, the median rent as of July '25 in Paterson, NJ is studios: $1,100, 1-bedrooms: $1,760, 2-bedrooms: $2,150, 3-bedrooms: $2,460, 4-bedrooms: $2,630. The most common rental property sizes in Paterson, NJ are 2-bedroom and 3-bedroom, accounting for 31.8% and 26.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,200 | $2,170 |
| Studio Rent | $1,200 | $1,100 |
| 1 Bed Rent | $1,700 | $1,760 |
| 2 Bed Rent | $2,000 | $2,150 |
| 3 Bed Rent | $2,400 | $2,460 |
| 4 Bed Rent | $2,700 | $2,630 |
% 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 68. This is a increase of 42.0% 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 11.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $380,000 | 16.0% |
Listing Count | 19 | 45.0% |
| Listings as % of Homes | 0.1% | 45.0% |
Days on Market | 68 | 42.0% |
Demographics — Paterson, NJ
As of the latest ACS Survey released in 2023, Paterson, NJ has a population of 35,300, which has increased by 10.3% over the past 5 years. Paterson, NJ is a popular place for families, as children make up 28.9% of the population. The area has a poorly educated workforce, with 8.9% 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 | 35,300 | 10.3% |
% Under 18 | 28.9% | 7.0% |
% Seniors | 12.0% | 14.3% |
% WFH | 3.7% | 85.0% |
% w/ College Degree | 8.9% | 23.6% |
As of the latest ACS Survey released in 2023, Paterson, NJ is a predominantly hispanic area, with 67.6% of the population identifying as hispanic. The hispanic population has grown by 3.4% in the last 5 years. The second most common race or ethnicity in Paterson, NJ is black, making up 24.5% of the population. Foreign-born residents account for 42.1% of the population in Paterson, NJ, and this percentage has increased by 18.3% 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 | 4.8% | -36.0% |
% Black | 24.5% | -6.8% |
% Hispanic | 67.6% | 3.4% |
% Asian | 3.3% | 83.3% |
% Foreign Born | 42.1% | 18.3% |
Mortgage and Risk — Paterson, NJ
According to HUD data as of 2023, there were 137 mortgage originations in Paterson, NJ, of which 58.0% of loans were conventional mortgages. The average loan-to-value was 78.0%, with 48.0% 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. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 137 |
% Conventional Loans | 58.0% |
% Government Loans | 42.0% |
% Investor Loans | 9.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Paterson, NJ
As of 2024, the percent of homes in Paterson, NJ under the Section 8 program is 23.1%. 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 | 2,345 |
Total Units Section 8 | 1,917 |
% Rentals under Section 8 | 23.1% |
% Occupied Section 8 | 92.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$290 | $1,700 | $1,410 |
| 2 Bedroom | -$380 | $2,000 | $1,620 |
| 3 Bedroom | -$410 | $2,400 | $1,990 |
| 4 Bedroom | -$180 | $2,700 | $2,520 |
Affordability — Paterson, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 10 |
| Median Home Price | $461,000 |
| Median Household Income | $40,700 |