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  1. Home
  2. /Browse ZIP Codes
  3. /New Jersey
  4. /Paterson, NJ - 07502

Paterson, NJ—07502

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$547,000
4.0% YoY Growth
Household Income
$68,600
23.2% YoY Growth
Days on Market
24
23.0% Shorter YoY
Home Price Forecast
2.1%
Median Rent
$2,400
4.4% YoY Growth
1-Bed Rent
$1,700
1.2% YoY Growth
2-Bed Rent
$2,400
4.3% YoY Growth
3-Bed Rent
$2,500
14.2% YoY Growth

Other Zip Codes in Paterson, NJ

0752407503075010750507513075040752207514
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Paterson, NJ

As of May '26, the median home price in Paterson, NJ is $547,000, with a year-over-year change of 4.0%. This indicates that home prices in Paterson, NJ are increasing. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$547,0004.0%
Single Family $550,0004.4%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$461,0004.3%
    3 Bed
    		$534,0003.9%
    4 Bed
    		$570,0003.8%
    5 Bed N/AN/A
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    % of Housing Stock

    Studio
    2.1%
    1 Bedroom
    10.9%
    2 Bedrooms
    31.5%
    3 Bedrooms
    38.0%
    4 Bedrooms
    11.3%
    5+ Bedrooms
    6.2%

    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 4.4%. Per bedroom, the median rent as of July '25 in Paterson, NJ is 1-bedrooms: $1,680, 2-bedrooms: $2,410, 3-bedrooms: $2,570, 4-bedrooms: $2,430. The most common rental property sizes in Paterson, NJ are 2-bedroom and 3-bedroom, accounting for 41.6% and 31.5% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$2,400$2,360
    Studio Rent N/AN/A
    1 Bed Rent $1,700$1,680
    2 Bed Rent $2,400$2,410
    3 Bed Rent $2,500$2,570
    4 Bed Rent $2,500$2,430
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    % of Rental Stock

    Studio
    4.7%
    1 Bedroom
    13.4%
    2 Bedrooms
    41.6%
    3 Bedrooms
    31.5%
    4 Bedrooms
    8.0%
    5+ Bedrooms
    0.7%

    Property Listings — Paterson, NJ

    As of May '26, Realtor.com reports that the median days on market for a home in Paterson, NJ is 24. This is a decrease of -23.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$512,0008.0%
    Listing Count
    		1822.0%
    Listings as % of Homes0.5%22.0%
    Days on Market
    		24-23.0%
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    Demographics — Paterson, NJ

    As of the latest ACS Survey released in 2023, Paterson, NJ has a population of 17,500, which has increased by 4.2% over the past 5 years. Paterson, NJ is a popular place for families, as children make up 28.3% of the population. The area has a poorly educated workforce, with 16.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 2.9% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		17,5004.2%
    % Under 18
    		28.3%3.3%
    % Seniors
    		10.4%5.1%
    % WFH
    		2.9%45.0%
    % w/ College Degree
    		16.5%26.0%
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    As of the latest ACS Survey released in 2023, Paterson, NJ is a predominantly hispanic area, with 50.1% of the population identifying as hispanic. The hispanic population has shrunk by 9.4% in the last 5 years. The second most common race or ethnicity in Paterson, NJ is asian, making up 25.7% of the population. Foreign-born residents account for 41.5% of the population in Paterson, NJ, and this percentage has increased by 20.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		10.5%-9.5%
    % Black
    		11.6%-28.8%
    % Hispanic
    		50.1%-9.4%
    % Asian
    		25.7%57.7%
    % Foreign Born
    		41.5%20.3%
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    Mortgage and Risk — Paterson, NJ

    According to HUD data as of 2023, there were 102 mortgage originations in Paterson, NJ, of which 65.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Paterson, NJ. Investor activity is low, as 3.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		102
    % Conventional Loans
    		65.0%
    % Government Loans
    		35.0%
    % Investor Loans
    		3.0%
    % Second Loans
    		0.0%
    % Cash Out Refinance
    		13.0%
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    Rentals and Section 8 — Paterson, NJ

    As of 2024, the percent of homes in Paterson, NJ under the Section 8 program is 4.8%. 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
    		92
    Total Units Section 8
    		92
    % Rentals under Section 8
    		4.8%
    % Occupied Section 8
    		92.0%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom-$140$1,700$1,560
    2 Bedroom-$610$2,400$1,790
    3 Bedroom-$300$2,500$2,200
    4 Bedroom$290$2,500$2,790

    Affordability — Paterson, NJ

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio6.5
    Median Home Price$547,000
    Median Household Income$68,600

    Paterson, NJ — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    07522

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    Frequently Asked Questions