Paterson, NJ is a great city with many unique amenities. It has an average 2 bedroom rent of $1,580, which is slightly higher than the US average of $1,430. The Grocery Cost Index in Paterson is also slightly higher at 103 compared to the 100 national average. There are many local companies that offer invaluable services to its residents such as Koral Pharmacy, which offers medications and medical advice; Central Aviation Services for aircraft maintenance; and Stonington Builders for general construction needs. The city also has a great diversity in its population with over 20 different languages spoken. Paterson has something for everyone!
Paterson has an unemployment rate of 14.8%. The US average is 6.0%.
Paterson has seen the job market decrease by -0.5% over the last year. Future job growth over the next ten years is predicted to be 17.9%, which is lower than the US average of 33.5%.
Tax Rates for Paterson
- The Sales Tax Rate for Paterson is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Paterson is 5.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Paterson
- The average income of a Paterson resident is $16,259 a year. The US average is $28,555 a year.
- The Median household income of a Paterson resident is $48,540 a year. The US average is $69,021 a year.