Housing costs in Paterson?
A typical home costs
$346,300, which is 2.4% more expensive than the national average of
$338,100 and 19.9% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Paterson costs
$1,530 per month, which is 10.5% cheaper than the national average of
$1,710 and 41.8% cheaper than the state average of
$2,170.
Can I afford Paterson?
To live comfortably in Paterson (zip 07501), New Jersey, a minimum annual income of
$66,240 for a family, and
$52,800 for a single person is recommended.
What does A.I. say about Paterson?
The cost of living in 07501 Paterson, NJ is moderately high compared to the national average. According to Best Places 2020, the cost of groceries, health care, and utilities in 07501 Paterson, NJ are 4%, 8%, and 3% higher than the national average respectively. It is slightly cheaper than other parts of New Jersey when it comes to housing costs with an average home costing $237,700 which is 7% below the national average. Additionally, transportation costs are also lower than the national average by 6%. Overall, 07501 Paterson city has a moderately high cost of living compared to other cities in New Jersey and most of America.