Housing costs in Paterson?
A typical home costs
$406,700, which is 20.3% more expensive than the national average of
$338,100 and 5.9% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Paterson costs
$1,600 per month, which is 6.4% cheaper than the national average of
$1,710 and 35.6% cheaper than the state average of
$2,170.
Can I afford Paterson?
To live comfortably in Paterson (zip 07503), New Jersey, a minimum annual income of
$77,760 for a family, and
$55,200 for a single person is recommended.
What does A.I. say about Paterson?
The cost of living in 07503 Paterson, NJ is generally lower than the national average. According to BestPlaces, the overall cost of living index in Paterson is 65.34 which is 15% lower than the national average. Housing costs account for a large portion of this difference with an index score of 54.55 making it 40% cheaper than the national average. Additionally, groceries, health care and transportation are all slightly cheaper in Paterson when compared to the rest of the country. All these factors combine to make Paterson an extremely affordable place to live.