Housing costs in Paterson?
A typical home costs
$260,800, which is 22.9% less expensive than the national average of
$338,100 and 39.6% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Paterson costs
$1,300 per month, which is 24.0% cheaper than the national average of
$1,710 and 66.9% cheaper than the state average of
$2,170.
Can I afford Paterson?
To live comfortably in Paterson (zip 07505), New Jersey, a minimum annual income of
$50,040 for a family, and
$44,800 for a single person is recommended.
What does A.I. say about Paterson?
The cost of living in 07505 Paterson, NJ is quite reasonable compared to other major metropolitan areas. The median home price in this area is around $200,000 which is quite affordable for many people wanting to own a home in the tri-state area. Renters can also find great deals on apartments and houses with monthly costs ranging from $900-$1,300 depending on size and location. Additionally, the cost of food, transportation and entertainment are generally lower than those found in larger cities. All of these factors combined make Paterson an attractive place to live for those looking for an affordable lifestyle.