Housing costs in Paterson?
A typical home costs
$435,000, which is 28.7% more expensive than the national average of
$338,100 and 0.7% more expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Paterson costs
$1,660 per month, which is 2.9% cheaper than the national average of
$1,710 and 30.7% cheaper than the state average of
$2,170.
Can I afford Paterson?
To live comfortably in Paterson (zip 07513), New Jersey, a minimum annual income of
$83,520 for a family, and
$57,200 for a single person is recommended.
What does A.I. say about Paterson?
The cost of living in 07513 Paterson, NJ is relatively high compared to many other areas in the country. The overall cost of living index is 137.4, which is 37.4% higher than the US average of 100. This means that goods and services are more expensive in Paterson than elsewhere. Housing costs are particularly high, with a median home value of $231,800 and median rent of $1,417 per month; both figures being significantly higher than the national average. Additionally, transportation costs tend to be quite high as well due to the area's proximity to New York City. Despite these challenges, 07513 Paterson still offers its residents access to a wide range of amenities and cultural activities that can make it an attractive place to live.