Housing costs in Paterson?
A typical home costs
$359,400, which is 6.3% more expensive than the national average of
$338,100 and 16.8% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Paterson costs
$1,570 per month, which is 8.2% cheaper than the national average of
$1,710 and 38.2% cheaper than the state average of
$2,170.
Can I afford Paterson?
To live comfortably in Paterson (zip 07522), New Jersey, a minimum annual income of
$68,760 for a family, and
$54,000 for a single person is recommended.
What does A.I. say about Paterson?
The cost of living in 07522 Paterson, NJ is relatively affordable compared to other cities in the area. According to the Cost of Living Index, the average cost of living in this area is about 10% below the national average. In addition, housing costs are quite reasonable with median home values being around $140,000 and rental rates averaging around $1,000 per month. Food and transportation costs are also lower compared to other areas. Overall, 07522 Paterson offers a good quality of life at an affordable pricepoint making it an attractive option for many looking for an affordable place to live.