Paterson is the 3rd largest city in New Jersey and is located in the 07503 zip code. It has an estimated population of 146,199 people. The two bedroom rent in Paterson is $1,600 compared to the US average of $1,430. As for grocery costs, Paterson’s index rate of 104 versus 100 in the US shows that it's slightly more expensive than other cities. This could be due to its larger selection of stores such as ShopRite and Whole Foods Market which are located there. Other companies local to Paterson include St. Joseph’s Health System, Passaic County Community College and Aramark.
Paterson (zip 07503) has an unemployment rate of 14.8%. The US average is 6.0%.
Paterson (zip 07503) has seen the job market decrease by -8.3% over the last year. Future job growth over the next ten years is predicted to be 17.9%, which is lower than the US average of 33.5%.
Tax Rates for Paterson (zip 07503)
- The Sales Tax Rate for Paterson (zip 07503) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Paterson (zip 07503) is 5.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Paterson (zip 07503)
- The average income of a Paterson (zip 07503) resident is $24,508 a year. The US average is $37,638 a year.
- The Median household income of a Paterson (zip 07503) resident is $56,645 a year. The US average is $69,021 a year.