Paterson, NJ with the zip code 07505 is a great place to live for those looking for affordable rent and cost of living options. The average two bedroom rent in this area is $1,300 compared to the US average of $1,430. Additionally, grocery costs are also lower in Paterson when compared to the national index of 100 at 107. Local companies that make up the bustling economy in Paterson include St. Joseph's Regional Medical Center, The Great Falls Corporation and GAF Materials Corporation. All three organizations play an important role in providing jobs and services to the local community.
Paterson (zip 07505) has an unemployment rate of 14.8%. The US average is 6.0%.
Paterson (zip 07505) has seen the job market decrease by -0.5% 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 07505)
- The Sales Tax Rate for Paterson (zip 07505) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Paterson (zip 07505) 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 07505)
- The average income of a Paterson (zip 07505) resident is $20,615 a year. The US average is $28,555 a year.
- The Median household income of a Paterson (zip 07505) resident is $17,574 a year. The US average is $69,021 a year.