Paterson, NJ (zip code 07514) is a vibrant city with plenty of unique attractions and businesses to explore. Local companies such as Paterson Industrial Textiles, ShopRite Supermarkets, Anderson Produce Company, and Marcal Paper Products all help to make up the city's bustling economy. The cost of living in Paterson is slightly higher than in other parts of the US; for example, 2 bedroom rent in Paterson is $1,530 per month versus $1,430 in the US on average. Additionally, the Grocery Cost Index in Paterson is 104 compared to 100 across the country. This suggests that groceries are more expensive in Paterson than elsewhere in America.
Paterson (zip 07514) has an unemployment rate of 14.8%. The US average is 6.0%.
Paterson (zip 07514) 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 07514)
- The Sales Tax Rate for Paterson (zip 07514) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Paterson (zip 07514) 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 07514)
- The average income of a Paterson (zip 07514) resident is $21,833 a year. The US average is $37,638 a year.
- The Median household income of a Paterson (zip 07514) resident is $53,254 a year. The US average is $69,021 a year.