Paterson, NJ is a great city to live in with its affordable 2 bedroom rent that stands at $1,560. This is slightly higher than the national average of $1430, but grocery costs in Paterson are more competitively priced with a cost index of 104 compared to the US's 100. The city has been home to many prominent local companies such as Alexander Hamilton Bank and Stevens Institute of Technology. It’s also a major transportation hub for commuters traveling into New York City by bus and rail. Paterson has something for everyone, from its entertainment offerings to its diverse culture and vibrant nightlife. With all these amenities and comparably cheaper living costs compared to other cities in the area, Paterson is certainly worth considering as a prospective place to live.
Paterson (zip 07524) has an unemployment rate of 14.8%. The US average is 6.0%.
Paterson (zip 07524) 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 07524)
- The Sales Tax Rate for Paterson (zip 07524) is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Paterson (zip 07524) 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 07524)
- The average income of a Paterson (zip 07524) resident is $15,334 a year. The US average is $28,555 a year.
- The Median household income of a Paterson (zip 07524) resident is $42,724 a year. The US average is $69,021 a year.