Affordability evidence
Paterson, NJ home values, income, and owner costs
A borrower-focused reading of the latest ACS value, income, and owner-cost evidence for Paterson, NJ.
Source: U.S. Census Bureau
Last updated . Article facts reviewed through this date. Time-sensitive figures show their own as-of dates.
The local figures answer the first question: In Paterson, NJ, the 2024 ACS reports a median owner-occupied home value of $360,100, median household income of $55,997, and median selected monthly owner costs of $2,643 for owners with a mortgage. For borrower planning, together, those three reference points can help a borrower identify which search-price, income, and recurring-cost assumptions need current verification first. They remain separate medians, not the finances of one representative household, and the $2,643 measure combines recurring ownership expenses in place of real estate taxes alone. A useful affordability review starts with $360,100, $55,997, and $2,643, then replaces them with the borrower's documented income, cash, debts, property taxes, insurance, association charges, loan terms, and intended occupancy.
Paterson, NJ's $360,100 median home-value estimate is below the statewide $454,400 estimate, with a reported city-to-state gap of 20.8%. For borrower planning, that 20.8% gap is useful for showing that a statewide midpoint may be a poor substitute for a local search range in Paterson, NJ.