Passaic, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Passaic Neighborhoods Since 2000




Passaic, NJ Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Passaic Housing Market Information

With 71,085 people, 19,802 houses or apartments, and a median cost of homes of $297,096, Passaic real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Passaic, accounting for 45.23% of the city's housing units. Other types of housing that are prevalent in Passaic include duplexes, homes converted to apartments or other small apartment buildings ( 37.66%), single-family detached homes ( 12.81%), and a few row houses and other attached homes ( 4.17%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Passaic is dominated by renter-occupied one, two, or no bedrooms apartments. 75.79% of Passaic's dwellings are rentals.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Passaic's housing was primarily built during this period, from the '40s through the '60s. A full 51.57% of the city's housing hails from this era. Other housing ages represented in Passaic include homes built before 1939 ( 29.67%) and housing constructed between 1970-1999 ( 15.63%). There's also some housing in Passaic built between 2000 and later ( 3.13%).

Passaic Home Appreciation Rates

Passaic's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Passaic during the period has been just -1.09%, which is lower than 70% of US communities.

Appreciation rates are so strong in Passaic that despite a nationwide downturn in the housing market, Passaic real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Passaic appreciation rates continue to be some of the highest in America, at 6.90%, which is higher than appreciation rates in 80.68% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Passaic. Passaic appreciation rates in the latest quarter were at 0.66%, which equates to an annual appreciation rate of 2.68%.

Relative to New Jersey, our data show that Passaic's latest annual appreciation rate is higher than 90% of the other cities and towns in New Jersey.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Passaic differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Passaic - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Passaic real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$297,096

Passaic, NJ HOME PRICES

Value Range
> $1,152,000 0.5
$864,001 - $1,152,000 0.5
$576,001 - $864,000 5.3
$461,001 - $576,000 8.7
$345,001 - $461,000 27.4
$231,001 - $345,000 30.4
$115,001 - $231,000 20.3
$58,001 - $115,000 3.8
$0 - $58,000 3.3

Low for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
16.5240829719911 64.4308943089431

Number Of Homes And Apartments:
19,802

Passaic Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
82.26% 3.54% 9 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,515 / per month

Homeownership Rate

Homeownership
Owners 24.21
Renters 75.79
Vacant 8.83

Housing Market Details

 

Age of Homes

AGE OF Passaic HOMES
2000 or Newer 3.1
1970 - 1999 15.6
1940 - 1969 51.6
1939 or Older 29.7

Types of Homes

TYPE OF Passaic HOMES
Single-Family 12.8
Townhomes 4.2
Small Apt. Buildings 37.7
Apt. Complexes 45.2
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Passaic HOMES
No Bedroom 22.46
1 Bedroom 14.36
2 Bedrooms 31.53
3 Bedrooms 22.42
4 Bedrooms 6.31
5 or more bedrooms 2.92