Passaic, NJ Real Estate Market

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 Q4 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Passaic, NJ Housing Market Trends

With 70,537 people, 19,817 houses or apartments, and a median cost of homes of $449,793, real estate costs in Passaic are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.

Large apartment complexes or high rise apartments are the single most common housing type in Passaic, accounting for 46.45% 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 ( 36.26%), single-family detached homes ( 12.63%), and a few row houses and other attached homes ( 4.36%). 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. 78.60% of Passaic's dwellings are rentals.

The housing in Passaic was primarily built before 1939 ( 46.42%), making the housing stock in Passaic some of the oldest overall in America, although there is a range of ages of homes in Passaic. The next most important housing age is between 1940-1969 ( 34.00%), followed by between 1970-1999 ( 15.56%). There's also some housing in Passaic built between 2000 and later ( 4.03%).

Passaic Home Appreciation Rates

Appreciation rates for homes in Passaic have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 60.58%, which ranks in the top 50% nationwide. This equates to an annual average Passaic house appreciation rate of 4.85%.

Over the last year, Passaic appreciation rates have trailed the rest of the nation. In the last twelve months, Passaic's appreciation rate has been 14.62%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Passaic were at 5.55%, which equates to an annual appreciation rate of 24.10%.

Notably, Passaic's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New Jersey, our data show that Passaic's latest annual appreciation rate is lower than 70% 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:
$449,793

Passaic, NJ HOME PRICES

> $1,371,000
1.1%
1.1%
$1,028,001 - $1,371,000
2.1%
2.1%
$686,001 - $1,028,000
10.4%
10.4%
$549,001 - $686,000
15.0%
15.0%
$411,001 - $549,000
21.7%
21.7%
$274,001 - $411,000
31.3%
31.3%
$137,001 - $274,000
14.6%
14.6%
$68,001 - $137,000
1.0%
1.0%
$0 - $68,000
2.8%
2.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for NJ

Value Relative To Nation

Number Of Homes And Apartments:
19,817

Passaic Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2021 Q3 - 2021 Q4
Last 12 Months:
2020 Q4 - 2021 Q4
Last 2 Years:
2019 Q4 - 2021 Q4
Last 5 Years:
2016 Q4 - 2021 Q4
Last 10 Years:
2011 Q4 - 2021 Q4
Since 2000:
2000 Q1 - 2021 Q4
147.30% 4.20%
9
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,938 / per month

Homeownership Rate

Owners
21.4%
21.4%
Renters
78.6%
78.6%
Vacant
4.0%
4.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.0%
4.0%
1970 - 1999
15.6%
15.6%
1940 - 1969
34.0%
34.0%
1939 or Older
46.4%
46.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
12.6%
12.6%
Townhomes
4.4%
4.4%
Small Apt. Buildings
36.3%
36.3%
Apt. Complexes
46.4%
46.4%
Mobile Homes
0.2%
0.2%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
6.5%
6.5%
1 Bedroom
20.8%
20.8%
2 Bedrooms
40.1%
40.1%
3 Bedrooms
23.7%
23.7%
4 Bedrooms
4.5%
4.5%
5 or more bedrooms
4.4%
4.4%
0.0% 100.0%
% OF HOMES