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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
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%).
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.
Very High for Nation
Average for NJ