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
With a population of 147,754, 43,037 total housing units (homes and apartments), and a median house value of $267,928, Paterson real estate prices are well above average cost compared to national prices.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Paterson, accounting for 55.71% of the city's housing units. Other types of housing that are prevalent in Paterson include large apartment complexes or high rise apartments ( 26.33%), single-family detached homes ( 14.53%), and a few row houses and other attached homes ( 3.22%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
Paterson is dominated by renter-occupied one, two, or no bedrooms apartments. 73.91% of Paterson'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. Paterson's housing was primarily built during this period, from the '40s through the '60s. A full 55.23% of the city's housing hails from this era. Other housing ages represented in Paterson include homes built before 1939 ( 22.03%) and housing constructed between 1970-1999 ( 17.23%). There's also some housing in Paterson built between 2000 and later ( 5.50%).
Vacant housing appears to be an issue in Paterson. Fully 11.85% of the housing stock is classified as vacant. Left unchecked, vacant Paterson homes and apartments can be a drag on the real estate market, holding Paterson real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Paterson's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Paterson during the period has been just -1.70%, which is lower than 80% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Paterson's appreciation rate, at 4.33%, has been at or slightly above the national average. In the latest quarter, Paterson's appreciation rate has been 0.66%, which annualizes to a rate of 2.68%.
Relative to New Jersey, our data show that Paterson's latest annual appreciation rate is higher 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 Paterson differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Paterson - 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 Paterson real estate investment or home purchase decisions.
|$816,001 - $1,088,000||0.1|
|$544,001 - $816,000||2.2|
|$435,001 - $544,000||6.3|
|$326,001 - $435,000||21.4|
|$217,001 - $326,000||37.7|
|$109,001 - $217,000||26.0|
|$54,001 - $109,000||3.4|
|$0 - $54,000||2.4|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Paterson HOMES|
|2000 or Newer||5.5|
|1970 - 1999||17.2|
|1940 - 1969||55.2|
|1939 or Older||22.0|
|TYPE OF Paterson HOMES|
|Small Apt. Buildings||55.7|
|SIZE OF Paterson HOMES|
|5 or more bedrooms||2.35|