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Paterson city, NJ

ZIP 07501 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Working ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 07501

Median Home Value
$304,400
Median Rent
$1,267
Affordability Snapshot
$84,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,955/mo PITI).

37%
Rent-to-Income Ratio

Above the 30% affordability threshold — housing cost-burdened area.

7.5x
Home Price-to-Income Ratio

Well above the 3-5x guideline — challenging for first-time buyers.

20.0 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 07501 in Paterson city, NJ, a household would need roughly $84,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,955. That is about 106% above the local median household income ($40,699), so the median earner would likely stretch or need a larger down payment. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Diverse housing tenure.

Heating Fuel
Housing Metrics
Owner Occupied
16.0%-76% vs US avg
x
Vacancy Rate
6.0%-42% vs US avg
x
Broadband Access
83.4%-4% vs US avg
x
4+ Bedrooms
1.1%-92% vs US avg
x
Built Pre-1939
10.0%-22% vs US avg
x
Built Post-2014
0.3%-95% vs US avg
x
Rent Burden >30%
39.3%-21% vs US avg
x
Mortgage-Free
21.3%-44% vs US avg
x
$304,400
Home Value
$1,267
Rent
1969
Year Built
2015
Moved In

Residents have lived here since ~2015 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached6.6%
  • 1-unit attached4.3%
  • 2-9 units61.6%
  • 10+ units27.4%
  • Mobile home & other0.1%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$304,400
Median rent$1,267
Owner-occupied16.0%
Vacant6.0%
Price-to-income7.5x
Est. income to buy$84,000