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Paterson city, NJ

ZIP 07502 — Housing & Real Estate

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

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 07502

Median Home Value
$347,200
Median Rent
$1,324
Affordability Snapshot
$96,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$2,230/mo PITI).

23%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

5.1x
Home Price-to-Income Ratio

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

21.9 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 07502 in Paterson city, NJ, a household would need roughly $96,000 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 $2,230. That is about 40% above the local median household income ($68,649), 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
53.0%-19% vs US avg
x
Vacancy Rate
4.1%-60% vs US avg
x
Broadband Access
94.3%+8% vs US avg
x
4+ Bedrooms
6.2%-58% vs US avg
x
Built Pre-1939
12.4%-3% vs US avg
x
Built Post-2014
0.2%-97% vs US avg
x
Rent Burden >30%
36.1%-27% vs US avg
x
Mortgage-Free
29.4%-23% vs US avg
x
$347,200
Home Value
$1,324
Rent
1955
Year Built
2013
Moved In

Residents have lived here since ~2013 on average

Housing Structure

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

  • 1-unit detached43.1%
  • 1-unit attached5.6%
  • 2-9 units45.7%
  • 10+ units5.3%
  • Mobile home & other0.3%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$347,200
Median rent$1,324
Owner-occupied53.0%
Vacant4.1%
Price-to-income5.1x
Est. income to buy$96,000