Cost of Living in Paterson, New Jersey
In Paterson, the median household income is $55,997 and the median gross rent is $1,548/mo, with a median home value of $360,100. Source: Census Bureau ACS, 2020-2024 estimates.
- Median household income
- $55,997
- Median gross rent
- $1,548/mo
- Median home value
- $360,100
- Population
- 158,735
How Paterson compares to the New Jersey average
| Measure | Paterson, NJ | New Jersey statewide | Difference |
|---|---|---|---|
| Median household income | $55,997 | $103,556 | -45.9% |
| Median gross rent (monthly) | $1,548 | $1,720 | -10.0% |
| Median home value | $360,100 | $454,400 | -20.8% |
Statewide, New Jersey prices average 108.8 on the BEA Regional Price Parity index (2024), where the U.S. average is 100.
Housing affordability in Paterson
- Salary needed for median rent
- $61,920
- Rent burden at median income
- 33.2%
- Est. affordable home price
- $204,273
So that $1,548/mo is 30% of gross income
Share of the median household income spent on median rent (30%+ = cost-burdened)
At median income, 6.67% 30-yr rate (FRED, 2026-08), 20% down, 28% front-end DTI
The median home value in Paterson is $360,100 — +76.3% above what the median household income supports under these assumptions.
Estimates from documented formulas — see methodology. Not financial advice.
Cost of living in other New Jersey cities
About this data
- American Community Survey 5-Year Estimates — data period 2020-2024, retrieved August 13, 2026.
- Regional Price Parities — data period 2024, retrieved August 13, 2026.
- Federal Reserve Economic Data — data period 2026-08, retrieved August 13, 2026.
Figures are shown exactly as published by the source or derived by the documented formulas on our methodology page. Where a source suppresses an estimate, we show “—” rather than a substitute value.