Bankruptcy Homes in Paterson, NJ

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Home Value Estimator For Paterson, NJ

There are currently 18,589 real estate properties in Paterson, NJ, with a median automated valuation model (AVM) price of $455,900.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Paterson, NJ, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Paterson, NJ, is $460,072.00, with the most expensive house in Paterson, NJ, topping out at $9,464,426.00 and the cheapest home in Paterson, NJ, clocking in at $11,600.00. In other words, there’s something for every potential homebuyer or savvy investor in Paterson, NJ!

Rent Prices In Paterson, NJ

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Paterson, NJ, is on a rollercoaster ride. The average rent price in Paterson, NJ, is $1,848.00. Indeed, when looking to rent in Paterson, NJ, you can expect to pay as little as $990.00 or as much as $3,720.00, with the average rent median estimated to be $1,890.00. The good news is that finding an affordable and desirable property to rent in Paterson, NJ -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.

Top Reasons To Live In Paterson, NJ In 2024

Paterson is located in Passaic, New Jersey, with an estimated municipal population of 145,233 residents. All of the best foreclosed homes for sale in Paterson are located in the following zip code areas on 07524 07522 07514 07513 07505 07502 07504 07501 07503 07507 07509 07510 07533 07543 07544. The estimated population per square kilometer (.62 miles) in Paterson is 6,665.

Cost Of Living In Paterson, NJ

So, about how much do homes cost in Paterson? The most recent median value of resident-owned homes in Paterson is 243,526. An estimated 26.1 percent of households in Paterson own their homes, with an average family size of 3.78. The median household income in Paterson is 41,360, with15 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Paterson, the median commute time of resident workers (in minutes) is 24.6. And last, but certainly not least, are you looking for homes to rent in Paterson? If so, the average rent price paid by renters in Paterson is 1,193, according to recent statistics.

Diversity And Demographics In Paterson, New Jersey

Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Paterson, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.

The median age of residents in Paterson is 33.5, split between 48.6 percent male versus 51.4 female. The percentage of residents who report being married in Paterson is 35.1, with an average family size of 3.78.

The percentage of residents who report their race in Paterson is as follows:

White 30.3%
Black / African American 26.1%
Asian 4.6%
American Indian / Alaskan Native 0.1%
Native Hawaiian / Other Pacifc Islander 0%
Multi-racial 3.8%
Other 35.1%

Looking for family-friendly neighborhoods in and/or near Paterson? Or maybe you are searching for 55+ active adult communities in and/or near Paterson?

The percentage of residents who report their age in Paterson is as follows:

Under 10 15.2%
Aged 10-19 14.6%
20s 15.4%
30s 13.6%
40s 13.1%
50s 12%
60s 9%
70s 5.1%
80+ 2.4%

Best Schools In Paterson, New Jersey

It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Paterson with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Paterson.

Pros And Cons Of Living In Paterson, New Jersey

How do you know that living in -- or moving to -- Paterson is right where you need to be? Perhaps you grew up in Paterson or already live nearby; therefore, the decision to buy a home in Paterson is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Paterson for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.

Here are some questions to ask yourself when shopping for foreclosed homes for sale in Paterson:

  • What type of neighborhood environment (suburban, urban, rural, etc.) do you prefer?
  • What types of shopping (mom and pop, mall, big box), restaurants (fast food, chain, local) and businesses (small, big, mixed) would you like nearby?
  • What leisure-time activities (golf, biking, hiking, etc.) do you enjoy?
  • What type of commute (car, plane, home office) do you seek?

In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Paterson.

Reasons To Move To Paterson, New Jersey, In 2024

Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Paterson can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Paterson, meanwhile, can field multiple offers from more qualified buyers.

Paterson, NJ Bankruptcy Homes


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