salaryPaterson is the 3rd-largest city in New Jersey that we track, with 158,735 residents. Rent is higher than in 68% of U.S. cities. Incomes are on the low side for rents this high, so budgets feel tight. A typical house costs about 6.0 years of household income. Most households rent (73%), so there are plenty of rental options.
How much money do I need?
To rent here comfortably, you should earn about $79,360 a year. That is $38 an hour at a full-time job.
Is rent cheaper than other New Jersey cities?
Yes. Rent here is cheaper than in most of New Jersey. It is number 91 of 291 cities from cheapest to most expensive.
How much do households earn in Paterson?
Share of households by yearly income. 17.2% of households earn $100,000 or more.
Rent by apartment size in Paterson
| Size | Paterson | U.S. average |
|---|---|---|
| Studio | $948 | $1,338 |
| 1 bedroom | $1,299 | $1,324 |
| 2 bedrooms | $1,752 | $1,509 |
| 3 bedrooms | $1,977 | $1,698 |
| 4 bedrooms | $2,323 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Paterson overall?
Everyday prices in New Jersey overall are 9% above the U.S. average (index 108.8, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Paterson, so the New Jersey figure is shown.
Taxes and bills in Paterson
Life in Paterson
Is it cheaper to rent or buy in Paterson?
Renting is cheaper right now: about $515 a month less.
Owning assumes a typical $360,100 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $36,010 for the down payment.
Frequently asked questions
What is the average rent in Paterson, NJ?
Renting in Paterson costs a median of about $1,984 a month in 2026, including utilities. The New Jersey median is $2,240.
How much do I need to make to live in Paterson?
To keep rent under 30% of income, you need about $79,360 a year, or $38 an hour at a full-time job.
Is Paterson cheap or expensive?
Paterson is rated Expensive: rent takes 39.4% of the typical household income of $60,393. It ranks 91st cheapest of 291 New Jersey cities we track.
How much are property taxes in Paterson?
The median homeowner in Paterson pays $10,000+ a year in property taxes, about 2.78% of the median home value.
Is Paterson more expensive than the national average?
Overall prices in New Jersey are 9% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Paterson?
The median home value in Paterson is $360,100, about 6.0 times the typical yearly household income.
158,735 people live in Paterson. Numbers are typical (middle) values.