Mortgage payment estimates, closing cost breakdowns, and homebuying data for Paterson, New Jersey.
Pre-filled with Paterson median home price and New Jersey tax/insurance rates. Adjust for your property.
Estimated closing costs based on New Jersey rates and fees applied to Paterson prices.
The median home price in Paterson is $395,000, 22% below the New Jersey state median of $505,000. With a population of 159,732, Paterson is a mid-size city where home prices tend to be more accessible than in many parts of New Jersey.
Property taxes in New Jersey average 2.47% annually. This higher-than-average tax rate means a $395,000 home in Paterson would carry roughly $813/month in property taxes alone — plan accordingly. Homeowners insurance in New Jersey runs approximately $1,500 per year. This is within the normal range nationally.
Average rent in Paterson is $1,580/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Paterson presents moderate affordability. The $395K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.