Mortgage payment estimates, closing cost breakdowns, and homebuying data for Paterson, New Jersey.
Median Home Price
$395K
Population
160K
Avg Monthly Rent
$1,580
Property Tax Rate
2.47% *
* Property tax shown is the New Jersey state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Paterson.
Paterson vs New Jersey Median
The median home price in Paterson is $395,000, which is 22% below the New Jersey state median of $505,000.
Mortgage Calculator — Paterson, NJ
Pre-filled with Paterson median home price and New Jersey tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $395K home using New Jersey's 2.47% tax rate and $1,500/yr insurance.
5% Down
$3,529/mo
Down: $19,750
Loan: $375K
P&I: $2,372
Tax: $813
Insurance: $125
PMI: $219
10% Down
$3,392/mo
Down: $39,500
Loan: $356K
P&I: $2,247
Tax: $813
Insurance: $125
PMI: $207
20% Down (No PMI)
$2,935/mo
Down: $79,000
Loan: $316K
P&I: $1,997
Tax: $813
Insurance: $125
Income needed (28% rule): $126K/year with 20% down, $145K/year with 10% down.
Rent vs Buy in Paterson
Rent
$1,580/mo
vs
Buy (10% down)
$3,392/mo
Price-to-rent ratio: 20.8 — At a ratio above 20, renting may be more economical in Paterson for shorter stays. Buying costs $1,812 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
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.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Paterson.