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Paterson city, NJ

ZIP 07503 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 07503

Median Home Value
$314,900
Median Rent
$1,399
Affordability Snapshot
$87,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$2,023/mo PITI).

28%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

5.2x
Home Price-to-Income Ratio

Well above the 3-5x guideline — challenging for first-time buyers.

18.8 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 07503 in Paterson city, NJ, a household would need roughly $87,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $2,023. That is about 44% above the local median household income ($60,295), so the median earner would likely stretch or need a larger down payment. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Diverse housing tenure.

Heating Fuel
Housing Metrics
Owner Occupied
26.8%-59% vs US avg
x
Vacancy Rate
5.1%-50% vs US avg
x
Broadband Access
86.9%-0% vs US avg
x
4+ Bedrooms
3.0%-80% vs US avg
x
Built Pre-1939
14.3%+12% vs US avg
x
Built Post-2014
1.9%-72% vs US avg
x
Rent Burden >30%
26.4%-47% vs US avg
x
Mortgage-Free
33.0%-14% vs US avg
x
$314,900
Home Value
$1,399
Rent
1958
Year Built
2015
Moved In

Residents have lived here since ~2015 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached19.2%
  • 1-unit attached2.9%
  • 2-9 units62.7%
  • 10+ units15.0%
  • Mobile home & other0.2%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$314,900
Median rent$1,399
Owner-occupied26.8%
Vacant5.1%
Price-to-income5.2x
Est. income to buy$87,000