One of the biggest and busiest cities in northern New Jersey, the densely populated town of Paterson offers plenty of opportunities for any Garden State resident looking for a new place to call home. Christened after one of the state's true heroes, William Paterson, New Jersey's Revolutionary War-era governor, Paterson developed into a thriving industrial town throughout the 19th and 20th centuries. Known particularly for its silk production and firearms manufacturing, it eventually grew into a very diverse, immigrant-heavy town. It provides easy access for commuters into New York City and other towns in northern Jersey and features plenty of fine parks and museums.
Check out 300 Paterson, NJ rent to own homes for sale, which may include auction properties, for sale by owner, and more.
Housing There are plenty of opportunities throughout Paterson for those looking for rent to own houses. Paterson is dominated by renters; 69 percent of the town's homes are renter-occupied. Prices for houses throughout Paterson seem to be trending down, too. For the period between December 2012 and February 2013, the average price on a home dipped to $115,000 (for 20 sales), an almost 40 percent drop from the previous year. Those looking for a new house could take advantage of this dip in the market. The average price for a home in Paterson through the first week in August of 2013 was $195,631 - that's a significant bargain in the very crowded (and very expensive) northern New Jersey market.
Largest Employers and Industries Being a very large and very urban town, city government is one of the town's largest employers, right alongside the nearby St. Joseph's Regional Medical Center. The local university, William Paterson University, is another important part of the local economy. Additionally, the bustling Newark-Liberty Airport is only a few miles away from Paterson, providing plenty of jobs for locals. Other important parts of the Paterson economy include the Accurate Box Company and Marcal Paper Products. Paterson also features plenty of smaller businesses that keep residents employed.
Weather and Climate Paterson offers a typical East Coast climate - hot summers with occasional thunderstorms, cool autumns, cold winters, cool-to-warm springs. The area receives just about the average amount of snow for northern New Jersey (just over two feet a year), seeing about 20 days a year with an inch or more of snow. In total, there's about 76 days a year with significant precipitation - a little bit above average, but pretty normal for the East Coast. Large storms are rare, although the town was adversely affected during Hurricane Irene in 2011, with plenty of flooding and significant damage throughout Paterson. Additionally, those looking for some nature while in Paterson will be in luck. Paterson boasts one of northern New Jersey's finest outdoor attractions in the Paterson Great Falls National Historical Park, which is full of local lore and some great natural sights. There's a small museum along with a jaw-dropping waterfall, perfect for a day trip.
Neighborhoods There are a number of distinct neighborhoods in Paterson, so residents looking to rent homes throughout the town will find plenty of diverse options for settling down. Paterson is split into wards, with each ward featuring plenty of different neighborhoods.