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.
Paterson, NJ is a great place for affordable rent-to-own homes! With a median household income of over $45,141 and a median rent of $1,213, the Paterson, NJ rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Paterson, NJ. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Paterson, NJ is seeing rapid growth and Paterson, NJ's' housing market remains not optimal with an average home price that is 18% above the 2022 national average. Paterson, NJ is part of Passaic county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2022 for county Passaic is 1.97% which is above the national average, which is 0.99%.
Paterson, NJ has a walk score of
Paterson, NJ has a bike score of
The state tax rate is 1.4 to 10.75% on top of the federal tax rate of 10 to 37%.