The story of this market
The typical home in ZIP 07502 sells for about $499,000, or $412 per square foot.
Prices are up +4.6% from a year ago, so sellers still have some momentum. Homes take about 32 days to sell. HUD's fair market rent for a two-bedroom is $1,651 a month.
ZIP 07502 — Paterson
The housing market in 07502 remains stable with moderate price appreciation and consistent demand for entry-level inventory. While inventory remains tight, the market is supported by its affordability relative to the broader New York metropolitan area and steady interest from local buyers.
This ZIP code is primarily suited for budget-conscious family buyers and commuters who prioritize proximity to NYC transit over suburban amenities, as well as investors seeking rental yield.
Median prices moved up 4.6% year over year.
Homes spend a median of 32 days on market with 3.5 months of supply — a fast-moving market.
15% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 17.3% · poverty 19.2% — a mixed stability profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 8.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.3%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net outflow — more people moved out than in
ZCTA 07502, Passaic County, NJ
Paterson reports violent and property crime rates that are significantly higher than the national and regional averages, with local police data indicating ongoing challenges in public safety.
Public schools in the area generally face significant performance challenges, with many institutions receiving lower ratings on state and national accountability metrics.
The area is subject to standard urban flood risks and requires typical property insurance coverage for the Northeast, with no specific unique regional hazard designations.
Economic momentum is driven by local manufacturing, healthcare, and retail sectors, with ongoing urban revitalization efforts aimed at improving infrastructure and commercial density.
Property taxes are assessed at the municipal level in Paterson, which maintains one of the higher effective tax rates in New Jersey to fund local services and school districts.
Residents benefit from proximity to major transit corridors including I-80 and NJ Transit bus/rail services, providing direct access to the New York City employment core.
The area features access to local parks and green spaces, with proximity to the Great Falls National Historical Park and various urban shopping districts within a 3-mile radius.
The rental market is characterized by high demand and low vacancy rates, with rents showing a slight downward adjustment recently following a period of rapid growth.
The local economy is anchored by healthcare, education, and manufacturing, with a diverse workforce serving both local needs and the broader New York metropolitan area.
The area is well-served by NJ Transit bus lines and is located near major highway interchanges, facilitating regional commuting.
Development is focused on urban infill and the adaptive reuse of historic industrial buildings for residential and mixed-use purposes.
The Passaic County Board of Taxation oversees assessments, with properties typically revalued periodically to ensure tax equity.
Parcels are subject to municipal taxes, Passaic County taxes, and the Paterson Public School District levy.
Property insurance premiums are influenced by the urban density and historical flood risk profiles associated with the Passaic River basin.
New Jersey continues to see a net outflow of domestic residents, though urban centers like Paterson maintain steady population levels due to international migration.
New Jersey is a judicial foreclosure state, requiring court intervention for all foreclosure proceedings, which typically extends the timeline for lenders.
Sellers are required to provide a comprehensive property condition disclosure statement covering known defects and material issues.
Data retrieved from data.census.gov using ZCTA 07502 profile.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- American Dream4.510 mi
- DreamWorks Water Park4.310.1 mi
- Nickelodeon Universe Theme Park4.510.1 mi
- Color Factory NYC4.416.6 mi
- The Funplex4.312.3 mi
- American Dream4.510 mi
- MetLife Stadium4.59.6 mi
- Madison Square Garden4.715.6 mi
- Yankee Stadium4.715.2 mi
- Barclays Center4.519.9 mi
- American Dream4.510 mi
- MetLife Stadium4.59.6 mi
- Westfield Garden State Plaza4.56 mi
- Essex County Turtle Back Zoo4.611.5 mi
- Medieval Times Dinner & Tournament4.79 mi
- The Metropolitan Museum of Art4.815.4 mi
- Rockefeller Center4.715.8 mi
- Empire State Building4.716 mi
- The Museum of Modern Art4.615.7 mi
- American Museum of Natural History4.614.9 mi
- Paterson Great Falls National Historical Park4.50.7 mi
- Branch Brook Park4.610.4 mi
- Van Saun County Park4.77.5 mi
- Overpeck County Park4.610.9 mi
- Garret Mountain Reservation4.71.5 mi
- 21 Golf Range Powered by Toptracer4.510.9 mi
- Rock Spring Golf Club4.211.1 mi
- Sunset Valley Golf Course4.17.6 mi
- Upper Montclair Country Club4.65.1 mi
- Darlington Golf Course4.19.4 mi
- American Dream4.510 mi
- Westfield Garden State Plaza4.56 mi
- Willowbrook4.44.2 mi
- Bergen Town Center4.56.9 mi
- Newark Liberty International Airport3.716 mi
- LaGuardia Airport4.119.3 mi
- Westchester County Airport427.2 mi
- Teterboro Airport4.48 mi
- North Shore University Hospital Heliport4.627.4 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
A major landmark and natural attraction featuring a massive waterfall and historic industrial sites.
A central retail hub providing various shopping and dining options for the local community.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.