The story of this market
The typical home in ZIP 07514 sells for about $510,000, or $238 per square foot.
Prices are down 16.27% from a year ago, which gives buyers more room to negotiate. Homes take about 40 days to sell. HUD's fair market rent for a two-bedroom is $1,495 a month.
ZIP 07514 — Paterson
The housing market in 07514 is currently experiencing a contraction in sales volume and a decline in median sold prices compared to the previous year. Low inventory levels are keeping the market competitive, but affordability constraints and economic headwinds are driving a more cautious outlook for buyers and sellers alike.
This ZIP code primarily serves long-term residents, renters, and investors seeking entry-level housing or multi-family opportunities in a dense urban environment.
Median prices moved down 16.3% year over year.
Homes spend a median of 40 days on market with 1.3 months of supply — a fast-moving market.
0% of listings have cut prices · homes sell at 100% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 5.8% · poverty 13.6% — a stable, low-distress 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 -12.0%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 07514, Passaic County NJ
Paterson experiences higher crime rates compared to the national average, with property and violent crime remaining significant concerns for local law enforcement.
Public schools in the area are part of the Paterson Public School District, which faces ongoing challenges regarding academic performance and resource allocation.
The area is subject to urban flood risks, particularly in low-lying sections near the Passaic River, and property owners should verify flood zone status for insurance requirements.
Economic momentum is driven by local manufacturing, healthcare, and retail sectors, though large-scale new development is limited by the city's dense, historic urban footprint.
Property taxes in Paterson are among the highest in New Jersey, determined by the municipal, county, and school district tax rates applied to the assessed value of the property.
Residents have access to NJ Transit bus lines and nearby train stations, providing transit-oriented access to employment hubs in Newark and New York City.
The area features proximity to local urban parks and the historic Great Falls National Historical Park, offering significant cultural and recreational space.
The rental market is characterized by high demand and limited inventory, with rents showing sensitivity to broader regional economic shifts.
The local economy is anchored by healthcare, education, and small-scale manufacturing, with significant employment ties to the broader Passaic County region.
The area is served by an extensive network of local bus routes and is within reach of major highway corridors including I-80 and Route 19.
Development is largely focused on urban infill and the rehabilitation of existing residential and commercial structures.
The Passaic County Board of Taxation oversees the assessment process, with valuations conducted at the municipal level.
Parcels are subject to municipal, county, and Paterson Public School District tax levies.
Property insurance premiums are influenced by the area's urban density and flood risk profile, necessitating careful review of coverage options.
Data retrieved from data.census.gov and local market reports.
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 Dream4.58.8 mi
- DreamWorks Water Park4.38.9 mi
- Nickelodeon Universe Theme Park4.58.9 mi
- Color Factory NYC4.415.5 mi
- Area 53 - Adventure Park4.518.6 mi
- American Dream4.58.8 mi
- MetLife Stadium4.58.4 mi
- Madison Square Garden4.714.3 mi
- Yankee Stadium4.713.1 mi
- Barclays Center4.518.8 mi
- American Dream4.58.8 mi
- MetLife Stadium4.58.4 mi
- Westfield Garden State Plaza4.53.6 mi
- The Met Cloisters4.811.8 mi
- Medieval Times Dinner & Tournament4.78.3 mi
- The Metropolitan Museum of Art4.813.7 mi
- Rockefeller Center4.714.3 mi
- Empire State Building4.714.7 mi
- The Museum of Modern Art4.614.2 mi
- American Museum of Natural History4.613.3 mi
- Paterson Great Falls National Historical Park4.51.9 mi
- Branch Brook Park4.610.8 mi
- Van Saun County Park4.75.1 mi
- Overpeck County Park4.68.7 mi
- Garret Mountain Reservation4.72.4 mi
- 21 Golf Range Powered by Toptracer4.59 mi
- Rock Spring Golf Club4.212.4 mi
- Rockleigh Golf Course3.612.2 mi
- Sunset Valley Golf Course4.19.8 mi
- Upper Montclair Country Club4.65.5 mi
- American Dream4.58.8 mi
- Westfield Garden State Plaza4.53.6 mi
- Willowbrook4.46.5 mi
- Bergen Town Center4.54.5 mi
- Newark Liberty International Airport3.716.3 mi
- LaGuardia Airport4.117.4 mi
- Westchester County Airport424.8 mi
- Teterboro Airport4.46.2 mi
- North Shore University Hospital Heliport4.625.2 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 national park site featuring the historic waterfall and industrial history.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.