Cost of Living in Paterson, NJ
Paterson has a cost of living index of 108 (100 = national average), making it more expensive than the national average. The median household income is $36,540 and the median home price is $380,000.
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Paterson at a Glance
Population
159,732
Cost of Living Index
108
Median Income
$36,540
Median Home Price
$380,000
Property Tax Rate
2.80%
Sales Tax Rate
6.63%
Rent Index
100
State
New Jersey
Living in Paterson
Paterson has a cost of living slightly above the national average. While housing at $380,000 is a significant expense, the area offers a balance between cost and quality of life.
The combined sales tax rate in Paterson is 6.63%, and the effective property tax rate is 2.80%. Property taxes are above the national average, which is an important consideration for homebuyers.