Market Overview
Home Prices in Paterson, NJ
The median home value in Paterson, NJ is $541,017 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4.6% compared to a year ago and up 6.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Paterson are priced32% above average. Paterson is part of the New York-Newark-Jersey City, NY-NJ-PA metro area.
Over the past five years, Paterson home values have risen by approximately39.7%, reflecting strong long-term appreciation in this market.
Price History
Paterson Home Price Trend
City Comparison
Paterson vs. National Median
At $541,017, homes in Paterson cost 32% above the national median of $410,000. Buyers in Paterson should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Paterson?
20% Down Payment
$108,203
on $541,017
Monthly P&I
$2,822/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,584/mo
incl. taxes & insurance
Income Needed
$143,360
gross annual (30% rule)
10% Down Option
$54,102
+ PMI applies
Loan Amount (20% dn)
$432,814
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Paterson, NJ?
The median home value in Paterson is $541,017 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4.6% year-over-year.
How much have home prices changed in Paterson?
Over the past year, home values in Paterson have increased by 4.6%. Over five years, prices have risen approximately 39.7%.
How much do I need to earn to buy a home in Paterson?
To comfortably afford the median home price of $541,017 with a 20% down payment ($108,203) at today's rates (6.8%), you'd need a gross annual income of approximately $143,360. This assumes keeping total housing costs at or below 30% of gross income.
How does Paterson compare to the national average home price?
The national median home value is approximately $410,000. At $541,017, homes in Paterson are 32% above the national average.
What metro area is Paterson part of?
Paterson is part of the New York-Newark-Jersey City, NY-NJ-PA metropolitan area. Home prices and market conditions can vary across the broader metro region.