Paterson, NJ Cost Of Living
Cost Of Living In Paterson, NJ Summary
Cost of living in Paterson research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Paterson is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New Jersey, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Paterson is 114, with 100 being the average.
The cost of living index in Paterson is 1.1x higher than the national average.
Paterson ranks as the #60 cheapest in New Jersey out of 260.
Paterson ranks as the #4,023 cheapest out of 6,489 in the US.
The median home value in Paterson is $520,329.
The median income in Paterson is $53,766.
Table Of Contents
Paterson's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Paterson, NJ?
According to the most recent data on the cost of living, Paterson has an overall cost of living index of 114, which is 1.1x higher than the national index of 100.
Compared to New Jersey, Paterson has a cost of living index that's 0.9x lower than New Jersey's index of 122.
The standard of living in Paterson ranks as #60 most affordable out of the 260 places we measured in New Jersey. By definition, that implies Paterson ranks as the #200 most expensive place in the Garden State.
For more reading on life in Paterson, check out:
In New Jersey
In America
Paterson Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Paterson. Here is how it fairs on each of the criteria:
The Services index in Paterson is 108.
The Groceries index in Paterson is 101.
The Health index in Paterson is 94.
The Housing index in Paterson is 137.
The Transportation index in Paterson is 107.
The Utilities index in Paterson is 112.
| Living Expense | Paterson | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 114 | 122 | 100 | |
| Services | 108 | 108 | 100 | |
| Groceries | 101 | 104 | 100 | |
| Health | 94 | 99 | 100 | |
| Housing | 137 | 159 | 100 | |
| Transportation | 107 | 101 | 100 | |
| Utilities | 112 | 107 | 100 | |
Paterson, NJ Housing Cost Breakdown
Housing swings affordability the most between places in New Jersey, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Paterson is $520,329.
The Median Rent in Paterson is $1,457.
The Median Income in Paterson is $53,766.
The Home Value To Income in Paterson is 9.7x.
The Rent To Monthly Income in Paterson is 0.33x.
| Statistic | Paterson | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $520,329 | $564,432 | $303,400 |
| Median Rent | $1,457 | $1,653 | $1,348 |
| Median Income | $53,766 | $101,050 | $78,538 |
| Home Value To Income | 9.7x | 5.6x | 3.9x |
| Rent To Monthly Income | 0.33x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Paterson, NJ Costs By Category
Detailed Paterson Services Costs Vs. New Jersey
| Item | Paterson | New Jersey |
|---|---|---|
| Shampoo | $1.48 | $1.28 |
| Movie | $15.78 | $12.13 |
| Bowling | $21.0 | $18 |
| Haircut | $25.62 | $24.26 |
| Beauty Salon | $41.67 | $45.56 |
Detailed Paterson Groceries Costs Vs. New Jersey
| Item | Paterson | New Jersey |
|---|---|---|
| Ground Beef | $5.65 | $5.84 |
| Fried Chicken | $1.39 | $1.57 |
| Milk | $4.71 | $4.67 |
| Potatoes | $5.37 | $4.93 |
| Pizza | $11.49 | $12.09 |
| Beer | $11.33 | $10.41 |
| Toothpaste | $3.72 | $3.7 |
Detailed Paterson Health Costs Vs. New Jersey
| Item | Paterson | New Jersey |
|---|---|---|
| Optometrist | $157.11 | $125.68 |
| Doctor | $115.59 | $135.78 |
| Dentist | $124.27 | $113.29 |
Detailed Paterson Transportation Costs Vs. New Jersey
| Item | Paterson | New Jersey |
|---|---|---|
| Gasoline | $3.41 | $3.46 |
| Tire Balancing | $82.67 | $59.92 |
Detailed Paterson Utilities Costs Vs. New Jersey
| Item | Paterson | New Jersey |
|---|---|---|
| All Electricity | $236.04 | $193.99 |
| Phone | $186.61 | $192.25 |
Paterson SnackAbility
/10
Cost Of Living In Cities Around Paterson
The cost of living varies in the cities and towns around Paterson. Here's a quick look at the cost of living in the most populous nearby places:
Clifton, NJ has a cost of living index of 127, 1.1x Paterson.
Fair Lawn, NJ has a cost of living index of 144, 1.3x Paterson.
Elmwood Park, NJ has a cost of living index of 135, 1.2x Paterson.
| City | Population | Cost Of Living | Vs. Paterson |
|---|---|---|---|
| Clifton, NJ | 89,247 | 127 | 1.1x |
| Fair Lawn, NJ | 35,153 | 144 | 1.3x |
| Elmwood Park, NJ | 21,287 | 135 | 1.2x |
| Eastchester, NY | 20,519 | 167 | 1.5x |
| Hawthorne, NJ | 19,472 | 135 | 1.2x |
| Woodland Park, NJ | 13,284 | 132 | 1.2x |
| Glen Rock, NJ | 12,082 | 165 | 1.4x |
| Dobbs Ferry, NY | 11,397 | 173 | 1.5x |
| Totowa, NJ | 10,919 | 130 | 1.1x |
| Hillcrest, NY | 8,989 | 140 | 1.2x |
