Paterson, New Jersey

$227,300 is the house value median in the city of Paterson, New Jersey. The value of houses has gone up an astonishing 17.5 percent in the last year. And it has been predicted that the value of houses will increase in the following year by 11.2 percent.

The value of homes in Paterson is projected to go up close to one third in a two year period.

In Patterson, New Jersey, per square foot, the median list cost is $104. This is a lower amount than the metro area of New York which has a per square foot list cost median of $260.

In Patterson, the presently listed house cost median is $189,900. $157,500 is the house cost median of houses that have sold.

Foreclosures are an important factor affecting the economy of areas of our country. The lower the foreclosure rate, the higher the value of houses in a location. Patterson has a high foreclosure rate. 5.4 houses experience going through foreclosure for every 10,000 houses. New York Metro area has a lower foreclosure rate of 1.8, and the USA has a foreclosure rate of 1.6.

The first thing that occurs in the process of foreclosure is mortgage delinquency which happens when a house owner fails to pay a payment on their home mortgage. Patterson, New Jersey has a mortgage delinquency percentage of 8.4 percent. This is much higher than the USA mortgage delinquency rate which is 1.6 percent.

The annual median household income is $33,964 in Patterson, New Jersey.

When it comes to commercial real estate, there is a realty investment firm that has purchased a condominium building of 48 units, with a 195 rental unit development site. It is located in downtown Paterson.

The building is a converted silk mill with the address of 175 Broadway. In addition, the building has 9,500 square feet of commercial space on the ground level. Next to this building included in the purchase is a development parcel at 105 Fair St. This development parcel has been approved for retail space on the ground floor.

The condos range in size from 1 bedroom 717 square foot units to 2 bedrooms 1,996 square foot units.

These condominiums have modern appliances, high-end finishes, and amenities including a private fitness center, private storage, and on-site parking.