07503, Paterson, NJ

The 7503 zip code of Paterson, NJ is one of the most diverse and rapidly growing areas in the state. The population has increased by over 50% since 2000, making it one of the most densely populated zip codes in New Jersey. This growth has led to an increase in home prices and home equity within this area.

As of September 2016, the median home price within the 7503 zip code was $269,000. This represents a 7% increase from 2015 and a 29% increase from 2009. In addition, the average home equity within this zip code was $142,000 as of September 2016. This represents a 54% increase from 2009 and a 173% increase from 2002. These figures indicate that there is significant demand for homes in this area and that homeowners are benefiting from rising prices and increasing equity levels.

Given these trends, it is not surprising that homeownership rates within the 7503 zip code are high (over 75%). This indicates that people are confident in their ability to afford a home in this area and are willing to invest in property values over time. In addition, low interest rates have helped to fuel growth in home values by making it more affordable for buyers to purchase homes outright or borrow against their existing equity levels.

Overall, it is clear that homeownership rates and home prices have continued to rise within the 7503 zip code over recent years due to strong demand from both buyers and sellers alike. While there may be some uncertainty ahead due to potential market volatility or economic fluctuations, long-term prospects for homeownership and housing values appear positive overall in Paterson, NJ