07504, Paterson, NJ

The 7504 zip code of Paterson, NJ has a median home value of $119,000 and a median home equity of $81,000. This is lower than the state median home value of $177,500 and the national median home equity of $142,200. The 7504 zip code also has a lower than average homeownership rate of 59%, compared to the state rate of 66% and the national rate of 69%.

There are several factors that may contribute to these low home values in the 7504 zip code. One reason may be that Paterson is one of the most crime-ridden cities in New Jersey. In fact, it was ranked as one of America’s most dangerous cities by Forbes in 2016. This high crime rate may make it difficult for potential buyers to find safe neighborhoods to purchase homes in, which could lead to lower home values. Additionally, Paterson has been struggling economically for many years now and many families have had to leave their homes due to lack of income or job opportunities. As a result, there are currently more vacant homes in this area than there are occupied homes. Finally, Paterson’s economy has been declining for quite some time now and this may also be contributing to its low home values.