Why Paterson, NJ?
Paterson is NJ's third-largest city and Alexander Hamilton's vision for American industry made real — in 1792 he founded the Society for Establishing Useful Manufactures (SUM) here, harnessing the 77-foot Great Falls of the Passaic River to power America's first planned industrial city. The Great Falls became a National Historical Park in 2011. Today Paterson is home to massive Dominican, Peruvian, and Arab communities whose restaurants, shops, and cultural energy define the city. At $380K with 8.4% appreciation, entire buildings cost less than condos in Hoboken.
Paterson Real Estate Market in 2026
Paterson homes sell in 28 days at a $380K median, appreciating at 8.4%. Multi-family properties dominate — investors target 3-4 family buildings with strong rental yields. Grand historic mill buildings are being converted to residential.
Best Neighborhoods in Paterson
4 distinct neighborhoods, each with its own character and price range
Great Falls / Mill District
$350,000 to $500,000Near the National Historical Park. Historic mill buildings being converted. The cultural anchor.
South Paterson / Prospect Park Border
$375,000 to $475,000Arabic commercial corridor on Main Street. Middle Eastern restaurants and shops.
Eastside
$300,000 to $400,000Dense residential with Dominican and Peruvian communities. Affordable housing stock.
Northside
$350,000 to $450,000Residential area near Haledon. Slightly quieter than the city center.
Commuting from Paterson to NYC
Source: NJ Transit schedules, June 2026. Peak hour commute times.
Walkability and Livability in Paterson
How easy is it to live car-free or car-light in Paterson?
Paterson Schools and Ratings
Paterson Public Schools serves approximately 25,000 students. Multiple high schools including Eastside HS and John F. Kennedy HS.
Source: NCES CCD 2023 to 2024, NJDOE NJSLA 2024 to 2025
Alternative High School
School 28
Dale Avenue
Students Transitioning and Achieving Real Success
School 1
Norman S. Weir
Charles J. Riley/ School 9
College Achieve Paterson Charter School
Paterson vs Neighboring Towns: Cost Comparison
Where to Eat in Paterson
Peruvian (Market Street)
Paterson has the largest Peruvian community in the US outside Peru. El Rinconcito Peruano, La Tia Delia, and dozens of cevicherias on Market Street.
Arabic (Main Street South)
Main Street south of downtown is the Arab food capital of NJ. Fattal's (since 1957), Al Basha, and Syrian bakeries. One of the most concentrated Middle Eastern dining corridors in America.
Parks and Recreation in Paterson
Great Falls National Historical Park
77-foot waterfall on the Passaic River — the second-largest waterfall by volume east of the Mississippi. Alexander Hamilton selected this site in 1792 for America's first industrial city. National Park since 2011.
Garrett Mountain Reservation
568 acre Essex County park with Manhattan views, Lambert Castle museum, hiking, and fishing.
New Development and Growth in Paterson
Great Falls Historic District
Mill building conversions to residential and mixed-use. Historic preservation and adaptive reuse.
Downtown Revitalization
Multi-phase improvements to the commercial corridors.
History of Paterson, NJ
Alexander Hamilton founded the Society for Establishing Useful Manufactures (SUM) in Paterson in 1792, harnessing the Great Falls to power America's first planned industrial city.
The Silk City nickname came from Paterson's dominance of the US silk industry in the 1800s and early 1900s.
The 1913 Paterson Silk Strike was a landmark labor action — 25,000 workers walked out for five months.
Sam Colt manufactured his first revolvers in Paterson in 1836. The Paterson Colt revolver is a legendary firearm.
Lou Costello (of Abbott and Costello) was born in Paterson.
Safety in Paterson
Paterson has higher crime rates than suburban communities but has made progress with community policing and Great Falls tourism driving foot traffic.
Notable Residents
Annual Events and Festivals
Frequently Asked Questions About Paterson, NJ
What is the median home price in Paterson, NJ?
The median home price is $380,000 as of 2026, with 8.4% year-over-year appreciation. Average $225/sqft, selling in 28 days.
How long is the commute from Paterson to NYC?
40 minutes via NJ Transit from on the Bus to Port Authority. Transfer required.
What are property taxes in Paterson, NJ?
Tax rate is 3.34%. Average homeowner pays $6,789/year. At the median price of $380,000, expect about $12,692/year.
What are the best neighborhoods in Paterson?
Great Falls / Mill District ($350,000 to $500,000). South Paterson / Prospect Park Border ($375,000 to $475,000). Eastside ($300,000 to $400,000). Northside ($350,000 to $450,000). See the full guide above for all 4 neighborhoods.
Is Paterson safe?
Paterson has higher crime rates than suburban communities but has made progress with community policing and Great Falls tourism driving foot traffic.
How walkable is Paterson, NJ?
Walk Score of 78, rated "Very Walkable." Median income $38,000, median age 32.4. 72% renter-occupied.
Homes for Sale in Paterson, NJ
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