Cost of Living in Paterson, NJ

Housing

The housing market plays a significant role in determining the cost of living in Paterson, NJ.

• Housing Index: 0.0 / 100
• Median Home Price is: $357000
• Average Rent (2 BR Apartment): $0.0 per month
• Average Rent (2 BR House): $0.0 per month

Based on the data for Paterson, NJ, it appears that the housing index is currently at 0.0, indicating favorable conditions for home buyers. The median home price of 357000 suggests a relatively accessible market, potentially appealing to first-time buyers. However, the average rents for both a 2-bedroom apartment and 2-bedroom house are listed as 0.0 and 0.0 respectively, which might highlight a lack of rental availability in the area. Overall, buying a home may offer a long-term financial benefit compared to renting, especially in the current market climate.

Utilities

The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Paterson, NJ.

• Electricity Price: 19.88 USD (median by state)
• Natural Gas Price: $14.01 USD per Thousand Cubic Feet (median by state)
• Other Utilities (water, garbage, etc.): $0.0 per month

Living in Paterson, NJ could entail higher utility costs. Electricity costs sit at 19.88, while natural gas is priced at 14.01 per Thousand Cubic Feet—both aligning with state medians. Expect to budget about 0.0 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 0.0

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $52092

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to Paterson, NJ, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.