07524, Paterson, NJ

The 7524 zip code of Paterson, NJ has a population of approximately 106,000 people. The median household income in this zip code is $41,000 and the median home value is $101,500. This means that the home equity in this area is relatively high. In fact, according to Zillow’s Home Value Index for ZIP Codes within New Jersey (ZIP Code 7524), the home equity in this area is 5% higher than the statewide average.

This high level of home equity may be due to several factors. First, Paterson has been one of the most stable cities in New Jersey over the past few years. This stability may have led to more people investing in their homes instead of moving around constantly, which would lead to a decrease in home values. Second, Paterson has a low unemployment rate and a high level of education attainment relative to other areas of New Jersey. This means that there are plenty of jobs available and people are able to afford higher-priced homes. Finally, Paterson has been experiencing an increase in housing prices over the past few years – even outpacing some larger cities like Newark and Trenton.

Overall, it seems that homeownership rates are high in the 7524 zip code of Paterson and home values are relatively high compared to other areas within New Jersey. While there are some risks associated with owning a home – such as potential economic downturns – overall it seems like homeownership rates and home values are both likely to stay strong in this area for quite some time