Median Home PriceBETTER
$574,942.32
Median RentBETTER
$2,281.68/mo
Price-to-Rent Ratio
21.0
Property Tax RateTIE
2.49%
Price Change (1Y)BETTER
+3.2%
Price Change (5Y)BETTER
+16.1%
Break-Even YearsTIE
N/A
10-Year Wealth DifferenceBETTER
$449,588
Median Home Price
$617,352.12
Median Rent
$2,911.9/mo
Price-to-Rent RatioBETTER
17.7
Property Tax RateTIE
2.49%
Price Change (1Y)
+0.3%
Price Change (5Y)
+1.3%
Break-Even YearsTIE
N/A
10-Year Wealth Difference
$527,936
Key Differences
Home Prices
Paterson's median home price of $574,942.32 is lower than Union City's $617,352.12 by 7%.
Monthly Rent
Renting in Paterson costs $2,281.68/mo compared to $2,911.9/mo in Union City—a difference of $630.22/mo.
Buy vs Rent Verdict
Both cities currently favor renting.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.