Last updated
Average Rent in Paterson 07508 & Rent Trends
Rent prices and market trends across 1 apartment community in Paterson 07508, Paterson NJ. Updated daily.
Market Average
$3,156/mo
▲ +1.4% from last month
Lowest Available
$3,059/mo
cheapest unit on market
Communities
1
tracked daily
Units Listed
9
available now
Paterson 07508 vs Paterson NJ Average
Paterson 07508 is cheaper the Paterson NJ average by $176/mo (5%). The citywide average is $3,332/mo across all neighborhoods.
Is Rent Going Up or Down in Paterson 07508?
As of May 2026, the average rent in Paterson 07508 is $3,156 per month across 1 apartment community and 9 available units. Rents have increased $41 (1.4%) over the past month.
The most affordable option is Molly Brook on Belmont starting at $3,059/mo. By unit type, a 2-bedroom averages $3,156/mo.
Prices range from $3,059 to $3,230 per month. The most common price point is the $3,000 range, where 7 units are currently listed.
Paterson 07508 Rent Price History
Rent Price Distribution
Rent by Bedroom Type in Paterson 07508
Rent Prices by Apartment in Paterson 07508
| Property | Starting at | Average | Units | Rating |
|---|---|---|---|---|
| Molly Brook on Belmont | $3,059/mo | $3,156/mo | 9 | 3.9 |
Google Search Trends for Paterson 07508 Apartments
Search interest for apartments in this area over the past 12 months.
Search Interest Over Time
Frequently Asked Questions About Rent in Paterson 07508
What is the average rent in Paterson 07508?
Is rent going up or down in Paterson 07508?
What is the cheapest apartment in Paterson 07508?
How many apartments are available in Paterson 07508?
What salary do I need to live comfortably in Paterson 07508?
Built on the 25 to 30 percent rent-to-income guideline used by most landlords and credit-scoring models.
Minimum to afford average rent
$126,000/year
30 percent rule -- using our average rent of $3,156/mo.
Comfortable income
$151,000/year
25 percent rule -- leaves more room for savings, transport, and groceries.
To afford the cheapest tracked apartment ($3,059/mo), you need to earn at least $122,000/year.
Median household income in Paterson 07508 is $53,766 , about 65% below the comfortable-living threshold.
Cost of living in Paterson 07508
Overall prices in Paterson 07508 runs above the national average by about 13% (BEA Regional Price Parity index 112.6, where 100 equals the U.S. average). The breakdown below estimates monthly costs for a single adult, using national consumer-spending baselines from the Bureau of Labor Statistics scaled by Paterson 07508's regional price parities.
| Category | Monthly estimate |
|---|---|
| Rent (market average) | $3,156 |
| Utilities | $644 |
| Groceries | $585 |
| Transportation | $1,534 |
| Healthcare | $748 |
| Other goods and services | $1,197 |
| Estimated total | $7,864/mo |
Population
157,660
Median household income
$53,766
Census median rent
$1,457/mo
Rent as % of income
35.2%
Median age
33.3
Mean commute
23 min
Methodology
Rent data
Sourced directly from each tracked apartment community and refreshed every 24 hours. Every listed unit price on this page is real and listed today.
Cost of living
Estimates combine national consumer-spending baselines from the U.S. Bureau of Labor Statistics (Consumer Expenditure Survey) with the U.S. Bureau of Economic Analysis Regional Price Parities (MARPP dataset). Both are peer-reviewed federal data releases published annually.
Salary to live comfortably
Applies the standard 25 to 30 percent rent-to-income rule on top of the listed rent. This is the same affordability guideline used by most landlords and credit-scoring models.
Demographic figures
Median household income, population, median age, commute time, Census median rent, and rent as percentage of income come from the U.S. Census Bureau's American Community Survey 5-year estimates, the most recent complete release.
Cost of living and demographic figures were last published in 2023.
Explore Paterson 07508 Apartments
Browse all 1 communities with daily-updated pricing and availability.