Paterson is a city in New Jersey state in USA with a population of 145484 residents.. The poverty rate of Paterson is 25.2%, which is 80% higher than national average. The typical household in Paterson earns $45141 a year, compared to the national median of $67,500. Financial hardship is relatively common in the city as 1 in every 4 residents live below the poverty line, well above the national poverty rate of 14.1%. Additionally, more than 1 in every 9 area households live on an income of less than $10,000 a year. Nationwide, 5.8% of households do. Nearly 54.3% of households earn less than $50,000 a year compared to 39% national rate.

A high school education is a basic prerequisite for most jobs, and in Paterson, only 76% of adults have a high school diploma, compared to the 87.7% of adults nationwide. The unemployment rate of Paterson remained 7.4%, which is 57% higher than national rate. Nearly 2 times comparable to 4.7% national rate, according to the Census. Higher educational attainment can lead to improved job security and reduce the likelihood of financial insecurity. In Paterson, only 11% of adults have a bachelor's degree and 21% have some college but no degree.

Cost of living in Paterson is 116, which is 16% higher than national average. Median home value in Paterson is $257700 , which is 12% higher than national average. While median income in Paterson remained $45141, which is 33% lower than national average.