ZIP Code 07501 — Demographics & Housing Data 2023

Overview

If you're considering a move, investment, or business opportunity in ZIP 07501, located in Paterson, New Jersey, understanding the local demographics and housing landscape is essential. This snapshot, based on 2023 data, provides a clear picture of the area's population, income levels, housing costs, and cultural diversity. Whether you're a homebuyer, real estate investor, small-business owner, or data analyst, these insights can help you make informed decisions about this dynamic community.

Population & Households

ZIP 07501 is home to a population of 35,321 residents, making it a moderately sized urban area with a vibrant community feel. The area comprises 12,335 households, reflecting a mix of family structures and living arrangements. With 13,119 total housing units, there’s a slight surplus of available homes compared to occupied households, which could indicate opportunities for buyers or renters looking to settle in this area.

Income & Housing Costs

The median household income in ZIP 07501 stands at $40,699, which is below the national average but reflective of the economic diversity in urban settings like Paterson. For homebuyers and investors, the median house value is $304,400, offering a potentially accessible entry point into the housing market compared to higher-priced neighboring regions. Renters, on the other hand, face a median rent of $1,442 per month, which aligns with the cost of living in a densely populated area close to major metropolitan hubs. These figures suggest a market where affordability and investment potential coexist, depending on your goals.

Race & Ethnicity

ZIP 07501 boasts a richly diverse population, with a racial and ethnic composition that shapes its cultural fabric. The largest demographic group is Hispanic, accounting for 67.6% of residents, followed by Black or African American at 23.78%. White residents make up 4.85% of the population, while Asian residents represent 3.05%. This diversity offers a unique blend of perspectives, traditions, and community dynamics, making the area particularly appealing for businesses and individuals seeking a multicultural environment.

Key Facts

• Total population: 35,321 residents, indicating a robust urban community.
• Total households: 12,335, showcasing a mix of family and individual living arrangements.
• Total housing units: 13,119, suggesting some availability for new occupants.
• Median household income: $40,699, reflecting economic diversity in the area.
• Median house value: $304,400, a potential opportunity for buyers and investors.
• Median rent: $1,442, consistent with urban rental markets near major cities.
• Ethnic diversity: Predominantly Hispanic (67.6%), with significant Black (23.78%) representation.

What This Means for You

For homebuyers, ZIP 07501 presents a chance to purchase at a median value of $304,400, which could be a strategic entry into a market with growth potential, especially given its proximity to larger urban centers. The slight surplus of housing units (13,119 vs. 12,335 households) might also mean less competition for available properties.

For real estate investors and agents, the combination of a diverse population and moderate home values suggests opportunities for rental properties or fixer-uppers. The median rent of $1,442 indicates a steady demand for housing, which could translate into reliable returns if you target the right properties.

For small-business owners, the cultural diversity (67.6% Hispanic, 23.78% Black) offers a unique customer base. Tailoring products or services to meet the needs of this multicultural community—whether through language accessibility or culturally relevant offerings—could set your business apart.

For analysts, the data points to a community with distinct economic and demographic characteristics. The below-average median income of $40,699 paired with urban housing costs provides a foundation for deeper studies into affordability, equity, and local economic trends.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into ZIP 07501? Start by visiting ZipcodeGPT for a user-friendly platform to explore demographic and housing data.
• Enter any ZIP code to access up-to-date metrics on population, income, housing, and more, tailored to your specific interests.
• Use the insights to inform your next move, investment, or business strategy with confidence and precision.