Overview of Paterson
Paterson, located in the northeast corner of the state of New Jersey, is the county seat of Passaic County on the Passaic River. The city is located approximately 30 miles west of New York City, sitting in the Piedmont region between the coastal plains and the Appalachian foothills.
Paterson apartments for rent are prime options for joining the more than 146,000 people living across the 8.43 square miles of land that encompass this thriving city. Nearly 28 percent of its population is under the age of 18. Many transportation modes are easily accessible to residents, including Interstate 80, U.S. Route 46 and New Jersey state highways 3, 19, 21 and 23 as well as bus and rail service.
Living in Paterson, NJ
People living in Paterson apartments take pride in being a part of a city with a truly unique history. Alexander Hamilton formed an investment group called the Society of Useful Manufactures in 1792. Its purpose was to raise funds for the development of the first planned industrial city in the United States in order to reduce the country's dependence on foreign goods. The chosen industries centered on the 77-foot high Great Falls of the Passaic and its surrounding waterways.
In the second half of the 19th century, Paterson's dominant industry became manufacturing silk, leading to the nickname of "Silk City." In 1851, Paterson was incorporated as a city.
Paterson Work and Study
The city is known historically for its large number of textile industries, using the water of the Great Falls and harnessing its energy to power the many plants and structures. Other big industries in the area include firearms, railroad and locomotive manufacturing, and silk, according to City Town Info. A significant portion of business professionals may find Paterson apartments for rent an attractive option. U.S. Census data indicates that nearly 65,000 local residents are in the labor force.
Students can take advantage of higher education facilities located within Paterson, such as the HoHoKus School of Trade and Technical Sciences and Passaic County Community College. HokoKus enrolls fewer than 200 students and operates with an open admissions system. PCCC enrolls approximately 8,000 students and has three additional locations other than the Paterson campus: Wanaque, Wayne and Passaic.
Rentals in Paterson, NJ and Cost of Living
According to data collected by the U.S. Census Bureau, Paterson rentals have a vacancy rate of 9 percent, and the gross median rent was $1,030 in 2010. The largest portion of all renters falls in the gross rental range of $1,000 to $1,499, with more than 77 percent of renters falling in the wider gross rent range of $500 to $1,499. The data further indicated that roughly 57.3 percent of all renters reported spending 35 percent or more of their household income on gross rental costs.
CIty-Data information revealed that in March 2012, the cost of living in Paterson was a 28.7 percent higher than the national average.
Paterson Attractions and Special Events
While there are many area attractions worth a visit from residents in Paterson apartments, one of the local favorites is the historic landmark, the Lambert Castle Museum. The structure in which the museum is housed was built in 1893 and previously belonged to Catholina Lambert, an owner of a prominent silk mill in the city. The castle was originally constructed in the Medieval Revival architectural style and in the 1990s, a multi-million dollar restoration was performed.
City Town Info revealed that Paterson is incredibly proud of its diversity and never misses an opportunity to celebrate it. Paterson holds a number of events to celebrate the unique ethnicities of its residents, including an African-American Day Parade, a Puerto Rican Day Parade, a Dominican Day Parade, a Turkish-American Day Parade and a Peruvian Day Parade.
To find a Paterson apartment or rental, check out our apartment listings. Rent.com® is happy to help you find your next home.