Paterson offers an easy commute to New York
High real estate prices in New York and North Jersey drive people to find more affordable housing elsewhere. Because Paterson is only 13 miles outside of New York, it’s an attractive option for those looking to commute. The city’s transportation infrastructure is excellent for commuters. The NJ Transit commuter rail service in downtown Paterson offers a 35-minute ride to Hoboken. The city also has plenty of freeway access, so residents can easily hop on and drive their commute.
Its real estate market offers plenty of affordable housing
Investors look for real estate markets with plenty of affordable options when housing prices skyrockets. According to Zillow, as of July 2021, the median price of homes in Paterson was $370,145. Top NJ developers have already invested in multiple building projects across the city. The Paterson market is ripe with plenty of affordable properties, so investors have many great options. You can view Paterson houses for sale here.
Paterson is home to the Great Falls of the Passaic River
Just a mile west of downtown Paterson lies one of the largest waterfalls in the country: the Great Falls of the Passaic River. The historical monument is located in the Paterson Great Falls National Historical Park. The 77-foot high waterfall was once used to power the country’s first hydropower system, spurring the American Industrial Revolution. Great Falls is a historic destination that attracts hundreds of thousands of visitors each year. The natural wonder adds value to the area and appeals to home buyers.
The city boasts a rich history and plenty of historic homes
Paterson is the birthplace of the American Industrial Revolution. Harnessing the power of the Great Falls led to Paterson becoming the country’s first planned industrial city. The city is also known as Silk City because of its central role in 18th-century silk production. The 200-year-old town, steeped in a rich history, attracts tourists from all over the country. Because of its age, Paterson has many historic homes to attract buyers.