Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 69,128, 20,182 total housing units (homes and apartments), and a median house value of $471,504, Passaic real estate prices are well above average cost compared to national prices.
Large apartment complexes or high rise apartments are the single most common housing type in Passaic, accounting for 44.59% of the city's housing units. Other types of housing that are prevalent in Passaic include duplexes, homes converted to apartments or other small apartment buildings ( 37.54%), single-family detached homes ( 13.85%), and a few row houses and other attached homes ( 3.76%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.
Passaic is dominated by renter-occupied one, two, or no bedrooms apartments. 78.07% of Passaic's dwellings are rentals.
The housing in Passaic was primarily built before 1939 ( 55.30%), making the housing stock in Passaic some of the oldest overall in America, although there is a range of ages of homes in Passaic. The next most important housing age is between 1940-1969 ( 26.23%), followed by between 1970-1999 ( 13.37%). There's also some housing in Passaic built between 2000 and later ( 5.10%).
Real estate appreciation rates in Passaic's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.46% during the period.
NeighborhoodScout's data show that during the latest twelve months, Passaic's appreciation rate, at 4.85%, has been at or slightly above the national average. In the latest quarter, Passaic's appreciation rate has been 0.41%, which annualizes to a rate of 1.66%.
Relative to New Jersey, our data show that Passaic's latest annual appreciation rate is lower than 80% of the other cities and towns in New Jersey.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Passaic differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Passaic - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Passaic real estate investment or home purchase decisions.
$471,504
for New jersey
for nation
20,182
$2,511 / per month