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Paterson, NJ Real Estate Is the Destination for Industrialists and Immigrants. Make It Your Own Today
Known across the US as the Silk City, Paterson, NJ, is the home of immigrants and those chasing the American dream. The city’s real estate has grown fueled by industry and a diverse labor economy. The Paterson, NJ real estate is powered not by the Great Fall of the River Passaic but by the incentives by the city government. These include a good tax regime favoring business and reasonable mortgage rates for homeowners.
Paterson’s real estate ranges from the posh Eastside South to the affordable houses on Pacific Street. This makes it easy for a real estate developer to get good returns on investment. Similarly, those seeking to have a property can purchase one in Paterson. The icing on the cake is the many opportunities available in the vast industrialized urban enterprise zone. Read on and discover the many reasons why Paterson is an attractive destination for real estate investments.
History
History
Named after Governor William Paterson, the governor who oversaw its establishment, Paterson carries the history of industrialization in the US. The driving force to form the city was the desire of the former architects of the American Revolution to stop dependency on England for industrial products. Casting their eyes on the potential of the Great Falls of the Passaic, the Society for Enterprise Useful Manufacturers (SUM) decided to establish an industrial city. With the approval of the New Jersey Legislature, planning of the town began in 1791. In the following years, the SUM oversaw the establishment of waterpower and production centers. The first industries to go up were the cotton mills in 1794, followed closely by the Old Gun Mill. In the wake of the industrial revolution in the 1850s, when the cotton gin was invented, Paterson took in cue, becoming the silk city of the US. Paterson would also lead in the locomotive production in the second half of the 19th Century by producing 80% of all cars. As the city expanded with industry power, laborers started organizing, giving birth to labor unions.
Things to do in Paterson
Things to do in Paterson
Whether you are visiting or a resident, you will be mesmerized by the splendor of the Great Falls of the Passaic at the Paterson Great Falls National Historical Park. Suppose you are a lover of architecture, the Cathedral of St. John the Baptist’s gothic design or the Passaic County House. The Paterson City Hall will have you confusing New Jersey for France.
A stroll at the historic Upper Raceway Park or a visit to the Danforth Memorial Library will have you writing poems. A perfect weekend involves going to either the Lambert Museum or the Paterson Museum and watching a blockbuster at Fabian 8 Cinema.
Make sure to take your partner for a playful date at the Paul’s Bar and Bowling. For a night out, the Beso Lounge is the best place to go with friends for a party. The lounge is best known for great shots and Latino music. If you are a pop music fan, visit the Habibi & Mazzika Hookah Lounge. The best thing is they open through the week – which makes it appropriate to toast the shot of tequila to your real estate investment in Paterson.
And if you are in the shopping mood, the Westfield Garden State Plaza offers the ultimate bougie experience. If hungry, visit the Bonfire Mofongo House to explore exotic cuisines ranging from the West African Fufu to East India’s Litti Chokha.
Unreal real estate in Paterson, NJ
Location
Location
Paterson covers an area of 8.71 square miles. It is located in the lower parts of Passaic County. The city’s strategic location is 77-foot below the Great Fall of the Passaic River. The topography of Paterson is typical of the Piedmont region, with hills and lakes. The Passaic River flows through the city. The city’s vital metropolitan neighbors include Newark, 14 miles South and 11.5 miles away from the George Washington Bridge. Major cities define Paterson’s geographic location as a real estate destination. It is 17 miles from New York and 84 miles to Philadelphia. This location makes it easy to conduct commerce in New York. Paterson also has fair weather, with moderate summers and manageable winters. This makes it a suitable destination for climate-conscious real estate buyers.
Paterson demographics
Paterson demographics
Paterson is one of the most populated cities in the US, with 159,732 people. According to the Census Data, Paterson is the fourth largest city in the US – in terms of population size. The city is also densely populated, with 17,134 people per square mile.
Paterson has a diverse racial composition, with 27.2% of the population being White, 25.7% being African American, and Hispanics making the racial majority with 61.4%. The smallest racial group is Asians, at 4.5%. Most of the population is in the productive age, with those below 18 years being 27%, and only 11.7% is above 65 years. Paterson is the home of immigrants, who make up 42.5% of the residents.
The working age is from 16 years, and 61% of the population is in the civilian labor force. While women make up 51% of the people, they account for a significant percentage of the labor force at 56.5%. The median home value at Paterson, NJ, is $405, 554 which is relatively higher than the national average. The average cost of rent is about $1560, which is also significantly higher than the national average. Nevertheless, Paterson has an average hourly wage of approximately $17.2, which is below the national average of $29.81. Nonetheless, the hourly wage is above the proposed minimum of $15.
Arts in Paterson
Arts in Paterson
Paterson is a city of diverse cultures, evidently noted in the 100 languages spoken. This makes the cultural centers diverse and the experience of living in Paterson wholly American. The diverse expertise of Paterson’s social culture is found in its parks, entertainment joints, eateries, and museums. The most notable parks include Pennington, East, Westside, Wrigley, and People’s Park.
The city’s industrial history is chronicled in the halls of the Paterson Museum. The Lambert Castle, too, preserves the story of Carolina Lambert, one of the city’s most prominent sons. The Castle hosts an art gallery exhibition and is a reserve for those who thirst to know the city’s history. Another treasure bearing marks of rebellion against Jim Crow is the Hinchliffe Stadium. Known for hosting Negro Baseball during the Jim Crow era, the stadium, dark and sleepy, is a National Historic Site.
The artistic spirit of the Paterson people is expressed in the collection of arts in PCCC Art Galleries and Art Factory Studio, which house classical artworks. The contemporary creations are found in Demouzy Contemporary and IV Kings Creations, which offer art as an experience. I
Several festivals mark Paterson’s social life. The Tastes of Brooklyn celebrates the artistry of chefs in various cuisines. Thanks to the enterprising Middle Eastern immigrants in Paterson, the Al-Basha restaurant takes the trophy for Middle-Eastern cuisines. Paterson’s nightlife is maintained by vibrant clubs and bands. The nightlife is diverse, with La Chiflada besting the rest in disco and dancing. Perhaps after a night here, you will consider why buying a real estate property in Paterson is the best decision you’ve ever made.
Schools in Paterson
Schools in Paterson
Paterson offers various educational opportunities for all learners. This makes it a favorable schooling destination for families, first-time real estate owners, and those seeking work-study programs. Consider the various K-8 elementary schools under the Paterson School District for young children. Some of the top schools to take your kids to include the Paterson Academy for the Gifted and Talented, the top elementary school in New Jersey. Other good schools include the Alexander Hamilton Academy, School 19, School 27, Roberto Clemente, and Charles J. Riley School 9. Paterson School District assures a stable transition of kids through the education system by providing quality high schools. The critical high schools include the International High School, Rosa L. Parks School of Fine and Performing Arts, School of Earth and Sport Science, Harp Academy, and John F Kennedy High School. For college and university courses, consider Felician University, DeVry University, William Paterson University, Berkeley College – Woodland Park Campus, among others.
Why Paterson?
Why Paterson?
Paterson real estate is a worthy investment with lush neighborhoods and a mixed economy, especially for housing developments and properties. Whether you are a first-time homeowner or an investor, the mortgage rates and taxes in New Jersey are in your favor. Take the chance while you still have it.
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