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This question is about Paterson, NJ.
What is a good salary in Paterson, NJ?
A good salary in Paterson, NJ is anything over $33,000. That's because the median income in Paterson is $33,000, which means if you earn more than that you're earning more than 50% of the people living in Paterson. The average salary in Paterson is $38,740.
A good hourly wage in Paterson is $15.87 per hour. That works out to a good weekly wage of $634 per week and a good monthly wage of $2,750 per month. However, using the median income is only one way to calculate a good salary in Paterson.
Another way to calculate a good salary in Paterson is to look at the price of housing and use that to back into a good salary. Experts agree that you want to maintain about a 5 to 1 home price to income ratio. Based on the median home price of $244,200, a good salary in Paterson would be $48,840.
Lastly, we can determine a good salary in Paterson by looking at the cost of living and comparing it to the US average salary. The cost of living in Paterson is 13% higher than than the national average. The national average salary is $56,310, so a good salary in Paterson is anything over $64,193 by this measure.
Average Annual Salary in Paterson, NJ
| Percentile | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
| 10th | $17,000 | $1,416 | $326 | $8.17 |
| 25th | $24,000 | $2,000 | $461 | $11.54 |
| Median | $33,000 | $2,750 | $634 | $15.87 |
| 75th | $48,000 | $4,000 | $923 | $23.08 |
| 90th | $65,000 | $5,416 | $1,250 | $31.25 |
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