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Zip Code 07055

Passaic, NJ • Passaic County

Real Estate Market Analysis

Q3 2025 Report
$420,000 (Q2 2025 estimate)
Median Home Value
~70,000
Population
$48,000
Median Income
Below state average (Niche: C-)
School District Rating

Market Statistics

Property Values

$420,000 (Q2 2025 estimate)
Median Home Value
$2,200/month (2BR, Q2 2025)
Median Rent
$310
Price per Sq Ft

Market Performance

Home Appreciation3-4% year-over-year (2024-2025)
Market VelocityModerate; spring 2025 saw increased listings and buyer activity, with average days on market ~32
Foreclosure RateLow; below state average

Area Information

Area Size3.2 sq mi
CountyPassaic
Primary CityPassaic

Housing Profile

Housing Statistics

Total Housing Units~20,000
Owner Occupied32%
Rental Properties68%
Vacant Units6%
New ConstructionLimited; most new activity is small-scale infill or multifamily redevelopment

Housing Types

Pre-war multifamilyPost-war single-familyTownhomesMid-rise apartments

Demographics

~70,000
Population
32
Median Age
$48,000
Median Income
94% (Q2 2025)
Employment Rate
High school diploma or higher: 72%; Bachelor's degree or higher: 18%
Education Levels
Predominantly family households; average household size 3.4
Family Composition

Education Quality

School District Performance

Below state average (Niche: C-)
District Rating
School DistrictPassaic City School District
Test ScoresMath: 22nd percentile, Reading: 28th percentile (state averages: 50th percentile)
Graduation Rates81%

Schools in Area

  • Passaic High School
  • Passaic Academy for Science and Engineering
  • Lincoln Middle School
  • Several elementary schools

Economic Factors

Employment & Business

Job GrowthStable, with slight growth in healthcare and logistics
Unemployment Rate6% (slightly above NJ average)
Business EnvironmentPredominantly small businesses, retail, and service sector
Commercial ActivityActive along Main Ave and Passaic St; some redevelopment of older retail

Major Employers

  • St. Mary's General Hospital
  • Passaic Board of Education
  • Local retail and logistics firms

Infrastructure & Quality of Life

Infrastructure

Transportation Access

  • • NJ Transit rail (Passaic Station)
  • • Bus routes to NYC and Newark
  • • Access to Route 21, I-80, Garden State Parkway

Utilities & Services

  • • Public water/sewer
  • • PSE&G electricity/gas
  • • Municipal waste

Quality of Life

Safety & Environment

Above NJ average; property and petty crime more common, but violent crime rates have declined since 2022

Urban; air quality moderate, some industrial legacy issues

Healthcare Access

  • • St. Mary's General Hospital
  • • Local clinics

Development Trends

Planned Developments

  • Small-scale multifamily infill projects
  • Mixed-use redevelopment near Main Ave

Infrastructure Projects

  • • Streetscape improvements on Main Ave
  • • Transit station upgrades

Investment Outlook

Growth Outlook

Stable to modest growth; demand for affordable housing remains strong

Investment Opportunities

  • • Value-add multifamily
  • • Mixed-use redevelopment
  • • Affordable housing tax credits

Marketing Intelligence

Target Demographics

  • First-time buyers
  • Investors (multifamily)
  • Young families
  • Immigrant communities

Competitive Advantages

  • Lower price point than nearby Bergen County
  • Strong rental demand
  • Transit access

Pricing Strategies

Competitive pricing below Bergen/Essex averages; incentives for quick close

Common Objections & Response Strategies

Objection: School quality concerns

Response Strategy:

Highlight magnet/charter options and recent district improvements

Objection: Perceived safety issues

Response Strategy:

Provide recent crime trend data and highlight active community policing

Objection: Older housing stock

Response Strategy:

Emphasize renovated properties and value-add potential

Objection: Urban congestion

Response Strategy:

Promote walkability, transit access, and new infrastructure projects

Professional Recommendations

1

Leverage local rental data to attract investors

2

Highlight recent renovations and transit access for buyers

3

Educate buyers on school choice and community resources

4

Network with local employers and community groups for referrals

5

Monitor zoning and development changes for early investment opportunities

Competitive Analysis

Comparable Markets

  • Clifton (07011, 07012)
  • Paterson (07503)
  • Lodi (07644)

Market Positioning

Affordable urban alternative to Bergen/Essex County

Competitive Advantages

  • Lower entry price
  • Higher rental demand
  • Proximity to NYC

Price Comparison

~15-20% lower median home price than Bergen County suburbs

Investment Metrics

5.5-6.5% (multifamily, Q2 2025)
Cap Rates
6-7% gross
Rental Yields
~16:1
Price-to-Rent
Strong for well-managed multifamily; moderate for single-family
Cash Flow
3-4% annual (2025-2027)
Appreciation

Buyer Journey Insights

First-Time Buyers

Focus on affordability, FHA/VA loan options, and down payment assistance programs

Move-Up Buyers

Limited inventory; highlight renovated larger homes and new construction

Downsizers

Target smaller condos and low-maintenance townhomes

Investors

Emphasize rental demand, cap rates, and value-add opportunities

Relocators

Promote transit access, community diversity, and proximity to NYC

This zip code analysis was generated using comprehensive market data and AI intelligence.

Market conditions change rapidly - consult with local real estate professionals for the most current information.

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