Cost of Living: Paterson, NJ vs Lakewood, CO (2026)

Paterson

New Jersey
106
VS

Lakewood

Colorado
141

Paterson is 35% cheaper than Lakewood.

$1,457/mo ↓ 17%
Median Rent
$1,746/mo ↑ 20%
$53,766/yr ↓ 37%
Median Income
$85,789/yr ↑ 60%
$335,400 ↓ 39%
Home Value
$548,200 ↑ 63%
$1,553/mo ↓ 10%
Owner Costs
$1,729/mo ↑ 11%
157,660
Population
156,309

Tax Comparison

10.75%
Income Tax
4.4%
6.625%
Sales Tax
2.9%
2.23%
Property Tax
0.51%

Affordability

32.5%
rent-to-income
Affordability
24.4%
rent-to-income

Detailed Comparison

When comparing Paterson, NJ and Lakewood, CO, the overall cost of living indices are 106 and 141 respectively (national median = 100). Rent is $289/month cheaper in Paterson, saving renters about $3,468/year.

Median household income is $32,023/year higher in Lakewood. Home values also differ significantly — the median in Paterson is $335,400 compared to $548,200 in Lakewood.

Colorado has a lower income tax rate, making Lakewood slightly more tax-friendly.

Frequently Asked Questions

Paterson vs Lakewood — common questions

Is Paterson or Lakewood cheaper to live in?
Based on our cost index, Paterson is cheaper to live in with an index of 106 compared to 141 (US average = 100).
What is the rent difference between Paterson and Lakewood?
Median rent in Paterson is $1,457/month and in Lakewood it's $1,746/month — a difference of $289/month.
Which city has higher income, Paterson or Lakewood?
Median household income is $53,766 in Paterson and $85,789 in Lakewood. Median household income is $32,023/year higher in Lakewood.
How do taxes compare between New Jersey and Colorado?
New Jersey has 10.75% income tax, 6.625% sales tax, and 2.23% property tax. Colorado has 4.4% income tax, 2.9% sales tax, and 0.51% property tax.
Should I move to Paterson or Lakewood?
It depends on your priorities. Paterson has a cost index of 106 with median rent of $1,457/mo, while Lakewood has a cost index of 141 with rent of $1,746/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Paterson details → View Lakewood details →