According to the National Housing Authority, someone is considered rent burdened when they spend over 30% of their income to cover their rent, this excludes living expenses such as utilities and food. Despite having comparably lower rent prices (although they are constantly increasing), Paterson's low wages and salaries are not enough to keep the majority of the city from being rent burdened.
In a city where nearly 3/4 of the population are renters, property owners wield an immense amount of influence.
When one owner holds a lot of property, they can exercise a lot of power, dictating evictions, manipulating the market rates for apartments and more. As Paterson officials continue to sellout the city, LLCs are continuing to buy up the city. Follow the link below to see how corporate ownership compares to individual homeownership in the 5th ward.
