Paterson Real Estate
Alexander Hamilton formed an investment group called the Society of Useful Manufactures (the "SUM") in 1792. The goal of the group was to reduce U.S. dependency on foreign goods and create new industries in the United States. To that end, they raised funds to develop a planned industrial city which came to be known as Paterson.
The City, a community named after William Paterson, governor, senator and U.S. Supreme Court justice, has a rich and long history as one of the early 20th century’s mightiest industrial centers. Some of the country's oldest textile mills and businesses were located in Paterson. Additionally, it holds the distinction of being known as the “Silk City” for its dominant role in silk production in the late 19th century.
The Paterson of today, while no longer an industrial center, continues to thrive. This is due in large part to the large immigrant population the city has continued to attract. Many of these immigrants have revived the city's economy through the establishment of small local businesses.
The Census of 2000 indicated that there were 149,222 people living in Paterson. The racial makeup of the city was 32.90% African American, 30.77% White, 0.60% Native American, 1.90% Asian, 0.06% Pacific Islander, 27.60% from other races, and 6.17% from two or more races. Hispanic or Latino of any race was 50.11% of the population.
The median income for a household in the city was $32,778, and the median income for a family was $35,420. The per capita income for the city was $13,257.