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Report: NJ sixth-most expensive rental market

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The report finds fair market rate in New Jersey is about ten dollars higher than the mean wage for a renter in the state.
The report finds fair market rate in New Jersey is about ten dollars higher than the mean wage for a renter in the state. - ()

A National Low Income Housing Coalition and Community Development Network of New Jersey report finds New Jersey is the sixth most expensive state for home rental.

The report highlights the gap between what renters earn and what it costs to afford a home at fair market rent, or FMR. To afford a two-bedroom apartment at FMR in New Jersey, renters need to earn $28.17 per hour, according to the report. The mean wage for a NJ renter is $18.21 an hour.

“Despite NJ’s housing affordability crisis, resources intended to alleviate the problem continue to be diverted,” said CDNNJ’s CEO, Staci Berger. “The proposed state budget once again siphons the Affordable Housing Trust Fund, which is legally intended for the creation of affordable homes.”

New Jerseyans want the AHTF to be used solely for building affordable homes, according to a recent Rutgers-Eagleton Poll.

“The housing crisis has reached historic heights, most negatively impacting the lowest-income renters.” NLIHC CEO Diane Yentel said.

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Elana Knopp

Elana Knopp


Elana Knopp covers all things real estate for NJBIZ. You can contact her at eknopp@njbiz.com.

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