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.