Where the rent is always due

Anyone who lives in the region knows just how true this story is:

New Jersey remains one of the least affordable states in the nation for those who rent their homes, according to an annual report released by housing advocates yesterday.

The nonprofit Housing and Community Development Network of New Jersey said more than half of the over 1 million tenants in the state cannot afford the average cost of a two-bedroom apartment.

To gauge affordability, the organization uses the widely accepted measure that no more than 30 percent of a person’s income should be spent on housing. By that standard, 51 percent of the state’s renters cannot afford the statewide average rent of $1,103 a month for a two-bedroom apartment, the report said.

The problem is worse in 10 of the 21 counties, including Essex County where 59 percent cannot afford the average rent of $1,063 for a two-bedroom. Hunterdon, Middlesex and Somerset are the most expensive counties for renters with an average cost of $1,257.

Looked at another way, it now takes a wage of $21.21 per hour, or $44,112 per year, to afford the statewide average two-bedroom rent without spending more than 30 percent of income. That makes New Jersey the fourth least-affordable state for renters behind Hawaii, California and Massachusetts. New York ranks fifth.

South Brunswick Post, The Cranbury Press
The Blog of South Brunswick

Author: hankkalet

Hank Kalet is a poet and freelance journalist. He is the economic needs reporter for NJ Spotlight, teaches journalism at Rutgers University and writing at Middlesex County College and Brookdale Community College. He writes a semi-monthly column for the Progressive Populist. He is a lifelong fan of the New York Mets and New York Knicks, drinks too much coffee and attends as many Bruce Springsteen concerts as his meager finances will allow. He lives in South Brunswick with his wife Annie. View all posts by hankkalet