Study: NJ Residents Can't Afford Their Rents

Many New Jersey residents are having trouble paying their rent, according to a study from the National Low Income Housing Coalition.

The numbers are so out of whack that a person working at the state minimum wage of $8.38 would need to work 100 hours a week to be able to afford a “modest, 1-bedroom apartment.”

Although up to 34 percent of residents rent their homes, New Jersey is the 5th most expensive place to do so, the study claims.

The fair market rate for a one-bedroom apartment is $1,086. A two-bedroom apartment costs the average New Jerseyan $1,309.

See the full report online here.

ESSEX COUNTY

In Essex County, about 54 percent of residents rent their homes, the study claims.

Luckily, the cost of renting in Essex is slightly lower than the rest of the state. The annual income needed to afford a one-bedroom apartment in the county is $42,520, but $43,437 statewide.

For a two-bedroom apartment, the average Essex County resident must make $50,760, as opposed to $52,347 statewide.

See the full report for New Jersey online here.

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