Saturday, May 7, 2011

housing "Out of Reach" to many NJ residents

The Housing and Community Development Network of New Jersey, says the hourly wage a family must earn working 40 hours/week, 52 weeks a year to afford the rent and utilities for a safe and modest home in the private housing market, is $24.54.
They report this is an increase of 56% since 2000.
New Jersey is the fourth-most expensive state for renters to live in, trailing only Hawaii,  California and Maryland.  Washington DC is also more expensive than NJ.
The information comes from a national study, “Out of Reach 2011,” prepared by the National Low Income Housing Coalition, a Washington D.C.-based housing policy organization.  It provides other housing affordability data for every state, metropolitan area, combined non-metropolitan area, and county in the country.
More information iand links are available from The Housing and Community Development Network of New Jersey at &id=577:out-of-reach&catid=21:policy-main&Itemid=125

1 comment:

  1. Monarch Housing has added an interactive New Jersey data map of the Out to Reach report.

    The research done by the NLIHC includes the amount of money a household must earn in order to afford a rental unit at the area’s Fair Market Rent (FMR), based on the generally accepted affordability standard of paying no more than 30% of income for housing costs. From these calculations the hourly wage a worker must earn to afford the FMR for a two-bedroom home is derived. This figure is the Housing Wage.

    To access the data map use this link:

    Please share this information.

    Richard W. Brown
    Chief Executive Officer
    Monarch Housing Associates
    29 Alden Street
    Suite 1B
    Cranford, NJ 07016-2156
    908-272-5363 ext. 225
    908-382-6309 (Fax)