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 http://hcdnnj.memberclicks.net/index.php?option=com_content&view=article &id=577:out-of-reach&catid=21:policy-main&Itemid=125
Monarch Housing has added an interactive New Jersey data map of the Out to Reach report.
ReplyDeleteThe 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:
http://monarchhousing.org/2011/05/05/out-of-reach-data-map/
Please share this information.
Yours,
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)
mailto:rbrown@monarchhousing.org