A new survey by Apartment List finds that Newark (15th) and Jersey City (4th) are among the top twenty most expensive in the country for renting an apartment. This is based on the formula that a household should not pay more than 30% of its income on housing.
“In Jersey City, according to Apartment List, about 49 percent of income is spent on rent while the median household income is $57,520. In Newark, where median household income is $35,696, it’s about 35 percent of income.”
“The report found that the average listing prices for a one bedroom apartment in Jersey City rose more than 4 percent to $2,352, while two-bedrooms rose 1.2 percent to $2,913.
In Newark, one-bedroom listings jumped nearly 5 percent to $1,040, while two-bedrooms climbed 4.1 percent to $1,371.”