One-third of NJ At Risk
Jersey City, Newark Least Affordable Rental Cities
The report found 30.8 percent of New Jersey households faced “a severe housing cost burden,” an increase of 1.4 percent from 2009.
Only households in California found it more burdensome, with 32.3 percent of low- and moderate-income households spending more than half of their earnings on housing.
“When a household spends half of its income on housing, there is usually not enough left in the household budget for other necessities.”
In addition, a recent January 21, 2014 Star-Ledger article highlights what the cities’ residents probably already know, “Newark, Jersey City among the least affordable cities for renters, survey finds.”
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.”
Click here for the full article.