Housing Landscape 2016
The National Housing Conference (NHC) released its Housing Landscape 2016 Report. The report reveals that a rising number of low- and moderate-income working households are renting rather than owning their homes.
Between 2011 and 2014, the share of households renting their homes increased from 50.8% to 52.6%.
In New Jersey, the report found:
- Over 29.5% (or 341,592) of working households were severely cost burdened in 2014
- In the NY/Newark/Jersey City metropolitan area, over 33.1% (or 908.069) of working households were severely cost burdened in 2014.
As a result of heightened demand, median rental costs have jumped by more than 6% since 2011. As of 2014, one in four working renter households were severely cost burdened, or paying more than half their income on rent.
While housing costs have declined slightly for renters between 2011 and 2014, affordability remains a significant challenge for renters. In addition, working owner households saw a small increase in their housing costs in 2014, marking the end of a three-year decline in costs.
Severely cost burdened households are those that spend more than half of their income on housing costs.