With the Sixth Highest Renting Costs in the Nation, What you Can Afford is Difficult to Find
New Jersey is the sixth most expensive state in the country to rent a home. According to the National Low Income Housing Coalition, the average rent for a two bedroom apartment/house is $316 more a month in New Jersey than the national average monthly rent. Housing costs are not the same across the state and in some areas of New Jersey it was extremely difficult or nearly impossible to find any housing a household can afford with a $1,500 monthly budget.
- In New Jersey’s second congressional district a $1,500/month budget can get you a 1,660 square foot home with three bedrooms and two and a half bathrooms. This home sells for $10.84 per square foot including new kitchen countertops, a large master bedroom and bathroom.
- A 500 square foot apartment in New Jersey’s ninth congressional district is what you can afford with $1,500/month budget. This apartment’s price is not based on its size but its proximity to Manhattan. This apartment’s price is set at $36 per square foot, $16 more than the 1,660 square foot home.
- In New Jersey’s tenth congressional district $1,500/month can get you a one bedroom one-bathroom apartment. At 650 square feet this apartment rents for $27.69 per square foot. This apartment’s selling points are its hardwood floors and quarter mile distance from the Bay Street NJ transit station.
For $1500/month you can afford a range of square feet, amenities, and selling points in New Jersey. Although some areas of New Jersey offered more within a budget of $1500/month, rent in New Jersey is still extraordinarily high. For people who are facing financial struggles, finding a place to call home can be extremely difficult.