New Jersey has the seventh highest rents in the country
As you are probably aware, the cost of living in New Jersey is pretty high and housing costs are a big part of that. Buying a home is just a dream for a lot of people and even renting has become exorbitant.
Now we have a clearer picture of just how much more expensive New Jersey is with a report saying that there are only six locations more expensive in the US for renters. Those six are California, Hawaii, Massachusetts, New York, Washington state, and Washington, D.C.
According to the report, a minimum wage ($14.13 per hour) worker would have to work 79 hours a week to afford a modest one bedroom apartment.
As reported by NJ.com, the most expensive New Jersey counties for a two bedroom apartment are Hudson, Hunterdon, Middlesex, Somerset, and Bergen.
The report gives what the fair market value of an apartment should be, but does not compare that to actual rents, which are considerably higher. The report says the fair market value of one bedroom apartment in New Jersey should be $1,448, and a the fair market value of a two bedroom apartment is $1,742. Good luck finding that in New Jersey.
According to the report, the maximum rent for a full time worker (40 hrs/wk) at minimum wage is $735, only a little more than half of what the fair market value is (and keep in mind, that doesn’t reflect the actual rent being charged).
There are 1,229,008 renting households in New Jersey and 26% of them are at least 30% below the area median income.
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Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.
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