The roughly one-third of New Jersey households comprised of tenants face rents that rank among the most costly in the nation, according to a new report, which shows only California, the District of Columbia, Hawaii and New York are less affordable than the Garden State.
A renter in New Jersey must earn $25.17 an hour — or $52,347 a year — to afford the average fair-market rate of $1,309 for a two-bedroom rental, according to the annual report from the National Low Income Housing Coalition. The report, which defines affordability as a tenant not spending more than 30 percent of their income on rent and utilities, has ranked New Jersey among the top five most expensive places to rent in the country for years.
Arnold Cohen, senior policy coordinator for the Housing and Community Development Network of New Jersey, said many in the state fall under the income threshold needed to afford a two-bedroom apartment. NJ.com
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