(The Center Square) – A full-time worker in New Jersey would have to earn $ 31.96 an hour to pay the “fair market” cost of a two-bedroom rental home in the state.
That’s according to the new Out of Reach report released by the National Low Income Housing Coalition, a Washington-based nonprofit, which said New Jersey was the sixth most expensive place for renters in the country. Nationally, California tops the list, followed by Hawaii and Massachusetts.
According to the report, the average cost of a two-bedroom rental home in New Jersey was $ 1,662 per month, while a one-bedroom cost was $ 1,367 per month. The minimum wage in New Jersey is $ 12 an hour, while the average renter wage is $ 19.38 an hour.
“New Jersey is one of the most expensive housing markets, both rented and owned, in the United States,” Gov. Phil Murphy said at a press briefing this week, according to a transcription.
“There is an unprecedented reduction in housing and rent assistance in our budget in much of the federal money that we have distributed,” added the governor. “The supply is not enough, so when we talk to developers about a particular development, we have a laser obsession and we focus on the percentage of that development that will have affordable housing, whether rental or non-rental. to sell. Again, this has been building for decades and we are doing everything we can to face the reality. “
The Jersey City area was the most expensive in the state, requiring an hourly wage of $ 37.65. It was followed by Bergen-Passaic ($ 34), Middlesex-Somerset-Hunterdon ($ 33.71), Monmouth-Ocean ($ 31.77) and Newark ($ 31.60).
New Jersey’s recently passed 2022 tax budget includes more than $ 200 million for Murphy’s “housing affordability strategy”. The money will fund and expedite the approval of new affordable housing units and provide mortgage and down payment assistance for low-income New Jersey residents.
In addition, more than $ 2 billion in federal funds have been allocated to help homeowners avoid foreclosures, provide emergency rental assistance, help utility backlogs and prevent homelessness, officials say. the state.
“The good news is New Jersey is hot right now. It is more and more the case and it is now, and there are a lot of people who want to raise their families here, ”said Murphy. “There are a lot of businesses that want to start here or move their business here. It’s great, but it further exacerbates a challenge – a very tough housing market that was already among the toughest. “