New Jersey and New York remain among the least affordable states in the nation.
The report said a New Jersey resident working a $13 per hour minimum wage job would need to work 80 hours a week to afford a one-bedroom apartment and not spend more than a third of their income on rent, a measure that the federal government uses to determine affordability. More than a third of residents across the state rent their homes. In Hudson and Essex counties, more than half are renters. In Passaic, 48% rent.
The report is based on 2020 census data, but Cohen said the affordability crunch is likely much worse due to recentPaterson resident Tanika Moss said she’s struggling to find an affordable apartment in a safe neighborhood for her three children and her niece. She said the apartment search is almost like “walking on the moon at this point, it seems so far away. You are turned away, the prices are out of control.
“I just want to find something safe and affordable where I can raise my children,” she said Thursday. New Jersey opened its state rental assistance voucher program earlier this month to help subsidize housing costs for very low-income residents. But more thanA New York resident needs to earn $37.72 an hour to afford a two-bedroom apartment at market rate and not spend more than 30% of their wages on housing, the report said.
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