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Out of Reach 2014
According to Out of Reach 2014, the Housing Wage for New Jersey is $24.92, making it the fourth most expensive in the nation. The Housing Wage is the hourly wage a family must earn – working 40 hours a week, 52 weeks a year – to be able to afford the rent and utilities for a safe and modest home in the private housing market.
The mean wage for a New Jersey renter is $16.34 an hour, below the housing wage for a modest two-bedroom. At the mean wage, an individual would have to work 61 hours a week to afford a two-bedroom apartment at fair market rent (FMR). At minimum wage, $8.25 an hour, a New Jersey worker would have to work 121 hours a week to afford a two-bedroom at FMR.
The full data set featuring a ranking of New Jersey's most to least expensive counties can be found here. This data set also includes a top ten ranking of least affordable states. Click here to view a fact sheet of New Jersey's data and an explanation of the data here. National data available at WWW.NLIHC.ORG/OOR/2014.
Click here to read a news release on Out of Reach 2014.
Archived Out of Reach Data: