Published: March 14, 2012
By Bill Bowman

A new report that says about two-thirds of renters in Monmouth and Ocean counties can’t afford a fairly priced two-bedroom apartment has housing advocates freshly eyeing the former Fort Monmouth property.

The report, titled “Out of Reach,” is an annual examination of how much people have to earn to be able to afford a fair market value rent.

Redevelopment efforts at the 1,100-acre property, the housing advocates say, should bear in mind the depressed market for single-family homes and the increased need for affordable rentals.

“In discussing development at Fort Monmouth, we have noted a greater interest in the rental development of residential parcels,” Linda Zucaro, co-chair of the Monmouth Advocacy Team, said in an email. “We hope that the ‘Out of Reach’ report will help inform the decisions being made by FMERA (the Fort Monmouth Economic Revitalization Authority) and in other Monmouth County communities. There is a clear need for more safe, decent and affordable rental homes in our county.”

The Monmouth Advocacy Team is part of the Housing and Community Development Network of New Jersey, which released the report along with the National Low Income Housing Coalition.

Released Tuesday, the report shows that a Monmouth or Ocean resident must earn $56,680 annually to afford the $1,417 monthly rent of a market-priced two-bedroom apartment.

To be able to afford that apartment, a person living in those two counties would have to earn at least $27.25 an hour, according to the report.

At the estimated mean renter’s hourly wage of $11.15, that means a Monmouth or Ocean resident would have to hold 2.4 full-time jobs to meet that goal, according to the report.

According to the report, an estimated 66 percent of renters in Monmouth and 67 percent in Ocean are unable to afford the two-bedroom apartment.

Overall, Ocean County is the fourth-least affordable county in the state for fair market rentals, while Monmouth County is the sixth-least affordable county in the state, the report states.

Phil Welch, the Monmouth Advocacy Team’s other co-chair, said some apartments are so expensive that families can’t afford them on their own.

“I have seen cases where there’s a two-family home, up and down, and there are three bedrooms on each level,” he said. “There are three families living in the one unit, so a total of eight people living in what was meant for one family. They have to double- and triple-up to afford the place to live.”

FMERA, the agency charged with redeveloping the former fort property, has as its main task replacing as many as possible of the 5,000 jobs lost when Fort Monmouth was closed. But the agency is also concerned about presenting opportunities for affordable housing, according to Executive Director Bruce Steadman.

And while single-family homes will be in the final mix, Steadman said in a statement, changing market conditions could give rise to an increased number of rentals.

“The request-for-offers-to-purchase (RFOTP) process that FMERA and the Army have adopted to attract investors, developers, and employers must be responsive to the current needs of the marketplace,” Steadman said in his statement. “Part of the RFOTP vetting process will be to evaluate proposed projects with respect to their ability to be permitted, financed, occupied, and deemed economically viable given present conditions.”

Welch said he recognized the need for single-family homes, as well as rentals.

“I’d say the market is calling for rentals, but we don’t want to lose sight of the fact that home ownership for a certain segment of that population is a good solution for them,” he said.

New Jersey is the fourth-most expensive place in the nation in terms of affording fair market rents, according to the report. Only Hawaii, Washington, D.C., and California are more expensive.

There are 56,147 renter households (24 percent of all households) in Monmouth County, according to the report, and 39,069 renter households (18 percent of all households) in Ocean County.

A new report that says about two-thirds of renters in Monmouth and Ocean counties can’t afford a fairly priced two-bedroom apartment has housing advocates freshly eyeing the former Fort Monmouth property.
The report, titled “Out of Reach,” is an annual examination of how much people have to earn to be able to afford a fair market value rent.
Redevelopment efforts at the 1,100-acre property, the advocates say, should bear in mind the depressed market for single-family homes and the increased need for affordable rentals.

“In discussing development at Fort Monmouth, we have noted a greater interest in the rental development of residential parcels,” Linda Zucaro, co-chair of the Monmouth Advocacy Team, said in an email. “We hope that the ‘Out of Reach’ report will help inform the decisions being made by FMERA (the Fort Monmouth Economic Revitalization Authority) and in other Monmouth County communities. There is a clear need for more safe, decent and affordable rental homes in our county.”

The Monmouth Advocacy Team is part of the Housing and Community Development Network of New Jersey, which released the report along with the National Low Income Housing Coalition.

Released Tuesday, the report shows that a Monmouth or Ocean resident must earn $56,680 to afford the $1,417 monthly rent of a market-priced two-bedroom apartment.

To be able to afford that apartment, a person living in those two counties would have to earn at least $27.25 an hour, according to the report.

At the estimated mean renter’s hourly wage of $11.15, that means a Monmouth or Ocean resident would have to hold 2.4 full-time jobs to meet that goal, according to the report.

Overall, Ocean County is the fourth-least affordable county in the state for fair market rentals, while Monmouth County is the sixth-least affordable county in the state, the report states. Passaic, Salem and Cumberland top the list of least affordable counties for rentals.

Phil Welch, the Monmouth Advocacy Team’s other co-chair, said some apartments are so expensive that families can’t afford them on their own.

“I have seen cases where there’s a two-family home, up and down, and there are three bedrooms on each level,” he said. “There are three families living in the one unit, so a total of eight people living in what was meant for one family. They have to double- and triple-up to afford the place to live.”

FMERA, the agency charged with redeveloping the former fort property, has as its main task replacing as many as possible of the 5,000 jobs lost when Fort Monmouth was closed. But the agency is also concerned about presenting opportunities for affordable housing, according to Executive Director Bruce Steadman.

And while single-family homes will be in the final mix, Steadman said in a statement, changing market conditions could give rise to an increased number of rentals.

“The request-for-offers-to-purchase (RFOTP) process that FMERA and the Army have adopted to attract investors, developers, and employers must be responsive to the current needs of the marketplace,” Steadman said in his statement. “Part of the RFOTP vetting process will be to evaluate proposed projects with respect to their ability to be permitted, financed, occupied, and deemed economically viable given present conditions.”

Welch said he recognized the need for single-family homes, as well as rentals.

“I’d say the market is calling for rentals, but we don’t want to lose sight of the fact that home ownership for a certain segment of that population is a good solution for them,” he said.

New Jersey is the fourth-most expensive state in terms of affording fair market rents, according to the report. Only Hawaii, Washington, D.C., and California are more expensive.

There are 56,147 renter households (24 percent of all households) in Monmouth County, according to the report, and 39,069 renter households (18 percent of all households) in Ocean County.