According to a new report published by the National Low Income Housing 
Coalition cited by the Housing and Community Development Network of New Jersey [HCDN], the costs for renters in New Jersey make it the sixth-most-expensive state for renters.
The report calculates that:
■ To afford a modest two-bedroom home in New Jersey, a family must earn an hourly wage of $27.31.
■ Currently, New Jersey’s average hourly wage is only $17.86 with a minimum wage of $8.44.
■ The Fair Market Rent in the state for a two-bedroom rental is $1,420, which factors out that family earnings need to be $56,810 annually in order to make it affordable.
■ The HCDN, using its formula, calculates that a minimum wage worker would have to work 129 hours per week year-round to be able to afford a two-bedroom home.
The HCDN is looking for the state to invest $600 million into housing that residents can afford.
The concern for affordable housing comes at a time when home rental costs are steadily increasing each year. These rising costs, coupled with utility expenses like groceries and insurance, make living in New Jersey problematic.
HCDN believes that the state needs to become more proactive in its ability to provide alternatives that the state’s residents can afford.
Fast stats published in the report:
■ New Jersey ranks behind Hawaii, California, New York, Maryland, Massachusetts and Washington, D.C., as the sixth-most-expensive state for renters nationally.
■ Hunterdon, Middlesex and Somerset counties are the most expensive areas for rentals, with a modest two-bedroom market rent average of $1,654.
■ Cape May, Warren and Cumberland counties are more affordable to renters in those areas.
■ In Essex County, 55 percent of the total households are renters. About 69 percent of households are renters in Hudson.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.