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March 31, 2014

On average, New Jerseyans must earn $24.84 an hour in order to rent a two-bedroom apartment at fair market value, making it the fourth most expensive state in which to rent, according to a new report by the National Low Income Housing Coalition.

Only Hawaii, California, and New York are more expensive.

The average mean wage for a New Jersey renter is $16.77 an hour, meaning that individuals would have to work 59 hours a week to afford a two-bedroom rental or that two incomes are necessary.

Bergen and Passaic counties are the most expensive for rentals, with the average two bedroom apartment going for $1,450.

Overall, a third of New Jerseyans rent their homes, but most renters are concentrated in the northern counties of Hudson, Essex, Passaic and Union. In Hudson County, almost two-thirds of the residents rent.

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