Number of the Day: $24.84

March 20, 2013 | Number of The Day

In order to afford a two-bedroom apartment in New Jersey without paying more than 30 percent of your income, you’d have to earn $24.84 an hour for a 40-hour week, according to the National Low Income Housing Coalition.

That’s because the fair-market rent for a two-bedroom apartment in this state is $1,292, which means that in order to afford that without going beyond the 30 percent rule of thumb for housing costs, you’d have to pull down $4,306 monthly or $51,672 annually.

The coalition estimates that a household must include 3.4 minimum-wage earners working 40 hours a week to meet that standard. Alternatively, you could work 137 hours per week at the $7.25 minimum wage to afford that two-bedroom apartment.
According to the report, the estimated-mean average wage for a renter is $16.26.