February 28, 2019 | Number of The Day
NJ’s state ranking for value of homeowners’ time spent at home based on median income and expenses

New Jersey’s high housing costs have helped land the state at the very bottom of another state-by-state analysis. This time, it’s a study that tries to determine the value of the time that people spend at home instead of at work or someplace else. Released by Porch.com, an online home-improvement marketplace, the study compared the amount of time people spend in their homes or rental units to the median incomes and monthly expenses for homeowners and renters in the same places. The study then compared data for all 50 states and Washington, D.C. to come up with its “value of time” findings.

At the very bottom of the list of value that homeowners get for time they are spending at home was New Jersey (51st), which has median monthly homeowner expenses of $1,848, according to the study. At the other end of the value assessment was West Virginia, where median monthly homeowner expenses run $527.

With the median monthly rent running a little over $1,000, New Jersey renters did a bit better in the assessment of the value of their time spent at home, according to the study. They landed in 32nd place among the 50 states and Washington, D.C. Renters in Nebraska, where the median monthly rent is $789, get the best value for their time spent at home.