Biz BriefsAdd stratospheric rental-housing costs to the list of complaints about New Jersey. It has the fourth most expensive rental-housing market in the country, according to an annual report released last week by the Trenton-based Housing and Community Development Network. Only California, Massachusetts and Hawaii had higher costs; New York ranked fifth.
Why is New Jersey ranked higher than New York? Because the report data is calculated on the basis of designated Department of Housing & Urban Development (HUD) regions and does not include data from New York City, said Arnold Cohen, policy coordinator for the Network.
According to the report, more than 1 million New Jersey tenants cannot afford the average $1,100 per-month cost of a two-bedroom apartment. To do so, the family must earn a salary of $44,112, based on the metric that a family should not spend more than 30 percent of its income on housing.