NJ Rentals Now 4th Highest in U.S.

The NJ Star Ledger has just reported the results of a new study showing that New Jersey ranks fourth in the nation for the most expensive place to rent a two-bedroom apartment, leaving nearly two-thirds of renters in the Garden State unable to afford an apartment that size.

Thirty-three percent of New Jersey households are renters, and a family must earn an hourly wage of $25.04, or $52,081 annually, to afford the so-called fair market rate for a two-bedroom apartment, without paying more than 30 percent of their income on housing. New York is ranked number 6 in this survey at $24.68 per hour. By contrast, the average American renter earns just $14.15 per hour. Among the many reasons rents are so high in NJ: 1. Purchase price of property - higher property values than most states 2. Property Taxes - One of the highest in country 3. Gas/electric - At an all time high 4. Insurance - higher than most states