Study: New Jersey Among Most Expensive States To Rent An Apartment
By David Madden
TRENTON, N.J. (CBS) - A newly released national study suggests many Americans cannot afford the true cost of renting an average two bedroom apartment. In fact, New Jersey comes in as one of the most expensive in the country.
The title of the study, released this week by the National Low Income Housing Coalition, says it all: "Out of Reach." In New Jersey, the study finds it takes an hourly wage of over $25 to make ends meet.
"The average hourly wage in this state is $16.92," says Nina Arce with the New Jersey Housing and Community Development Network. "Looking at the rest of the country, including Washington DC, we come in 5th place as the most expensive place to live."
To be fair, the most expensive places in New Jersey are closer to New York City. South Jersey rates are comparable to Philadelphia and the suburbs, where it costs about $22.23 an hour. Wages in South Jersey are also lower.
Pennsylvania as a whole came in 20th in the national study.
