TRENTON, NJ (CBS) — New Jersey has the highest property taxes in the nation, and now, a new report reveals it’s also one of the most expensive spots to rent.
According to a new report from the National Low Income Housing Coalition, the Garden State is the fifth most expensive state to rent a home in the United States.READ MORE: Four Children Among Five Killed In Pottstown Home Explosion, Police Say
A renter in New Jersey needs to earn $25.17 an hour (or more than $52,000 a year) to be able to afford the average fair market rate of over $1,300 for a two-bedroom rental — without spending over 30 percent of his or her income.
Compare that to Pennsylvania, which came in 20th, where the necessary hourly wage is $17.57, or Delaware, which ranked 12th, and where a worker needs to make $21.09 an hour to rent a two bedroom abode.
What’s more, the report found that the average hourly wage in NJ is just $17, which means many people who work in the state can’t actually afford to live there.READ MORE: Beach Erosion Will Keep One-Third Of North Wildwood Beaches Closed Memorial Day Weekend
So, which spot has the least affordable rentals? That dubious honor goes to Hawaii, where a worker needs to earn a whopping $31.61 per hour to afford the average rental rate.
The District of Columbia came in second, followed by California and New York.
Puerto Rico is the country’s most affordable area to rent in.MORE NEWS: CBS3 SummerFest: 2 St. Joe's Grads Bringing New Tiki Cruise Experience For Adults To Wildwood