Out of Reach
Released annually, Out of Reach illuminates the gulf between wages and what people need to earn to afford their rents and shows how affordable rental homes are out of reach for millions of low-wage workers and other families. The report’s “Housing Wage” is an estimate of the hourly wage full-time workers must earn to afford a rental home at fair market rent without spending more than 30 percent of their incomes. According to this year’s report, the national 2024 Housing Wage is $32.11 per hour for a modest two-bedroom rental home and $26.74 for a modest one-bedroom rental home. Read More
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To afford a modest, two-bedroom apartment at fair market rent in New Jersey, full-time workers need to earn $38.08 per hour. This is NJ’s “Housing Wage” for 2024 according to Out of Reach, a report published jointly today by the National Low Income Housing Coalition (NLIHC) and the Housing and Community Development Network of NJ (the Network). The average worker in the Garden State earns $23.70 per hour, making our state the seventh most expensive place for renters.
