Can anyone really afford Northern New Jersey anymore? There is no question that affordability is bordering on just about impossible unless you are making at least twice the median income, and even then you don’t get much to show for your precious dollars.
The Center for Housing Policy does a yearly study, the Paycheck to Paycheck, to evaluate just how affordable housing is for workers.
When it comes to the health and vitality of America’s communities, affordable housing is key. And where it is lacking, the challenges are formidable. Local governments deal with overcrowding and congestion. Employers struggle to attract and retain the labor force so vital to their bottom line. Low- to moderate-income working families work longer hours, endure long commutes or cut back on basic necessities in order to pay for housing.
Who are among the ranks of America’s workers struggling to afford housing? In some high-priced communities, people who provide the bulk of vital services – teachers, firefighters, police officers, retail sales workers and restaurant workers – cannot afford to live in the communities they serve. Even in more moderately-priced communities, people who work a full-time job pay an excessive portion of their income for housing.
They put together a very nice website that allows you to choose an area and choose a set of professions to map just how affordable the housing market is for ‘every day workers’..
To save you some time, I went ahead and ran the analysis for Atlantic City, Bergen, Newark, and Middlesex.
With affordability this low, can anyone afford to buy a home anymore?