Builders Patch | HousingCount: New Jersey affordable housing data and latest news
New Jersey
Summary
New Jersey state is facing an acute affordable housing crisis. For every 100 low-income renter households, there are 44 units available that are affordable to them. The median rent in the state has risen by 37% since 2010, while median household incomes have grown by 33%. Currently, the state is short over 185,037 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
- 36.2% share of renter households
- 41.3% share of low-income households
- 48.1% share of rent-burdened households
Renter population data
Renters vs homeowners
| Household Type | Households | % Share |
|---|---|---|
| Renter households | 1,229,008 | 36.2% |
| Homeowner households | 2,168,148 | 63.8% |
| Total households | 3,397,156 | 100.0% |
Low-income renter households
| Income Group | Households | % Share |
|---|---|---|
| Extremely low-income | 194,839 | 15.9% |
| Very low-income | 135,778 | 11.0% |
| Low-income | 176,474 | 14.4% |
| All low-income households | 507,091 | 41.3% |
Rent-burdened households
| Burden Level | Households | % Share |
|---|---|---|
| Moderately rent-burdened | 283,275 | 23.0% |
| 30.0–34.9% | 103,831 | 8.4% |
| 35.0–39.9% | 75,100 | 6.1% |
| 40.0-49.9% | 104,344 | 8.5% |
| Severely rent-burdened | 307,865 | 25.0% |
| All rent-burdened households | 591,140 | 48.1% |
Affordable housing shortage
Rent vs median household income
| Year | Median Household Income | Median Rent | Increase (%) |
|---|---|---|---|
| 2010 | $40,045 | $947 | - |
| 2021 | $53,306 | $1,297 | 33.1% / 37.0% |
Affordable housing stock
| Supply vs Demand | Units |
|---|---|
| Supply (current stock) | 145,580 |
| Demand (total units needed) | 330,617 |
| Shortage | 185,037 |
| Supply/Demand Ratio | 44.0% |
Finance institutions
New Jersey Housing and Mortgage Finance Agency
Address: 637 S Clinton Avenue, Trenton, NJ 08611-1811
LIST OF loan programs
- Affordable Housing Gap Subsidy (AHGS) Program
- 9% TaxCredit Project Rate Lock Program
- Permanent Take-Out Financing
- Construction Only Financing and Construction and Permanent Financing
- Multifamily Rental Financing Program
QAP document (Qualified Allocation Plan)
The QAP is a document that states, and a few local agencies, must develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria.
Housing news
How Fed Rate Cuts Impact the Housing Market
Summary: The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Lower rates make borrowing more affordable, but ongoing housing shortages remain significant obstacles.
Housing market won’t come ‘unstuck’ until 2026, economists predict
Economists predict that home affordability will improve only with a recession, as several factors contribute to the protracted downturn.
States With the Largest Homeless Populations
In 2023, the number of homeless individuals in the U.S. reached approximately 653,000, primarily due to a lack of affordable housing.
The homebuying affordability gap is widening
The national affordability gap is nearing a 10-year high, with only 63% of counties being affordable for median-income households.
Homelessness worsening among workers
Increasing numbers of employed Americans are facing homelessness due to rising rents and lack of affordable housing options.