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Re: who would have thunk jc would make the list as one of the most expensive cities
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Home away from home
 
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I would imagine that the "bros" in hoboken make more on average than the average resident in jersey city - and thus a smaller fraction of their paycheck goes to rent than in jersey city which has a large population that are unemployed or living in SROs.
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Posted on: 2014/11/4 16:56
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Re: Newark, Jersey City among the least affordable cities for renters, survey finds
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Home away from home
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Exactly. How much could it cost to live there?
Posted on: 2014/11/4 16:53
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Re: who would have thunk jc would make the list as one of the most expensive cities
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Just can't stay away
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#1 on the list? if you are paying 70% of your income on RENT (never mind a mortgage that builds equity), you need to be checked into a mental institution.
Posted on: 2014/11/4 15:56
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who would have thunk jc would make the list as one of the most expensive cities
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Home away from home
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the article below is interesting. historic downtown tops queens, but not brooklyn. i was surprised that bro' land (hoboken) did not make th list.
http://www.marketwatch.com/story/14-m ... ds-for-renters-2014-11-03
Posted on: 2014/11/4 15:28
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Re: Newark, Jersey City among the least affordable cities for renters, survey finds
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Home away from home
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Listings aren't leases. When I listed a Heights 800 sq ft 3 bedroom railroad last year for $1100 it was not a slam dunk with people climbing over each other. The unit was in decent but unrenovated shape, with recently sanded oak floors. There were people I would have rented to who chose other places. That would simply not be true if the city average were anywhere near $2,913. I would say the HUD figures are far more accurate. The site Padmapper.com has "% of average" on every listing. It's more in line with the HUD also.
Posted on: 2014/1/21 20:44
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Re: Newark, Jersey City among the least affordable cities for renters, survey finds
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Home away from home
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If you go to Apartment listing website and type in the rent amount you listed about 900 apts come up in Jersey City and the surrounding areas, but if you were to type in $2500 a month 3,228 apts come up in the search because this is more the norm price point for rent in the metro area than what is in the link you provided. Landlords know they can get it so why not. I have seen rents go from $300 to $2000 in some parts of JC and some of these spots are not even dtjc. I would only rent if I really had to and lived outside of the New York area.
Posted on: 2014/1/21 19:51
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Re: Newark, Jersey City among the least affordable cities for renters, survey finds
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Home away from home
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This data is pretty suspect. Lots of units, especially the less expensive ones, never get publicly listed.
Here's HUD's take on 2013 JC rents. 1br-$1115, 2br-$1322. That's a lot of difference. HUD 2013 JC Fair Market Rents
Posted on: 2014/1/21 19:36
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Re: Newark, Jersey City among the least affordable cities for renters, survey finds
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Home away from home
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i can understand JC and Hoboken not being very affordable, but Newark? Is it relative to income since I think Newark has low income base - many with no income at all.
Posted on: 2014/1/21 18:55
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Re: Newark, Jersey City among the least affordable cities for renters, survey finds
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Home away from home
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Yes it would be interesting, it would also be interesting to see how many 07302 vs 07305 or 07304 have roommates oppose to being able to live alone. If you are still making 58k living in 07302 you are force to take on a roommate situation if you want to avoid paying 50% of your income on rent. I have lived in many cities and I find it interesting only in New York, Boston, and now Jersey City people in their 40's still have roommates.
Posted on: 2014/1/21 18:44
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Re: Newark, Jersey City among the least affordable cities for renters, survey finds
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Home away from home
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The rental data came from listings, which means For Rent Sign, Word of Mouth and maybe Craig's List apartments were not included, I think. It would be interesting to see the JC data with 07302 and 07310 income and rent data pulled out.
Two questions 1. who the hell rents to a family that must spend almost 50% on shelter 2. what constitutes income - are rent subsidies, be they governmental or a check from dad every month included?
Posted on: 2014/1/21 18:38
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Re: Newark, Jersey City among the least affordable cities for renters, survey finds
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Home away from home
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[quote]
Wishful_Thinking wrote: I would love to know how they got their average apartment rental costs (the average income I assume came from the Census Explorer) - I know for a fact apartments in the Heights rent for less generally. /quote] I think they got it from apts that list on their site, which are mostly apt dtjc for example where I live one bedrooms are listed at 850- $1150 which is not bad for most but most people who grew up here are moving out because they consider that expensive. Especially minimum wage workers. Also when Apts go up for rent outside of dtjc like the Heights they don't stay on the market for months or years they tend to go fast if they are affordable. DTJC was in the same boat as the rest of the city years ago "affordable" for native Jersey City folks and folks looking for a bargain, but if your salary has not moved from the $57,520 quoted in the last 10 years it is no longer affordable.
Posted on: 2014/1/21 18:35
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Re: Newark, Jersey City among the least affordable cities for renters, survey finds
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Home away from home
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I would love to know how they got their average apartment rental costs (the average income I assume came from the Census Explorer) - I know for a fact apartments in the Heights rent for less generally.
That said - what is the answer to this here, in Jersey City? In NYC, many urban planners and affordable housing advocates argue for building more housing, assuming increasing the supply of newer, better housing will free up more of the older housing stock with fewer amenities at less expensive rents. But here, other than the waterfront it's hard to see any evidence of a building boom. And, as I've lamented on other posts - while the Heights is indeed less desireable owing to the lousing mass transit options, we do seem to have an inordinate number of vacant, partially completed residential buildings. It seems these could easily fill the gap for the $55-75K/year households.
Posted on: 2014/1/21 18:25
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Newark, Jersey City among the least affordable cities for renters, survey finds
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Home away from home
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Tom De Poto/The Star-Ledger
Jersey City and Newark rank in the Top 20 of the least affordable cities in the country when it comes to renting an apartment, according to a survey by Apartment List, a search engine for apartment listings. The survey found that in Jersey City (ranked 4th worst nationwide) and Newark (15th worst), the average monthly rent based exceeds the recommended 30 percent of income-to-rent ratio. Financial experts believe rent should not be more than 30 percent of monthly gross income. New York, San Francisco and Boston topped the list. In Jersey City, according to Apartment List, about 49 percent of income is spent on rent while the median household income is $57,520. In Newark, where median household income is $35,696, it?s about 35 percent of income. Read More
Posted on: 2014/1/21 18:08
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