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Raising the Roof: Understanding why NJ Housing costs have skyrocketed

Press Resources

2009 Third Quarter Action Update

Growth Fit Management: Preserving Open Space and Providing Homes

Housing Stats

NJ’s Housing Crisis is Locking Out the Middle Class

Member Spotlight

Red Tape & Housing Costs

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New Jersey’s housing crisis is locking out the middle class

75% - the amount home sale prices have risen in the last 5 years.

$528,269 - the average sales price of a new home in New Jersey in the third quarter of 2007.

$75,000 - $100,000 - the average amount it now costs a developer to get approvals to build each new home in New Jersey.

5 - 7 years - the average time it takes to get approvals to build a new neighborhood.

$390,500 - the average sales price of an existing home in New Jersey (thru 2Q 2006).

$90,768 - the qualifying income needed to purchase the average existing home in N.J.

$160,000 - the sales price a working family earning the median household income of $55,000 annually can afford to spend on a house, even with good credit, some money down, average property taxes and creative financing.

$1,085 - the average rent on a two-bedroom apartment

$43,419 - the annual income needed to qualify for that 2-bedroom apartment without spending more than 30% of your household income on housing.