Financial data provider SmartAsset released a national housing survey on 29th of last month. Several indicators have shown that the housing burden of Newark residents in New South Wales ranks among the top cities in the country. For example, more than three-quarters of residents can only rent houses and of those who can buy a house, more than a quarter must invest half of their salary on housing expenses.
new jerseyMedia NJ.com reported that SmartAsset data shows that only 23.5% of Newark’s 310,000 residents live in homes owned by him or her co-residents; Namely, more than three-quarters of Newark residents can only rent a house. In New Jersey, 64 percent of people live in homes they own or live with.
According to the Federal Census Bureau, in Newark, 24,000 families live in their own homes and 78,000 have rent-only homes.
31.3% of Newark renters must pay more than half of their incomerentThe figure ranks seventh out of the country’s 150 largest cities surveyed by SmartAsset, with Glendale, California, at 37.8%, followed by Hyalea, Florida, at 36.7%.
For those who can afford a home, 26.1% must spend at least half of their salary on housing costs, such as paying off the mortgage, which is the highest in the country and second-ranked Helia much higher than the 19.2% of K, and 19% in Miami.
Newark Mayor Ras Baraka previously announced that he would provide citizens with 6,000 affordable homes by 2026; However, a report by Rutgers University last year pointed out that Newark does not have a high number of such homes. The shortfall is as high as 16,000 homes.
Newark has recently taken some steps to help the public, such as requiring developers to set aside 20% of new condos mid-rise.Low incomeIn addition, the city council has expanded the area where the number of housing units is to 100,000, and the city government has partnered with non-profit organizations to allow those who receive Section 8 rent assistance. so that they can use the assistance to pay off their mortgage.