o Employees can afford to live near their work locations. (1)
• NJ is ranked 6th highest in the U.S. for living expenses.
• (For example, a 2-bedroom rental costs an average of $1,501/month or $18,012/year.)
• NJ Renter median household income is $57,694/year (Estimated).
• NJ Registered Nurses median income is $79,530/year.
o Increases the number of available candidates for local jobs.
o Reduction in foreclosures.
• March 2020: 2,500 NJ Homes in Foreclosure (2)
o Homeowners can remain in New Jersey, and continue to pay property and local taxes.
(1) Out of Reach 2019: New Jersey, National Low Income Housing Coalition, https://reports.nlihc.org/oor/new-jersey
(2) RealtyTrac, U.S. Real Estate Trends, https://www.realtytrac.com/statsandtrends/foreclosuretrends/