Basking Ridge Among Area's Priciest Towns For Renters: Study

BASKING RIDGE, NJ — How affordable is it to rent a home in Basking Ridge?

Not very affordable, according to a new analysis by the National Low Income Housing Coalition.

The coalition recently released its annual "Out Of Reach" report for 2020, and it shows that you'd have to earn about $49.42 an hour to afford to rent a two-bedroom home in the Basking Ridge area.

The most expensive town in Somerset County for renters is Watchung. To afford a two-bedroom rental there, you'd have to earn more than $50 an hour.

The report ranks ZIP codes by the hourly wage a person would need to earn to afford renting without spending more than 30 percent of their income on housing.

Here are the area towns that are among the priciest for renters:

Data shows hourly wage needed to afford a two-bedroom home

• Watchung — $50.96
• Basking Ridge — $49.42
• Peapack-Gladstone — $48.85
• Far Hills — $48.08
• Montgomery — $48.08
• Bedminster — $46.35
• Bernardsville — $41.73
• Bridgewater — $41.35
• Warren — $39.42
• Raritan — $37.12
• Somerset — $37.12
• Hillsborough — $36.54
• Manville — $33.27
• South Bound Brook — $32.69
• Green Brook $32.50
• Branchburg — $32.50
• Bound Brook — $30.38

Across New Jersey, renters earn $19.10 per hour on average, while $26.69 per hour is needed to afford to rent a two-bedroom home.

Residents in the Garden State would have to work 108 hours per week at the minimum wage of $11 to afford even a one-bedroom home, the report says.

New Jersey ranked 7th in the nation in terms of affordability for renters. The most expensive state for housing is Hawaii, followed by California, then Massachusetts.

You can view the full report here.

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