A recent brief from the Rutgers Center on Law, Inequality, and Metropolitan Equity (CLiME) examines the increasing financial burden faced by homeowners in New Jersey. The report, authored by Katie Nelson, Assistant Director of Housing Studies, and student research assistant Miranda Alpertstein, looks at both mortgage and non-mortgage housing expenses.
According to the authors, New Jersey homeowners are experiencing significant increases in their monthly bills. The study details how these rising costs are affecting household budgets across the state.
The report highlights that not only mortgage payments but also other associated housing costs have been climbing steadily. This trend has led to what the brief describes as a "great household deficit," impacting many residents' ability to keep up with necessary expenses.
The findings suggest that this issue is widespread and growing, raising concerns about long-term affordability for current and prospective homeowners in New Jersey.
