Red Bank Among Area's Most Expensive Towns For Renters: Study

RED BANK, NJ – How affordable is it to rent a home in Red Bank?

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 $47 an hour to afford to rent a two-bedroom home in Red Bank.

The most expensive towns in Monmouth County for renters include Colts Neck, Eatontown, Red Bank and Marlboro. To afford a two-bedroom rental in the areas listed, you'd have to earn more than $47 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):

• Colts Neck: $47.31
• Eatontown-Shrewsbury: $47.31
• Red Bank-Fair Haven: $47.31
• Marlboro: $47.31
• Holmdel: $40.19
• Freehold: $39.42
• Manalapan: $36.92
• Middletown: $34.42
• Wall: $32.31
• Howell: $32.31

Across New Jersey, renters earn $19.10 per hour on average, while $29.69 per hour per hour is needed to afford to rent a two-bedroom home. In Monmouth County, the annual income needed to afford a two-bedroom is $65,560.

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

New Jersey ranked 7th in the nation in terms of highest housing wage 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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