NEW JERSEY HOUSING FACTS

FACT: Development in New Jersey is strictly controlled. Each aspect of construction - be it for homes, businesses, or recreation - is subject to regulations and approvals on all levels of government in New Jersey. Companies and individuals can only build what they are allowed to build by law and regulations. The web of approvals and permits needed in the construction process can be daunting. It has often been said that in order to build a single home, a developer must satisfy any number of 150 different permits and approvals on 5 levels of government. That can take between three to five years; sometimes more. To take a look at understanding the approval process, Click the "Raising the Roof: Understanding the Regulatory Aspects of New Home Construction in New Jersey"  link to the right.

FACT: There are 9 millions people living in New Jersey. Some 2.5 million people - 1 million households - live in overcrowded or substandard homes. Most pay more than 30% of their income to afford a place to live.

FACT: We’re a big crowd. The New Jersey State Development and Redevelopment Plan estimates that our population will grow by another million people in the next 15-20 years. That means we’ll have nearly 10 million people living on 4.8 million acres.

FACT: New Jersey will never look like one giant metropolis, because more than 1/3 of the state’s land is already preserved, severely restricted from future development or undevelopable. Keep in mind, however, that this tiny state is sandwiched between New York City & Philadelphia. All 21 counties are considered Metropolitan Planning Areas.

FACT: The population growth in South Jersey will happen because our families are growing. According to U.S. Census data, births exceed deaths in the region by nearly 40,000 each year. Our growing families need homes.

FACT: New housing and businesses benefit South Jersey with tax revenues. An economic impact study conducted in the seven South Jersey counties showed that the construction of 3,088 single-family homes generated more than $505.6 million in local income, $75 million in taxes and other revenue for local governments, 12,524 local jobs and a direct and indirect impact from the construction activity and local workers who spend part of their wages within the local community. Understand how new construction has a ripple effect on the local economy. Download the BLSJ Speaks Out brochure “Housing is good for the Economy.”

FACT: The economic impact of new housing in Burlington, Camden, Gloucester, Salem, Cumberland, Cape May and Atlantic counties is over $1.5 billion annually.

FACT: Jobs happen. There are 330,000 people in New Jersey whose jobs depend on new homes being built. Construction has a wide-ranging ripple effect on the state and local economy, from the construction phase to the effect of added monies being spent by new neighbors in the community to the on-going annual effect of jobs, businesses and taxes being generated. See how many people you may know who work in the housing industry. Click Here for "New Jersey Works When New Homes Are Built."

FACT: The average cost of a new home in New Jersey is now more than $547,231 (2Q, 2007). The average working family in New Jersey earning approximately $55,000 annually can afford a home costing about $160,000. To qualify for the average cost of an existing home (about $380,000) a family must have a household income of about $87,000, according to the New Jersey Association of Realtors.

FACT: The average rent of a two-bedroom apartment is $1,100 a month statewide. To afford that home, a worker must earn at least $19.74 per hour - nearly four times the state’s minimum wage, according to the National Low Income Housing Coalition.

FACT: Builders care about smart growth - Builders recognize that South Jersey’s population is growing by 40,000 people a year. (As a matter of fact, until recently New Jersey’s population grew by 75,000 residents annually) People need a place to live. New homes are bought by our very own families. Fact is we need more homes. We must balance growth with preservation and environmental protection. It’s possible to preserve land through development.

FACT: Every increase in the cost of housing means more people are priced out a home.  According to a regional economic impact study, for every $1,000 increase in the cost of housing 7,000 families are priced out of the housing market in South Jersey. What will families do if they cannot afford a place to live?

FACT: There are lots of inspections on new housing. The construction of a single home in New Jersey is subject to strict quality control inspections and approvals. Families cannot move into a new home until all the final inspections are completed. Read the brochure "Moving Sticks and Bricks: New Homes in New Jersey Are Inspected In Every Phase of Construction."

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