Sky-High Rent Puts Homeownership Out of Reach For Many in New Jersey

I can't be the only one that feels like buying a home in New Jersey feels like chasing a unicorn at the moment.

Trying to buy a home in the Garden State in 2025 feels less like adulting and more like applying for a reality show called "Will I Ever Own Property?" At this point, who knows if we'll even make it past the first round.

NJ Residents Can Barely Pay Rent

NJ just became the 6th most expensive state to rent in. On average, people spend $2,337 a month. That's... a lot. While renting may feel like it's draining you of every penny you have, trying to actually buy something right now feels even more impossible.

Since 2019, I've been watching mortgage rates climb while home prices have shot up beyond the dang stratosphere.  Interest rates are high, taxes in Jersey are NO JOKE, and every time I think I've FINALLY saved enough for my down payment, the prices go through the roof again or life happens and I'm out thousands of dollars.

It's like playing a game, but the rules keep changing. Not in my favor, mind you.

• READ MORE: Will NJ Ever See Affordable Rental Homes Again?

Is Home Ownership A Pipe Dream In New Jersey?

A recent Ipsos iSay survey backs up everything I'm saying. Over half of American renters (51%) say the cost of renting is too high. 49% say the cost of homes are simply unaffordable. 34% of Americans blame not owning a home on high interest rates.

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Women especially are losing hope in the dream of homeownership. 63% say they're not sure they'll ever own a home. That's where I'm at. I feel that sentiment in my soul.

• READ MORE: Just How Good Are People With Money In NJ?

Time To Move For Cheaper Rent?

Maybe, we should all move to Oklahoma? That's the cheapest state to rent in the USA currently. Some are even renting for as cheap as $1,035 per month. Must be nice.

Here in Jersey, we're just trying to survive at this point while maintaining at least some of our sanity, let alone build any equity. The dream's not dead, but I won't lie... it's definitely tired.