2023-2024 Housing Income Limits (2024)

FAQs

What is the income limit for affordable housing in NJ? ›

To qualify for NJ Fair Share Housing, your income must be no more than 80% of median for moderate income or 50% of median for low income and 30% for very low income. For most NJ Fair Share Housing projects, an income of at least 35% of median is required to meet housing costs.

New Jersey has the nation's fifth-highest median household income at $85,239. Educational attainment in the state is high, with 43.1% of residents holding a Bachelor's degree or higher.

Income Eligibility Guidelines

HUD sets the lower income limits at 80% and very low-income limits at 50% of the median income for the county or metropolitan area in which you choose to live. Income limits vary from area to area so you may be eligible at one housing authority but not at another.

New Jersey median state income in 2022 was $96,346 which was one of the highest. Households in the Garden State could earn between $60k to $190k and still be considered middle class.

Key Findings. In a large U.S. city, a middle-class income averages between $52,000 and $155,000.

If you make $75,000 a year living in the region of New Jersey, USA, you will be taxed $17,020. That means that your net pay will be $57,980 per year, or $4,832 per month.

Income Eligibility

There are two income limits which are used to determine eligibility for the Section 8 Housing Choice Voucher Program and Moderate Rehabilitation Programs: Very Low Income limit: 50 percent of the area median income; and. Low-Income limit: 80 percent of the area median income.

What's the most rent for income housing? ›

According to HUD data, there were 2,262,451 vouchers in use across the country as of November 2022. California, New York and Texas have the most, with a combined 687,000 vouchers, according to the data.

For 2024 the COLA is 3.2% and the income limits for “Non-MAGI” Medicaid have increased from $1,563/ month for a single person and $2,106/ month for a couple in 2023, to $1,677/ month for a single person and $2,268/ month for a couple in 2024.

Ask for Section 8 assistance. Call NYCHA's Customer Contact Center (CCC) at 718-707-7771. Due to COVID-19, NYCHA's customer contact centers are currently not receiving walk-in visitors.

Section 8 HCV is a federally funded program administered by NYCHA that provides rental subsidies for eligible low-income families to rent housing in the private market. The waitlist will be open from Monday, June 3, 2024, at 12:00 AM, through Sunday, June 9, 2024, at 11:59 PM.

Affordable housing in N.J. has always been a contentious issue. Forty-nine years ago this week, the New Jersey Supreme Court issued a landmark ruling stating that every municipality has a constitutional obligation to “make realistically possible an appropriate variety and choice of housing.”

How much does an Affordable Housing make in New Jersey? As of Apr 23, 2024, the average annual pay for the Affordable Housing jobs category in New Jersey is $60,401 a year. Just in case you need a simple salary calculator, that works out to be approximately $29.04 an hour.

Subsidized housing is housing that has subsidies from federal, state or local government for low and moderate income individuals. The rent is often based on a person's income. Affordable housing is housing that has lower rents such as through programs like NJ Low Income Housing Tax Credit program (see HMFA below).

If you earn less than $46,560 ($53,120 if married filing jointly) you could get a refund of $3,995. If you earn less than $17,640 ($24,210 if married and filing jointly) you could get a refund of $600. The maximum amount of investment income you can have in 2023 and still be eligible for this credit is $11,000.