Is New Jersey Tackling Housing Affordability the Right Way?

April 21, 2025 | njspotlightnews.org

Housing affordability has been a perennial concern in New Jersey. But after several years of steady increases in the rate of inflation, including in housing, many during the budget hearings described the state’s current conditions as a crisis.

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NJ SEED: Increased inflation and higher interest rates add to the costs of purchasing a home. Property taxes add to the affordability of home ownership. The Garden State takes the unfortunate title of highest property tax state in the nation. A vibrant economy with full employment, low inflation, low interest rates, and lower property taxes would make home ownership more achievable for more people.