CLiME conducted an affordability and gap analysis of Newark's housing stock and found a severe gap in low-rent units. We estimate that the City needs an additional 16,234 units renting for about $750 per month to meet residents' existing needs.
CLiME’s approach to assessing affordability is rooted in the local context. We calculate a Newark Median Affordable Rent (NMAR) of $763 per month. This is $330 less than Newark’s median market rent, and more than $600 less than Fair Market Rent (FMR), created by the Department of Housing and Urban Development. We also develop a methodological innovation to integrate the City’s rental housing subsidies into the affordability analysis. This procedure, the first of its kind as far as we know, provides a much closer picture of affordability in a City where at least 28% of all units are subsidized.
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