Residents continue to flee NJ, study finds

Residents continue to flee NJ, study finds

Reposted from NJBIZ.com

More residents are moving out of New Jersey than are moving in, according to a report released by North American Moving Services. The company has released migration reports since 2011 based on customer movement trends.

According to the report, New Jersey is one of six states with majority outbound migration since 2011. The others include New York, Pennsylvania, Michigan, Illinois and Minnesota.

New Jersey’s outbound migration has mostly been offset by the increase in international immigration, which contributes to some reports suggesting New Jersey will become a minority majority state within the next decade.

Outbound migration trends have been a popular talking point for politicians in New Jersey, typically mentioned in tandem with rising property taxes and cost of living. However, outbound migration is a trend across many Northeast states.

Over the past few decades, studies have shown more Americans are moving to warmer climates.

 


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N.J.’s Hunterdon County has the second-highest net worth in the U.S., study finds

N.J.’s Hunterdon County has the second-highest net worth in the U.S., study finds

 

Reposted from NJBIZ

Northwestern counties in New Jersey have some of the highest net worths in the state — and the country — according to a study released by financial technology company SmartAsset.

Hunterdon County led the state with an average net worth of $159,394, finishing with the highest mark in the state, based on SmartAsset’s index of net worth, and the second-highest mark in the nation. It trailed only Sumter County in Florida, thanks to residents having more than three times the county’s average income of $51,353.

Sussex County was second-highest in the state. Its average net worth of $97,682 was a significant downstep from the No. 1 spot, but it fared well in the index due to more favorable net worth percentages of income and debt.

Of New Jersey’s 21 counties, five of them were in the national Top 20 for highest net worth: Hunterdon, Sussex (8th), Somerset (14th), Morris (18th) and Ocean (19th).

SmartAsset created an index for measuring net worth by comparing average income, average debt, net worth as percentage of income and net worth as percentage of debt.

Hudson, Essex and Passaic counties made up the bottom of the list.

For more on the study, click here.

Rank County Income Debt Net Worth Net Worth as % of Income Net Worth as % of Debt Highest Net Worth Index
1 Hunterdon, NJ $51,353 $71,652 $159,394 310.4% 222.5% 78.70
2 Sussex, NJ $38,810 $55,567 $97,682 251.7% 175.8% 62.41
3 Somerset, NJ $48,791 $70,856 $114,736 235.2% 161.9% 57.75
4 Morris, NJ $49,552 $69,461 $113,693 229.4% 163.7% 56.73
5 Ocean, NJ $31,200 $44,424 $71,490 229.1% 160.9% 56.42
6 Burlington, NJ $37,255 $51,703 $75,776 203.4% 146.6% 49.83
7 Monmouth, NJ $43,469 $63,228 $85,201 196.0% 134.8% 47.24
8 Warren, NJ $34,136 $45,182 $64,090 187.8% 141.9% 46.18
9 Gloucester, NJ $34,025 $46,340 $63,420 186.4% 136.9% 45.45
10 Cape May, NJ $33,028 $44,778 $60,260 182.5% 134.6% 44.44
NJ $36,582 $56,420 $54,608 149.3% 96.8%

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