>The New Jersey Association of Realtors Governmental Research Foundation released a report detailing the migration patterns of people moving in and out of New Jersey.
The study shows that in 2007 alone, New Jersey lost over 38,000 residents a loss of almost 14-thousand households. In the previous report, New Jersey lost more than 135,000 residents between 2001 and 2006. NJAR GRF President William Hanley says New Jersey having the highest taxes in the nation makes this a continuing problem.
“The loss of population is startling. It is not hard to deduce why residents are leaving the state. The report found that property tax payments were 2.5 times higher for households entering New Jersey than those leaving the state. This is an increase over the previous report’s findings, which showed them as 2 times higher. It is evident fundamental property tax reform is needed to not only attract new residents but keep our existing residents from moving to more affordable locations.”The study also shows that households moving to New Jersey had incomes over 37 percent higher than those leaving New Jersey.
“It is clear many residents are being priced out of New Jersey. It would be truly devastating if New Jersey becomes a place where only the high-income earners can thrive. This report should serve as a wake-up call that, as a state, we clearly need to do more to attract and retain middle-class residents,” Hanley said.
