Ridgewood NJ, New Jersey ranked dead last in the nation in economic growth last year. The latest Census data shows that while the household median income in 2015 went up by 5.2 percent nationally, the household median income in New Jersey remained flat to stagnant.
The ugly reality is that New Jersey’s median income hasn’t increased or decreased in a statistically significant way since 2011. Before then, it had been in freefall since 2008 thanks to the recession.
In Bergen County Medium Household Income dropped from $89,452 in the 2005-2009 period to $85,806 or down -4.1% in the 2011-2015 period. That still beats the state average of a drop of 5% during the same period statewide and at the Federal level a decline of -4.7% .
While many young people are leaving the state for better job opportunities and lower cost of living environments the state still has the highest percentage of millennials living with their parents.
