The country’s highest property taxes may be driving out some New Jersey residents, but undeterred out-of-state transplants are taking up the slack. The IRS’ number crunchers say New Jersey newcomers are moving in with more cash than those who left. From The New York Times:
Last year, 30,082 households, with a median income of $42,889, moved from New York to New Jersey; the 19,381 households that New Jersey lost to New York had a median income of $34,003.
√¢‚Ç¨≈ìWhat the I.R.S. data is saying to me is that it√¢‚Ç¨‚Ñ¢s only the wealthy who can afford to live in the northern half of New Jersey,√¢‚Ç¨¬ù said Tim Evans, research director of New Jersey Future, a planning group.
Looking at a different set of numbers released by the Census Bureau earlier this year, New Jersey regained its No. 1 ranking for total household income in 2005, with a median of $61,672…
Regardless of what is happening with the very rich, James W. Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers, said New Jersey was losing too many middle-income people because of high property taxes and housing costs.
√¢‚Ç¨≈ìFor companies that try to transfer people into New Jersey, there√¢‚Ç¨‚Ñ¢s always the issue of sticker shock and higher housing costs,√¢‚Ç¨¬ù Mr. Hughes said. √¢‚Ç¨≈ìSo one way of looking at this is that the only people who can move here are the higher-income ones.√¢‚Ç¨¬ù
√¢‚Ç¨≈ìIt may well be that some of the people moving in are high-income New Yorkers moving to the Hudson County waterfront or to Montclair,√¢‚Ç¨¬ù he said..
Maybe this explains the recent proliferation of banks in Baristaville…