7 Reasons Everyone is Leaving New Jersey 2023
Today we are going to discuss why so many people are leaving New Jersey. As I have mentioned in a few past videos, New Jersey is one of those states that has seen more leave than actually move in. Between July 2020 and July 2021, New Jersey had 39,954 more people move out than move into the state, Migration data studies have been conducted, mapping where New Jersey residents are moving to and providing insights into the reasons behind these moves and that’s what we are going to discuss today! I mean we all know people are leaving NJ for warmer, more affordable states but is there more to it? Let’s get started. Oh and these are in no particular order.
High Cost of Living
New Jersey consistently ranks as one of the most expensive states to live in, with high taxes and housing costs. RentCafe states that the cost of living in New Jersey in 2023 is 13% higher than the national average, with housing costs being a significant contributor to this higher cost of living. Depending on what study you look at, New Jersey has ranked anywhere between the 6th and 10th most expensive state to live in, and these studies were done as recently as April of 2023. As of today, Mississippi is considered the cheapest state to live in the United States. It consistently ranks as one of the most affordable states due to its low cost of living. The cost of living in Mississippi is notably lower than the national average, with housing costs, in particular, being significantly more affordable.
Housing Costs
According to data from nj.com, New Jersey’s home prices jumped by 4%, and the state ranked in the top 10 in the nation for typical home values. In a specific report, it mentions that New Jersey had the 9th highest typical home value in the nation, highlighting the state’s relatively high housing costs. As recent as August 2023, the median home price in New Jersey was reported to be approximately $514,800, according to Redfin. This indicates that the typical home in New Jersey is priced significantly higher than the national average.
Retirement
One of the most popular reasons people are leaving New Jersey is Retirement. ESPECIALLY, the snowbirds. The moment they retire, they pack it in and head out, but permanently, heading to Florida, The Carolinas, and even Arizona. According to statistics, 2/3 of the population leaving the Garden State are 55 and older. Many of the reasons I’ll discuss in this article come into play here. The higher cost of living is a huge reason retirees leave New Jersey. The weather here in New Jersey is also a HUGE factor for the 55+ population. I mean who really wants to deal with shoveling snow anymore, and not to mention, the older people get, the colder they always seem to feel? Crazy right? Let’s be honest, the winters here in New Jersey can be pretty awful for those who don’t like the snow and the cold. Although, now that I think about it, we haven’t had good snow in a long long time!
Climate
New Jersey experiences a climate that showcases all four seasons. Getting to experience all four seasons is why I personally Love New Jersey, but I can see why some others just don’t feel the same way. Summers can be hot and humid, while winters bring cold temperatures and an average of 32 inches of snowfall annually. Although we haven’t seen that in quite some time. However, for those seeking a more consistent and milder climate year-round, states like Florida with its subtropical weather become an appealing option.
Education
A large number of people are leaving New Jersey because they want to attend college in another state. In the past few years, New Jersey has been in the top states for exporting college students. Statistics show that roughly 45% of high school graduates in New Jersey, actually stay in New Jersey to attend a college or university. But why. We have some great schools here. We have Rutgers and Seton Hall. Not to mention Princeton. Okay, I get it, not everyone can get into Princeton. I mean I couldn’t. So you see so many many of our college-age students heading out.
Work Opportunities
While New Jersey offers job opportunities, some residents seek more extensive career options and higher wages. New York City’s proximity provides employment opportunities, but the cost of living concerns drive some to look elsewhere for work. New Jersey’s job market has shown fluctuations in recent times. While the state added nearly 130,000 jobs in the previous year, the trend appears to be slowing in the first seven months of the current year, as reported by the state’s labor department. This suggests a need for ongoing monitoring and adaptation in response to changing economic conditions. Basically, companies in other states across the company are reaching out to gain employees by offering them great salaries but reminding them the cost of living is much cheaper.
Taxes
New Jersey consistently ranks among the states with the highest tax burden in the United States. This includes property taxes, income taxes, and sales taxes. The high cost of living associated with these taxes can be a deterrent for many residents, particularly middle-class families. New Jersey has some of the highest property taxes in the nation, which can be a significant financial burden for homeowners. The cost of property taxes often factors into the decision to relocate to states with more favorable tax policies.
So there you have it. The 7 reasons that come up the most often when people give their reasons for leaving New Jersey. I guess I understand. But this Jersey Girl is staying put. If you live in New Jersey and are thinking of packing it up and heading out of state reach out. Not only can I help you market and sell your house for top money, I can put you in touch with an amazing agent in the area you are looking to relocate to. My name is Cori and I’m a local realtor with RE/MAX CENTRAL. Thanks for watching and I’ll catch you on the next one!
Ready to sell to upgrade or relocate in Marlboro or Monmouth County New Jersey? Contact your favorite realtor, Cori Dunphy. Your home buying and selling partner.
