New Jersey losing loads of residents
The state's cost of living and glut of retirees are fueling the exodus as similarly expensive Washington, DC, becomes the top moving destination.
It was in contention back in 1980, thanks to the original draft of a state Assembly resolution naming Springsteen "New Jersey Pop Music Ambassador to America" (full text found on Welcome To Asbury Park), but didn't make the final cut after lawmakers were turned off to the song's reference to the state as a "death trap" and "suicide rap."
Granted, only about 6,300 moves were tracked in New Jersey in 2012. Of those, though, more than 3,900 (62%) were heading out of state. The land of diners, boardwalks and volatile reality-television personalities shouldn't feel too badly about its distinction, as a bunch of its hoity-toity, think-you're-better neighbor states made the list as well.
New York state came in at No. 2, with 58% of all movers moving out of the Empire State. Maine and Connecticut each had 56% of their movers leave the state. The problem's similarly acute along the Great Lakes, where Illinois (60%), Michigan (58%) and Wisconsin (55%) all saw outflows. The South and Southwest shouldn't feel so smug, either. West Virginia (58%), New Mexico (58%) and Kentucky (55%) all had more people going that coming.
So what's pushing people out? New Jersey Gov. Chris Christie blamed high taxes for his state's exodus back in 2011, but Politifact dubbed his assertion "mostly false" after a Boston College survey put more mundane matters like family and job-related issues at the top of movers' agendas. New Jersey's financial advisers blamed taxes in a 2011 State Treasury survey, but Rutgers University's Edward J. Blounstein School of Planning and Public Policy says housing costs are a far more likely culprit.
As the group New Jersey Future discovered, Jerseyans were just as likely to move to similarly expensive neighboring states as they were to pack up for warmer climates. While Florida topped outgoing Jerseyans' lists, New York and Pennsylvania were similarly popular draws.
Michael Stoll, economist, professor and chair of the Department of Public Policy at the University of California, says the common threads for New Jersey and other states losing residents are more than just cold climate and tough economic conditions. A glut of residents over the age of 65 and an job market dissimilar to those in growing states put New Jersey and company at a disadvantage.
The No. 1 moving destination -- Washington, D.C., with 64% of its movers coming in -- is just as costly as its neighbors just up Interstate 95, but has a growing tech sector and lots of federal jobs. Oregon (61%), Nevada (58%), North Carolina (56%) and South Carolina (55%) round out the top five destinations despite incredibly different climates and cultures. Their low housing costs, temperate climates and wealth of options for those 65 and older all make them prime targets for migration.
More on moneyNOW
.....property taxes and housing costs are the problem in NJ.........
As a NJ resident my property taxes were $12k per year with a $650k home. When I moved down south due to a job relocation.....a similar home in size and property dimensions were $280k with prop. taxes at $3k. Huge difference.
With the CNN comparison on city to city cost of living....I gained a 32% pay increase just by moving south!!
Yeah, and they come to Virginia for the lower taxes and Jobs, but bring their same attitude on things, like the people they vote for and all the wonder things the gov't did for them in NJ or NY or Mass etc. Well the reason those states have high taxes, losing jobs etc is the people they vote for, so don't come to Virginia and make it like the crappy states you are comming from, stay away and keep ruining your state and don't bring your attitudes and policies down here.
A huge number of those who move from some of the northern states are retirees moving to warmer winter climes for their golden retirement years.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The major averages ended the midweek session with slim gains after showing some intraday volatility in reaction to the release of the latest policy directive from the Federal Open Market Committee. The S&P 500 added 0.1%, while the relative strength among small caps sent the Russell 2000 higher by 0.3%.
Equities spent the first half of the session near their flat lines as participants stuck to the sidelines ahead of the FOMC statement, which conveyed no changes to the ... More
More Market News
Fed keeps important 'considerable time' language in reference to short-term interest rates, but dissents and dots leave doubts.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'