NEW JERSEY — New Jersey ranks among the top five states for “young and affluent people” to move to, according to a new report.
SmartAsset looked at the most recent publicly available tax returns to find out where most adults ages 26 to 35 with household incomes of $200,000 or more are moving.
New Jersey ranked third on the list, behind Florida and Texas. The Garden State saw an influx of 3,311 people, reaching the threshold, and an outflow of 2,263 people, resulting in a net increase of 1,048 “young and affluent” residents.
According to SmartAsset:
“While high-income people in general have left New Jersey, wealthy young people are flocking to New Jersey. New Jersey lost 2,617 high-income taxpayers of all ages in 2021. acquired 1,048 new wealthy young professionals in the same year, the most dramatic reversal of overall trends.
For people ages 26 to 35 nationwide, only 2% of filed tax returns show income of $200,000 or more. Despite its small size, this group actually accounts for 16% of this age group's income, a prohibitive tax base that can impact local business and government revenues. Researchers say there is.
Read the full report and see the methodology here.
Leaving New Jersey: Fact or Fiction?
Are people moving out of New Jersey? Depends on who you ask.
Some say more residents moved out of New Jersey than any other state in 2022, according to an annual study conducted by United Van Lines, making New Jersey the top state for the fifth year in a row. . According to United Van Lines, 67% of moves to New Jersey are out of the country, down from a five-year trend of 70%.
But many experts cast doubt on this figure and the dubious distinction.
“This is a failure,” a report in the New Jersey Monitor declared after the publication of the latest study, saying researchers drew their conclusions by analyzing only data from United Van Lines' parent company, and that it was far worse than its competitors. It was pointed out that the data was ignored. People who choose to use U-Haul, or their own cars, to get around.
According to the U.S. Census Bureau, New Jersey's population decreased by just 0.3% from April 2020 to July 2022, from approximately 9,289,031 to 9,261,699.
Renters across the country are moving, with many heading to the Garden State, according to another recent Rent.com survey. From July to September, 194,171 renters moved to New Jersey and 103,532 left the state, researchers said. Only North Dakota had a higher proportion of people moving in than moving out during that period.
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