New Jersey is the top state that people are fleeing from. As much as there are employment opportunities, beaches close by and recreation areas for families and individual, it is rather surprising that New Jersey is now deemed as the top outbound state in the US.
New Jersey may be close to close to New York, which give people living there the privilege of being introduced to the commerce and culture New York has to offer, but here are the top five reasons why New Jersey is on top of the list why their residents leave:
Property Tax. Who would have liked to pay the amount around $12,051 in property tax in New Jersey, when the average property tax in the US is only $2,823 annually?
Income Tax. New Jersey may the working class well but tax cuts are high. A recent article on 24/7 Wall Street said that the three states that has the highest tax burden belongs to New Jersey, New York and Connecticut. So even with high earning capacity, it is still a big drain to the income if one has to pay 12% in local and state taxes.
Cost of Living. High supply calls for high demand. Just because people of New Jersey has better income, so did commodity items for consumers are also expensive.
Business friendliness / un-friendliness. A business survey in CNBC America's Top States for Business reported that New Jersey is in rank 43 out of 50. The survey allocated 10 broad categories in order to get this result. The categories include, infrastructure, cost of living, quality of life, transportation and access to capital. States of the Mid-west has better ratings compared to the East Coast.
Retirement. The personal finance magazine Kiplinger, reported that Jew Jersey ranks number four in the worst State to retire in. Old age, and expensive food and medicine do not match