29 tons of porkroll & 4 other things NJ’s richest 1 percent could buy
How wealthy are New Jersey's top 1 percent? Pretty damn wealthy, it turns out. If you wondered just where you fall amid the growing wealth divide, here's the answer. The Economic Policy Institute (EPI) has published a U.S. income inequality report. To be in the top 1 percent nationally, a family needs an income of $389,436. In New Jersey, that won't get you into the one-percent 'club'.
The top 1 percent of NJ households have an income of $547,737. That's behind only Connecticut and the District of Columbia. And, it certainly is a growing divide. Between 2009 and 2013 in New Jersey, top 1 percent incomes grew in the double digits (15.2 percent), while all other incomes fell (-1.4 percent). So, 99-percent of NJ's 8.9 million residents have been 'treading water' when it comes to household finances.
Before I get too depressed, let's get whimsical and see what that threshold income of $550,000 could get you in New Jersey:
1.156,250 boxes of 6 oz. Taylor-brand pork roll at ShopRite (including NJ’s sales tax)
2. A nice down payment on one of NJ's many, many million-dollar homes (This one is on the market in Scotch Plains.)
3. 7,857 seasonal beach passes at Asbury Park (about half of Asbury's population!)
4. You could pay off the student debt of 18 recent NJ college grads (2015 average was $30,104).
5. 550K could also get you a pre-owned, 42-foot yacht (One's for sale in Bayville).
Proud Jersey Girl Erin Vogt’s first reporting gig involved her Fisher Price tape recorder. As a wife and momma of two kiddies, she firmly believes that life’s too short to drink bad coffee. A fan of the beach, Dave Grohl and karma, in no particular order.
Follow her on Twitter and on Facebook as ProudJersey.
More From New Jersey 101.5 FM
