Every single time we hear anything about the financial picture in New Jersey, it’s bad news.

Anytime we hear about the states who struggle the most financially, we’re at the top of the list. So it’s pretty refreshing to see a report that puts us at the top of the list when it comes to good financial news.

This happens rarely, but this latest report is pretty encouraging.

According to a recent study by Scholaroo, New Jersey residents have their finances in good shape.


We’re in the top five in the nation for the lowest personal debt-to-income ratios. With a median household income of $96,346 and an average non-mortgage personal debt of just $39,807, New Jersey stands strong.

The study looks at our personal debt compared to what people are earning in all 50 states.

It's all about non-mortgage debt, like credit cards, student loans, and car loans. While the U.S. saw an overall increase in household debt, reaching a whopping $16.51 trillion in the third quarter of 2022, New Jersey is an exception to the rule.

New Jersey's solid financial standing shines through in this report, as it keeps personal debt well below the national average, especially considering its robust median household income.

For comparison’s sake, Massachusetts, California, and Hawaii are the states with the lowest personal debt-to-income ratios in the country.

Georgia residents entered 2023 with the highest average non-mortgage debt. Residents owed an average of $45,778 in December 2022.


Between December 2021 and December 2022 the average non-mortgage debt in North Dakota jumped by $6,719, the most across the U.S.

But NJ residents’ median household income is $96,346 and nonmortgage personal debt is only $39,807.

The top 10 states with the best personal debt-to-income ratios are Massachusetts, California, Hawaii, Washington, New Jersey, Alaska, Minnesota, Utah, Rhode Island, and Colorado.

These states are setting an example in responsible financial management at a time when personal debt is rising across the nation.

For more insights and a deeper look at the numbers, you can check out Scholaroo's full report.

These towns actually cut their property taxes in 2022

New Jersey 101.5 examined Department of Treasury data to see which municipalities saw an average drop in property taxes last year. Here are the Top 20 average tax cuts followed by the rest.

Gallery Credit: New Jersey 101.5

Top 20 highest average property tax bills in NJ for 2022

Based on the average residential property tax bill for each town in New Jersey in 2022, these are the 20 highest.

Gallery Credit: New Jersey 101.5

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Judi Franco only.

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