Shocking data: NJ median household income will leave you stunned
We hear how nearly half of New Jerseyans live paycheck to paycheck. One study in 2023 showed 48% of Garden State residents found it somewhat or very difficult to pay basic household expenses.
So it seems to be a case of the haves and have nots, because among that other 52% New Jerseyans are doing well enough to have landed us in a nice spot on a list of states with the highest median household income.
New Jersey is proving to be one of the most financially prosperous states in the country, ranking second in median household income, according to a new study by RemotePeople.
The Garden State’s median household income stands at $99,781. We lag behind Massachusetts by only a fraction, which leads the nation at $99,858.
Why New Jersey ranks so high
New Jersey’s strong economic position is thanks to several key factors.
• Proximity to New York City: Many New Jersey residents commute to high-paying jobs in New York’s financial sector, benefiting from Wall Street salaries while enjoying a lower cost of living than in Manhattan.
• Booming Pharmaceutical and Finance Industries: The state is home to major pharmaceutical companies like Merk, Johnson & Johnson, as well as a thriving banking sector.
• Diverse Job Market: In addition, New Jersey has growing industries in technology, logistics, and higher education, contributing to higher wages.
How New Jersey compares to other high-income states
New Jersey edged out Maryland, which ranks third at $98,678. Other top-earning states include New Hampshire at $96,838 and California $95,521.
Despite its high wages, New Jersey is still, in my opinion, not doing well as a whole. Again, the haves and have nots. Facts back this up. We have a property tax burden that is unmanageable, with the average property tax payment just surpassing $10,000 per year for the first time. We have real cost-of-living concerns.
Housing affordability, tax concerns, and many other red flags leave people wanting to move away. A strong job market and proximity to metro centers can only go so far if other things don’t start getting addressed.
Still, the haves will certainly be high-fiving over this report.
Meanwhile the have nots will be too busy putting off the electric bill one more month in favor of food.
NJ towns with the biggest increases in wealth
Gallery Credit: New Jersey 101.5
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.
These NJ town are getting poorer
Gallery Credit: Erin Vogt
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