For the sixth year in a row, New Jersey has lost more residents than any other U.S. state, according to the latest data from interstate moving companies.
St. Louis, Missouri-based United Van Lines has published its 47th annual report. National moving company survey Earlier this month, it was found that a whopping 65% of New Jersey-related moves leave the Garden State.
New Jersey's out-of-state out-migration rate was about 4 percentage points higher than Illinois, which had the second-highest number of people moving out of state last year.
New York has suffered the fourth-highest outflow rate (about 60%), according to United Van Lines, following a year of huge losses on Wall Street. Dozens of companies have moved their headquarters there to avoid rampant crime and harsh taxes. The cost of living is getting higher and higher.
United Van Lines said New Jersey is among the nation's largest metropolitan areas where it conducts the most outbound trips. The Bergen Passaic area is the most populous area in the state, followed by Monmouth and Ocean counties in central New Jersey. Jersey Shore.
According to research by United Van Lines, outbound rates in these regions will be 77% and 71%, respectively, in 2023.
But in New Jersey, most residents who move out of state are of retirement age, at least 62 years old, a moving company study found.
United Van Lines spokeswoman Ailey Cummings told the Post that 32% of the company's international trips to New Jersey are “to Florida, North Carolina and South Carolina.”
“It's hard to say exactly what is driving retirement migration, but we can draw a correlation between property taxes and a warmer climate in where they move,” Cummings said. told the Post.
New Jersey has the highest property taxes in the country, with an average effective property tax rate of 2.49%, according to the mortgage company. Rocket Mortgage.
For reference, the national average is only 0.99%, while in New York State it is 1.72%.
Meanwhile, the cost of living in New York is 30% higher than the national average, according to apartment listing services. rent cafeIn contrast, everyday expenses in New Jersey are 13% higher than the national average.
Cummings also pointed to the fact that 21.4% of New Jersey residents chose to leave the state to be closer to family. This alarming statistic has changed dramatically since the outbreak of COVID-19.
“The reasons for migration are now more nuanced than ever,” Cummings told the Post.
She continued: “Traditionally, the number one reason for moving is when someone takes a new job or is transferred from a company. Now, with remote work, people are moving for a variety of reasons. To be closer to family. We see a much higher proportion of people moving for personal or lifestyle reasons.”
About 14% of people moving from the Garden State in 2023 were looking for a better lifestyle, and 16.4% moved for work, according to United Van Lines.
It was not immediately clear how many residents moved from New Jersey last year.
Cummings said United Van Lines “just looks at percentage-based data and tracks migration patterns from state to state. Otherwise, you're always going to have more traffic in the larger states.” Stated.
When it comes to states with the highest influx of inbound residents, it's Vermont. Washington, DC; South Carolina ranked first in inbound rates at 65.5%, 63.3%, and 63.2%, respectively.
But across the housing sector, Americans have been squeezed by sky-high interest rates over the past year. In New York state, 68% of high-income home buyers paid cash for a home purchase in the state, making it the fourth most expensive. Quarter of 2023.
This figure, which typically hovers around 50%, “accounts for more than two-thirds of total sales and reaches its highest market share ever,” the newspaper said. Latest Quarterly Survey of Manhattan Sales From appraiser Miller Samuel and securities giant Douglas Elliman.
Wealthy homebuyers with deep liquid assets avoid interest rates entirely by paying in cash.
As of last week, the average interest rate on a 30-year fixed mortgage was 6.62%, according to mortgage buyer Freddie Mac. That's twice as much as in January 2022, when the Federal Reserve began aggressive monetary tightening and interest rates began to rise sharply. The benchmark federal funds rate hit its highest level in 22 years.
