EDISON — The New Jersey Association of REALTORS® (NJAR®) Governmental Research Foundation (GRF) today released a report detailing the migration patterns of people moving in and out of New Jersey in 2008. The study is a supplement to other comprehensive reports released by the GRF detailing the migration patterns of Garden State residents from 2001 to 2007.
“The Foundation commissioned this supplemental report because studying the patterns of people moving in and out of state is crucial to understanding the Garden State’s housing needs,” said NJAR® GRF President William Hanley. “Arming consumers, government officials and real estate professionals with this type of information is essential to meeting the challenges of today’s market.”
Using the American Community Survey (ACS), a critical element in the Census Bureau’s reengineered decennial census program, the report places a special emphasis on understanding the impact these migration patterns have on the state’s housing market. The study showed that between 2007 and 2008, New Jersey’s total population decreased by 3,529 people. Based on an average household size of 2.68, this converts into a loss of 1,216 households. In the previous 2007 report, New Jersey lost 38,640 residents between 2006 and 2007, or 13,899 households.
“While we continue to lose residents to competing states, the report showed that in 2008 our population began to stabilize,” Hanley stated. “Hopefully, we can continue this trend by working to make our state more affordable for families and businesses.”
The study also found:
● Over 55 percent of households entering New Jersey came from New York, Pennsylvania or Florida, as compared to 60 percent in 2007. Nearly 50 percent of households leaving New Jersey went to the same three states.
● Households moving to New Jersey had incomes nearly 28 percent higher than those leaving the state, a decrease of 9 percent from the previous study.
● Homeownership rates of households entering the state were nearly 12 percent higher than those leaving New Jersey. The average value of homes purchased by households coming to New Jersey was over 26 percent higher than those purchased by households leaving the state.
● The median value of a dwelling purchased by a new owner to New Jersey in 2008 was $396,500, over 58 percent higher than those leaving, which was $250,000. In the 2007 report, the median value for a new owner entering the state was $396,126, compared to $287,879 for an owner leaving the state.
“Sadly, this report once again showed that property tax payments were 2.5 times higher for households entering New Jersey than those leaving New Jersey. More must be done to lower residents’ property tax burden or we run the risk of becoming a state where only high-income earners can flourish. This study is just further evidence that the state must work harder to attract and retain middle-class residents,” concluded Hanley.
NJAR® GRF commissioned Associate Professor of Real Estate Richard W. Martin of the Terry College of Business at the University of Georgia to conduct the research. To view the 2008 study supplement in its entirety, visit www. njar.com /about_njar/grf. The Foundation will continue its study of migration patterns in and out of New Jersey and in the coming months expects to release a report examining the latest available data (2009) from the American Community Survey (ACS).
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