There Is Mass Exodus From NJ And It's Failing Economy, 44% Of Residents Plan To Leave, Here Is Why

Economic collapse news November 29, 2019.
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Today we focus on the crashing commercial real estate market in Manhattan as vacancy rates are rising across some of the hottest locals. Then the main event is NJ and it's failing economy. More particularly the rush of NJ residents that have begun a mass exodus out of the state. The number one cited reason many residents plan to leave... Taxes, and cost of living. In fact according to a new survey 44% of NJ residents plan to move out of the state in the next 5 years. The results are the same across all income levels.

[johngarbarini]

I'm an ex-NJite. I moved to Ecuador to escape the high prices, lack of jobs, etc; you mention. NJ has too many cops, judges, lawyers, probation people, crazy street preachers, and other people telling everyone else what to do. Huge bureaucracy doing nothing, while running up taxes 5-10% per year. Few jobs- look it up on Craigslist yourself- and the few jobs that exist pay poorly.
NJ just enacted the "Obamacare tax" penalty that Trump just ended last year, so you owe taxes on medical care, even if you don't have a job to pay the taxes with. Plus, average house prices of 300K+. For what? To live in Paterson, or Newark? up your bags and leave....
And to be fair, I worked for $65/hour as an acupuncturist there, so I made decent money there, and I lived in a nice area in Bergen County. Still, I left.

[markwegner]

Something tells me they won't be moving to NY, or Illinois!

[hstone]

This video is 100% spot on. NJ have some serious economic problems here. A lot of people here are an Uber driver deactivation away from leaving the state. NJ has gotten really sad over the years. Rent has sky rocketed over the past 5 years. House prices are way too high. A regular house in North Carolina would cost about $80k to $100k but put that same house in NJ it would cost $350k - $400k. The middle class in NJ is almost completely dead here. The politics here is the worst in the country. NJ is losing it's identity due to this mass exodus. NJ have horrible jobs here that don't pay the bills. Housing assistance will have you on a 10 year waiting list. No way in hell anybody is gonna wait 10 years to get housing assistance. Food prices are crazy here too, especially if you eat healthy. Gas is okay compared to New York. New Jersey pay tolls on damn near every major highway. It cost $15 dollars to get into NYC from the tunnels and bridges. I heard it's going up in the future to $20. I can't blame people for leaving this state because the cost of living really gotten bad over the years. Even the most impoverished areas is seeing rent prices going up. I say about 70% of the jobs here in NJ can't keep you above water with the cost of living. You will have to get a second and/or third job. Most of the jobs in NJ that pays $60k and up is very consolidated. Only thing that is competing on that level and has accessibility to the public is Uber. Entry level jobs is starting to become a thing of the past. Damn near every job you search for here in NJ wants somebody with experience. Even though minimum wage is $10.00 an hour, it's no where near enough to live on your own. Even with 2 minimum wage jobs. You will have to put in at least 55 hours a week. There's a lot of millennials that still live with their parents. Yeah, you can start a business here in NJ but you better have a good game plan and some enough money to run one. Retail is taking a hit due to high taxes and high commercial rent prices. Commercial rent prices is about 5x higher per sqft compared to residential rent prices. Meaning that a small commercial retail space would cost about $5000 for a 400sqft store. That's fucking ridiculous!!! Then you have to pay high taxes after all of your expenses. You be lucky to break even. Having a college degree doesn't guarantee anything. Trade jobs is underpaid here in NJ. The average person in NJ make less than $30k a year while the cost of living keeps going up. Which results them to live off of food stamps. There's a huge pay gap between the rich and the poor in NJ. NJ has a high number of wealthy people here living in consolidated areas. (Compared to the rest of the country) Due to it's vicinity to NYC and Philadelphia. But the wealth is completely offset by the majority public living in NJ that makes much, much less money. The cheapest rent are in the most dangerous areas in the state. While the suburbs has the highest rents in that state. NJ makes it very hard for you to move away from danger. There's no cheap rent in the suburbs at all. Even in the most rural areas make sure people living in poverty don't come anywhere near them. So if you were born in the suburbs and you fall on hard times, chances are that you're gonna live in a dangerous area or have to leave the state. The dangerous cities in NJ are getting gentrified, meaning that rent prices goes up so they can kick the poor people out. You think you're gonna save money living in a motel? Think again, motels in NJ can cost you a minimum $1700 a month. In conclusion, NJ has a mask over it's face. If it wasn't for rent control in this state. NJ would make LA's Skit Row look like a dwarf.... Not everything is bad in NJ, there's a lot of things you can do here. A lot of things you can have access too. You just need a lot of money. It never use to be like this in NJ, but corruption got us to this point where about 44% of the population is planning to move out of the state.

[kytim]

The entire country is becoming California.

[timsweeney]

Most of them headed to Texas no doubt. Which has the 7 fastest growing cities in America. Texas is full. Our roads are grid locked with all these new people moving here.

[forrestolney]

Took a bus to NYC went through NJ never saw so much rust.

[margievalles]

We are planning on moving by 2021! I have lived in south jersey my entire life and it’s just gone downhill. The housing market is so expensive and inflated. It does not even coincide with the pay rate. I couldn’t live alone on my income there is just no way!

[lettersandnumbersuc]

This is this going to be the worst Christmas ever..., more Jersey “accents” spilling into the rest of the population.

[peter]

My wife and I are leaving NJ in 2020. Moving south. Not sure were yet. Carolinas or Florida most likely. Taxes and the people are out of control here.

[TrueGritProductions]

Running out of places to run to. Imagine how I feel. I gave up when no one would rent me a house in Phoenix back when I was well off. 4 years later I'm in Ukraine, just one stop on the gtfo express.

[mdt]

I live in NJ and my economy is booming, people moving out? It feels to me that this beautiful state has more a-holes in it then ever before! Of course people are leaving there is no more room to build. Every lot has been build on and now we are knocking down small houses and building high rises. This place will only collapse when the government will fail. half of all workers in the state works for some form of Gov.

[ter]

The problem in NJ will be a problem EVERYWHERE. It eventually WILL catch up

[msagan]

Florida is full, don't move here!! 👍

[financeeconomics]

About real estate generally, who's buying at these prices? We need a financial reset to bring prices back into line with incomes. Without that, expect negative or no growth in the foreseeable future.
Who can save and invest when all their income is going toward real estate rents, or property taxes.

If I lived in New Jersey, I would leave too. It's a horror show!

[dutchgryphon]

It's no wonder everyone want to leave the corruption is out of control. I plan to leave within five years.

[goodhumorman]

Migrating can cost thousands of dollars. Many will not be able to afford to go anywhere. The destination may be just as bad in the near future.

[superconductor]

Jersey sucks. I have lived all over the country. Dont go to NC if your leaving the NE...I lived there too. If your going south...go to SC.

[rayamat]

I live in NJ 15 minutes outside Manhattan. It's amazing to see how many luxury apartment complexes are going up everywhere. It's like no one can afford a house. I looked around and couldn't find a studio for less than $1200 a month

[chaz]

"Samantha :Easy sport, I got myself outta Beirut once, I think I can get outta New Jersey.

Mitch : Yeah? Well, don't be so sure. Others have tried and failed. The entire population, in fact. "

[ruthpullis]

We left in 2009 .from New Jersey an move to Virginia.. An a lot of are friends left to an move to Virginia North Carolina South Carolina lot of people are fleeing New Jersey.