New Jersey

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Overview

Between the 2022 and 2023 filing years, New Jersey saw a net loss of 20,990 tax-filing households and a net loss of 32,182 individuals. Against a population of about 9,290,841, that is a net outflow of about 3.5 per 1,000 residents. On net, the area lost $2.8B in associated adjusted gross income (AGI, nominal dollars).

• Cost of living: 9% above the U.S. average
• Median home value: $427,600 (national: $303,400)
• Home prices: +50.5% over the 5 years to 2023
• Monthly rent: $1,653 (national: $1,348)
• Homeownership rate: 64% (national: 65%)
• Unemployment rate: 4.3% (national: 3.6%)
• Median household income: $101,050 (national: $78,538)
• Median age: 40.1 years (national: 38.7)

Migration Data (2022–2023)

• Net households lost: 20,990 tax returns
• Net people lost: 32,182 exemptions
• Net income (AGI) lost: $2.8B (nominal dollars)
• Net migration rate: 3.5 people per 1,000 residents

Income (AGI) in and out:

• Moved in: $11.2B
• Moved out: $14B
• Net: -$2.8B (nominal)

Top Origin States

• New York: 43,699 households ($5.1B AGI)
• Pennsylvania: 16,075 households ($1.4B AGI)
• Florida: 9,047 households ($785.3M AGI)
• California: 4,880 households ($668.3M AGI)
• Texas: 3,152 households ($300.9M AGI)

Top Destination States

• New York: 26,793 households ($3B AGI)
• Florida: 20,113 households ($3B AGI)
• Pennsylvania: 18,767 households ($1.6B AGI)
• California: 6,470 households ($821.1M AGI)
• Texas: 6,059 households ($679.2M AGI)

Churn by State (Two-Way Exchanges)

The biggest two-way exchanges of filing households, 2022–2023:

• New York: 43,699 in, 26,793 out (+16,906 net, +$2.1B AGI)
• Pennsylvania: 16,075 in, 18,767 out (-2,692 net, -$168.5M AGI)
• Florida: 9,047 in, 20,113 out (-11,066 net, -$2.2B AGI)
• California: 4,880 in, 6,470 out (-1,590 net, -$152.8M AGI)
• Texas: 3,152 in, 6,059 out (-2,907 net, -$378.2M AGI)

Net Migration by Year (2012–2023)

Net AGI and net people by year (nominal dollars):

• 2012: -$2.2B AGI, -34,396 people
• 2013: -$1.8B AGI, -35,880 people
• 2014: -$3.1B AGI, -46,563 people
• 2015: -$2.5B AGI, -34,590 people
• 2016: -$3.5B AGI, -47,395 people
• 2017: -$2.8B AGI, -47,031 people
• 2018: -$3.2B AGI, -32,888 people
• 2019: -$3.1B AGI, -26,853 people
• 2020: -$2.3B AGI, -23,306 people
• 2021: -$3.8B AGI, -26,069 people
• 2022: -$5.3B AGI, -38,070 people
• 2023: -$2.8B AGI, -32,182 people

Cumulative net 2012–2023: -$36.4B AGI, -425,223 people.

Migration in Context

• Population (2023 estimate): 9,395,315
• Net migration rate: 3.4 net people per 1,000 residents
• Net income per resident: -$295 (≈ -$2.8B total)

Components of population change (2023 Census):

• Births: +102,445
• Deaths: 77,211
• Net domestic migration: -41,714
• Net international migration: +114,014
• Total change: +96,913

Income & Cost of Living

• Cost of living: 9% above U.S. average
• Income per person: $81,584 (17% above U.S. average)
• Price level index: 108.9 (100 = U.S. average)
• Adjusted income (U.S.-average prices): $74,888 (7% above U.S. average)

Price parity by category (index where 100 = U.S. average):

• Housing & rents: 134.1
• Goods: 105.8
• Utilities: 114.8
• Other services: 104.5

Demographics

• Median age: 40.1 years
• Median household income: $101,050 (29% above U.S. median)
• College degree (adults 25+): 43%
• Poverty rate: 9.8%
• Average commute: 31 minutes
• Broadband at home: 92% of households

Race and ethnicity (share of residents):

• White: 52%
• Hispanic: 22%
• Black: 12%
• Asian: 10%
• Other: 4%

Housing

• Median home value: $427,600 (41% above U.S. median)
• Median rent: $1,653 (23% above U.S. median)
• Homeownership rate: 64%
• Home-price appreciation (past year): +10.7%
• Home-price appreciation (past 5 years): +50%
• New home construction (2023): 32,840 units (40% single-family, 60% multifamily)

Local Economy & Risk

• Unemployment rate (2023): 4.3%
• Labor force: 4,879,285 (4,668,296 employed)
• Disaster declarations (2023): 1 major federal (most common: Severe Storm)
• Unemployment (May 2026): 4.2% (down 0.8 points vs. May 2025)

Migration by Income Bracket (2022–2023)

Net migration by adjusted gross income (AGI) of tax-filing households:

• $1–$10k: +1,555 households (-$8M AGI)
• $10k–$25k: +4,210 households (-$73.1M AGI)
• $25k–$50k: +4,997 households (-$181.4M AGI)
• $50k–$75k: +2,683 households (-$166.3M AGI)
• $75k–$100k: +