Why Are So Many Millennials Choosing To Flee New Jersey?

New Jersey is known for many things. Our food is awesome, the beach is beautiful, we even have mountains and farmland, too. Plenty of Americans from other states don't know that. One thing it's not known for is being a cheap place to live.

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In recent years, I've observed a noticeable trend that has emerged: an increasing number of millennials are packing their bags and leaving the Garden State. I can speak from experience because I've had plenty of friends pack up and wave goodbye to New Jersey from their rearview mirrors. This mass exodus has me wondering about the underlying factors driving this shift.

NJ Housing Affordability

One of the most significant contributors to millennials fleeing New Jersey is the staggering cost of living. That's no secret, right? Housing prices in NJ are among the highest in the nation. Sources report that the median home price in New Jersey as of June 2024 was $550,400. Many millennials, who are still grappling with student loan debt and entry-level salaries, find it increasingly difficult to afford a home here.

Are NJ's Property Taxes Pricing Out Millennial Buyers?

New Jersey is infamous for having one of the highest property tax rates in the country, averaging $9,800 per year. Sure, that might not be the case everywhere in the state, but everyone is dealing with high taxes here. That's not even counting the stress that comes from paying high income taxes. This financial burden can deter young professionals from settling down in New Jersey. Now, they are forced to seek more affordable options elsewhere.

With many millennials prioritizing financial independence and stability, is it any wonder they are seeking greener pastures in states with a lower cost of living?

People are hesitant to move here, too.