New Jersey Lands Spot On List Of Top 5 States With Highest Income

Not that you'd ever know it by living here, but New Jersey residents don't do too badly for themselves when compared to the rest of the country.

If you happen to be a Jersey resident and find yourself scratching your head, believe me, you're not alone. However, the above statement is completely true on paper. A new survey reveals that the Garden State falls within the top five states in the country with the highest median incomes.

While that may be true, New Jersey residents know to take that fact with a grain of salt. Sure, on paper it looks like people in the state make a pretty significant living when compared to the majority of the country. However, New Jersey's cost of living, even in the cheaper regions, is significantly higher than the rest of the country.

So, while the numbers on paper look to be pretty amazing to people who reside outside of the Garden State's boundaries, fellow NJ residents understand that the take-home after bills isn't what it may seem to outsiders.

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This information comes directly from a survey that compares 2022's overall best and worst state economies. Overall, New Jersey comes in at number 23. So, the Garden State is still within the top half of the country with that. However, if people make so much money here, why is NJ only at 23 for the state's economy?

Well, that answer was already explained above. The cost of living (among other factors) is why NJ isn't higher up on that list.

It's a lesson for people who look at what people make in the Garden State and assume we all live on Easy Street. It may look like New Jersey residents are rolling in the dough, but those of us that live here can assure you that's far from the truth.

Check out the survey for yourself HERE.

Source: WalletHub.com