New Jersey and the Economy

The Asbury Park Press provided a New Jersey perspective on the latest national economic news.  In an article on 9/28/10, they wrote:

"New Jersey's median household income dropped by nearly $1,600 between 2008 and 2009, according to a Census Bureau report issued Tuesday, though the state retained the nation's second-highest median income despite the 2.3 percent dip. With that decline in income comes increased financial stress from the state's high housing costs -- a median of $2,401 for New Jerseyans with a mortgage, tops in the nation and more than double the median in 15 states. There's little relief for renters, whose monthly median of $1,108 top all states but Hawaii and California.  Nearly 47 percent of mortgaged owners in New Jersey spend 30 percent or more of their household income on housing costs, trailing only California, Florida, Hawaii and Nevada. That has climbed 6 percentage points since 2005. The same financial burden is carried by half of renters, also ranked fifth nationally.  The report reinforces what was already known and underscores the need for a range of housing options that people can afford, said Nina Arce, media coordinator for the Housing and Community Development Network of New Jersey. People otherwise will continue moving south to find jobs, she said.  'At this time of job loss, it is especially critical that towns have a mix of housing for all people across the income spectrum,' Arce said. 'Right now so many people are leaving our state, and it really hurts our economic competitiveness. New Jersey is going to be left behind'."
http://www.app.com/article/20100928/NEWS03/100928099/-1/nletter01?source=nletter-news