The current U.S. population is over 340 million, a 10 million jump from the 2020 Census. While the U.S. population has shown general growth over the past few decades, population distribution throughout the nation has changed dramatically in some places recently.
How Taxes and Jobs Make People Move
While America’s population has grown consistently over the past few decades, some states, like New York and Illinois, have seen their populations decrease. However, many states, such as Idaho and Florida, have grown in population, particularly with favorable tax conditions, job opportunities, and a lower cost of living.
New Jersey presents an interesting case study in this migration pattern. The Garden State has experienced modest population growth of approximately 1.2% since 2020, slower than the national average. Despite having one of the highest property tax rates in the country, New Jersey maintains its appeal due to its strong job market in pharmaceuticals, financial services, and logistics, as well as its proximity to major metropolitan areas like New York City and Philadelphia.
High Growth Areas Compared to New Jersey
Many states saw their populations grow, some by as little as 0.1% in Massachusetts and Maryland, but many have grown much more.
Montana’s population grew by 4.2% between 2020 and 2023. There are many reasons why people might move to Montana, but the state’s beauty, lack of sales tax, and lower property taxes undoubtedly powered its growth.
By contrast, New Jersey offers different advantages. While its tax structure may be more demanding than some states, New Jersey boasts excellent public schools (consistently ranked among the top in the nation), comprehensive healthcare systems, and extensive transportation infrastructure. The state’s median household income remains one of the highest in the country, indicating strong economic opportunities despite higher taxation.
Texas also saw a 4.3% growth, possibly due to the many job opportunities in energy, software, and technology available in the state. However, Florida and Idaho saw the most significant percentage growth: 4.7% and 6.2%, respectively.
The weather in Florida, lack of state income tax, and lower cost of living make it a tempting opportunity for many Americans, particularly retirees who make up 21% of the state’s population. Idaho’s population grew for similar reasons, particularly job opportunities and a favorable tax environment.
New Jersey’s Unique Position in the Housing Market
For Counsellors Title clients in New Jersey, these population trends translate into a stable real estate market with some unique characteristics. While not experiencing the explosive growth of states like Idaho, New Jersey’s housing market benefits from limited available land, particularly in desirable suburbs of New York City, which helps maintain property values.
The state’s diverse communities, from urban centers like Newark and Jersey City to affluent suburbs like Short Hills and Princeton to shore communities along its 130 miles of Atlantic coastline, offer varied opportunities for homebuyers and real estate investors. New Jersey’s status as the most densely populated state in the nation also means that land use and development regulations play a critical role in property transactions, making title insurance and proper legal counsel particularly important for real estate purchases.
Understanding these population shifts can help potential homebuyers and sellers in New Jersey navigate the market more effectively, especially when working with experienced title professionals who understand the local landscape.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.