New Jerseyans have experienced mixed economic fortunes in recent years

Health insurance coverage has increased, household income has risen, and the poverty rate has remained stable, but the rising cost of living has eroded the purchasing power of New Jerseyans, and the number of people living in poverty has increased.

New data released from the U.S. Census Bureau’s American Community Survey (ACS) shows that New Jerseyans have experienced mixed economic fortunes in recent years.

Health insurance coverage has increased, household income has risen, and the poverty rate has remained stable. However, the rising cost of living has eroded the purchasing power of New Jerseyans, and the number of people living in poverty has increased.

The share of New Jerseyans with health insurance coverage has increased slightly, from 84.3% in 2012 and 87.8% in 2014 to 89.4% in 2022.

The median household income in New Jersey has increased to $82,501 in 2022, from $66,692 in 2012, $65,243 in 2014, and $77,216 in 2016.

The poverty rate in the Garden State has remained relatively stable in recent years, hovering around nine percent, but the number of New Jerseyans living in poverty has increased from 832,000 in 2016 to 867,000 in 2022.

Poverty in New Jersey is defined based on the federal poverty level as having an annual income of less than $19,475 for a single person or $38,943 for a family of four.

A more accurate measure of poverty in New Jersey is the “True Poverty Level” (TPL), which is developed by the Legal Services of New Jersey. The TPL takes into account the cost of basic necessities such as food, shelter, clothing, and utilities.

This means that in 2022, nearly 3.4 million New Jersey residents were living in True Poverty, based on the TPL, the poverty rate is estimated to be around 33%.

The number of people living in True Poverty in New Jersey has been increasing over the past decade. This is a troubling trend, as it means that more and more people are struggling to make ends meet.

In 2012, only 2.9 million New Jersey residents were living in True Poverty, and when Phil Murphy was elected in 2017, only 3 million New Jersey residents were living in True Poverty.

The rising cost of living has had a significant impact on New Jerseyans. The cost of housing, food, and transportation has increased in recent years, making it more difficult for New Jerseyans to make ends meet.

Additionally, the rising cost of healthcare has contributed to the increase in the number of New Jerseyans living in poverty.

Despite the challenges, there are some positive signs for the New Jersey economy. The unemployment rate has fallen to 3.7%, and the number of people employed in New Jersey has increased. The state has also made investments in infrastructure and education, which could help to boost the economy in the long run.

Overall, the new data from the ACS paints a mixed picture of the New Jersey economy.

There have been some positive developments, such as the increase in health insurance coverage and the rise in household income. However, the rising cost of living has eroded the purchasing power of New Jerseyans, and the number of people living in poverty has increased.

There are a number of things that can be done to address the challenges facing the New Jersey economy. These include:

• Investing in affordable housing
• Increasing the minimum wage
• Expanding access to healthcare
• Providing more support for low-income families

By taking these steps, New Jersey can help to ensure that everyone has the opportunity to succeed.