You Can Make More and Spend Less
According to tax-rates.org, the median property tax rate in NJ (1.89%) is more than twice the Maryland rate of 0.87%. When coupled with overall lower home prices, this number is even more impactful. Through a partnership with Zillow, Business Insider found that the median home price in New Jersey was approximately 9% higher than in Maryland ($335,607 versus $308,041 for a two or three-bedroom home).
You will also be more likely to land a job in Maryland to pay for that home. U.S. Bureau of Labor Statistics data from October 2020, shows that Maryland workers are less likely to be out of work. While the Maryland unemployment rate is 6.8%, New Jersey’s rate sits at a nation-topping 10.2%.
Maryland residents also earn almost 15% more than workers in New Jersey. ZipRecruiter calculates the average salary for Marylanders to be $66,701 while the New Jersey average comes in at only $58,149. Located next door to Washington, D.C., the federal government, its agencies and contractors comprise a large number of employment opportunities within Maryland.