Community Corner
25 Percent of NJ Population Living in Poverty, Report Says
However, the Garden State is also home to the third-highest number of millionaire households in the country.
A new report claims a quarter of New Jersey residents are living in poverty, while more than 7 percent of the state's population are millionaires.
A study released Sunday by the Legal Services of New Jersey Poverty Research Institute indicates more than 2 million people statewide live at or below the poverty line, according to a report in the Huffington Post. The Institute sets the poverty line at roughly double the federal threshold ($23,000 for a family of four) because it says New Jersey's cost of living is significantly higher than the national average.
The state's population is approximately 8.8 million, according to the latest Census data.
According to the study, the number of New Jerseyans living in poverty has increased by 300,000 since the start of the recession.
On the other hand, according to a recent CNBC report, New Jersey hosts the third-highest number of millionaire households in the country (based on 2011 numbers), with 231,456, or 7.19 percent. That's an increase of more than 30,000 from 2009.
New Jersey is behind only Hawaii and Maryland in its number of millionaire households.
What do you think? Is New Jersey's income inequality gap too high? Tell us what you think in the comments below.
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