Millennials are leaving New Jersey. It’s a well-known fact.
New Jersey Society of CPAs recently conducted a survey and came up with three main reasons to help to keep this generation in the Garden State.
The top reason, survey respondents said, is to reduce taxes.
When asked what would have the biggest impact on keeping millennials in the state, 34 percent of survey respondents said reducing taxes (property, business and more) as the main reason millennials would stay. Sixteen percent said bringing more businesses to the state would help, and 14 percent said bring in more affordable housing, including lower rent.
The 975 respondents also noted that redeveloping urban areas could help make New Jersey more appealing.
Other ideas include:
- Improving/decreasing cost of mass transit;
- Marketing the state and communities, including South Jersey, better;
- Making New Jersey colleges more affordable;
- Encouraging millennials to open small businesses;
- Increasing technology jobs;
- Creating more open space land;
- Creating better student loan interest rates; and
- Legalizing marijuana for business opportunities.
There were approximately 250 millennial who participated in the survey. Of them, 35 percent said reducing taxes was the top change needed to to keep millennials in the state. Building affordable housing was selected by 21 percent of those respondents, and improving mass transit was 11 percent.
“Keeping millennials, as well as other at-risk age groups such as retirees, from leaving New Jersey would be a boon to businesses of all kinds,” said Ralph Albert Thomas, CEO and executive director at NJCPA. “More needs to be done to assist millennials in thinking of New Jersey as a viable place to live, and for businesses to keep hiring.”