From the Star Ledger:
Bergen County residents are earning less, spending more time commuting to work and have seen their homes continue decrease in value – a trend that began after the Great Recession of 2008.
But according to the annual release of data by the U.S. Census Bureau, residents in the most populous county in New Jersey fare better than their counterparts in other counties in the state and nation when it comes to income and home values.
The median household income in Bergen County was $85,806 in 2011-2015, a 4.1 percent decline from 2005-09 when median income was about $3,646 more. Statewide, the median household income was $72,093 – a nearly 5 percent decline over 2005-2009.
Bergen County municipalities with the highest incomes include Upper Saddle River ($169,301); Demarest ($163,571); and Ho Ho Kus ($162,386). Municipalities with the lowest incomes include Garfield ($45,469); Lodi ($50,774); and Fairveiw ($53,846).
Home values in the county declined by 8.5 percent with homes worth $41,300 less in 2011-2015 than the period before. Statewide, homes were worth nearly 20 percent less in 2011-2015 than in 2005-2009.
A downturn in housing swept New Jersey a decade ago, and many homeowners in Bergen County are reluctant to sell at current prices. A recent analysis by The Record found that median home values in North Jersey in 2016 were about where they were in late 2003 or early 2004.
Nearly every town in Bergen County saw drops in home prices, according to the latest data. But the hardest-hit towns were those that already had weak home values.