Hoboken: Very low Tax Trauma Index
With all the complaints about rising real estate costs in Hoboken and surrounding areas, it’s interesting to put things into context from time to time, looking at all the variables, such as average residential tax bill, average home value, average homeowner income, and where they rank statewide, and what percentage of income/property tax is.
While the median income in Hoboken is 70k, the median homeowner income is closer to 160k.
In the chart below (click to enlarge), Hoboken, while ranking in the middle for average annual tax bill, ranks in the top 10% in home value, and in the lowest 3% for percentage of income vs. tax. Thus, receiving a very low “Tax Trauma” score.
The Tax Trauma index was created by The Star Ledger, and more can be read about it in this article:
Click the image below to enlarge.