New Jersey
Racial Wealth Gap Is Ballooning In New Jersey, Study Finds
NEW JERSEY — New Jersey is one of the richest states in the nation, but the money isn’t trickling down equally. This is the conclusion of a recent study, which found that there is a massive “racial wealth gap” that has only gotten worse in the past few years.
On Thursday, the New Jersey Institute for Social Justice (NJISJ) released a report that claims there are serious disparities in wealth among white, Black and Latino/Latina families in the Garden State.
“Due to small sample size and wide margins of error, we do not have sufficient evidence to publish with confidence the estimates of wealth for Asian people in New Jersey,” a spokesperson told Patch.
Read the full study and see its methodology here.
According to the Newark-based nonprofit, the median household wealth of white families in New Jersey is $662,500, compared to less than $20,000 for Black and Latina/o families.
The numbers are just as bad when examined on a per-person basis, the group says. For individuals, the median net worth of white New Jersey residents is $192,700 – compared with $14,000 and $5,000 for Black and Latino/Latina residents.
Advocates said that the wealth gap has only gotten worse since a similar analysis was done in 2022, which examined data gathered before the COVID-19 pandemic. Since that time, New Jersey’s $300,000 racial wealth gap between Black/Latina and white families has more than doubled to nearly $640,000, the NJISJ reported.
The report also found that there are other serious financial disparities in New Jersey:
HOMEOWNERSHIP GAP – “The statewide homeownership rate for white New Jersey households is 76.6%, nearly double the homeownership rates for Black and Latino/a New Jersey households who have homeownership rates of 41.3% and 40.4% percent, respectively. These disparities in homeownership have changed very little over the past decade.”
INCOME GAP – “The median household income in New Jersey is $110,100 for white households, but just $76,100 for Latina/o households and $68,900 for Black households.”
POVERTY GAP – “About one-sixth of Black and Latina/o families live below the federal poverty line, together making up over half of all people in poverty in the state – even though they represent about a third of the state’s population. And economic vulnerability is much more widespread than the federal poverty line reveals due to the inadequacy of the poverty line in measuring the true costs of necessities, particularly in New Jersey.”
“We did not come by these Two New Jerseys – a prosperous place for many white households and an economically uncertain one for the majority of our Black and Brown households – by accident,” said Laura Sullivan, director of the NJISJ’s Economic Justice Program.
“Where we are today is the result of choice – patterns created by design through public policies and social exclusions,” Sullivan said.
“We must, at this critical moment, choose better,” Sullivan added.
Send local news tips and correction requests to eric.kiefer@patch.com. Learn more about advertising on Patch here. Find out how to post announcements or events to your local Patch site.
New Jersey
Heavy police presence prompts concern in South Jersey neighborhood
MILLVILLE, N.J. (WPVI) — Residents in a Millville, New Jersey, neighborhood spent hours trying to understand what was happening after a New Jersey State Police helicopter circled overhead, and troopers eventually entered a home while searching for a suspect.
Video from a Ring camera shows state police and officers in tactical gear taking over the front porch of a home on the 100 block of Third Street.
Officers are heard speaking into a doorbell camera moments before entering the residence.
A woman who lives in the home and did not want to be identified said she was at work at the time of the incident, but her son was inside when police surrounded the house. She said her son later described the encounter to her.
“My son was here, he was a little freaking out, they actually made him come out with his hands up and guns were drawn,” she said.
The woman said her son told her troopers explained they were pursuing someone on foot in the area.
“They just said they were on a foot pursuit and the guy was jumping the fences behind my house. A construction worker saw him go down my steps, but didn’t know where he went from there. That’s why they need to make sure everything is safe,” she said.
Nearby residents also noticed the heavy police activity.
Michele Brown of Bridgeton said she was walking her dogs when she saw officers in the area.
“It was a lot I didn’t understand what was going on,” Brown said.
Brown said the scene was alarming for people nearby.
“Definitely startling cause you see all these cops with their guns out, and you’re just looking like, ‘Whoa’,” she said.
Action News reached out to New Jersey State Police for more information, but we did not receive a response.
In a statement, Millville police say the suspect was not apprehended after fleeing state police on foot.
There is no suspected threat to the community, the department added.
Copyright © 2026 WPVI-TV. All Rights Reserved.
New Jersey
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New Jersey
The first of Paramus’ three big mall makeovers is nearly complete
Russo Development CEO talks finishing Paramus NJ projects
Edward Russo, CEO of Russo Development, speaks to NorthJersey.com about their newest projects and opportunities for developers in Paramus.
One of three massive redevelopment projects at Paramus’ biggest shopping malls will finish construction this summer. Another will have to wait until 2027.
The two projects will bring hundreds of apartments and thousands of feet of additional retail space to Bergen Town Center and Paramus Park Mall, two of Bergen County’s biggest retail destinations. Both projects are the work of Carlstadt-based Russo Development LLC, which is also building a new headquarters in the borough.
The biggest mall redevelopment in town — a multiyear plan that could bring as many as 1,400 homes to Westfield Garden State Plaza — is also underway under the direction of a different developer. That project is expected to hold an official groundbreaking in the coming weeks.
The construction is “an opportunity for affordable housing to get built, which is certainly a big priority for almost every municipality in New Jersey right now,” Russo Development CEO Ed Russo said in a recent interview. He credited borough officials for making sure “there was additional investment and vibrance that was being added” to Paramus’ commercial center.
Paramus Park housing almost done
First in line for completion is Vermella Paramus, two mixed-use buildings with 360 one-, two- and three- bedroom apartments under construction next to the Paramus Park Mall, west of the Garden State Parkway.
The project will also have 8,000 square feet of onsite retail space. It will be built adjacent to the mall and the new Valley Hospital, according to a description on the company’s website.
One of the buildings will be finished next month, while the second is scheduled to finish construction in June, Russo said last week.
Bergen Town Center project has new name, timeline
The developer, alongside KRE Group, also plans to build two five-story buildings with 426 units and 5,000 square feet of retail at Bergen Town Center, off of Route 4. The project will be called Bergen Chapters, Russo said.
The housing will include 147 one-bedroom apartments to be sold at market rate and another 12 reserved as affordable. The project will also have 1,572 parking spaces, including lots from other areas of the mall property and two parking garages.
A building on the east side of the Bergen Town Center property that currently contains a former Kirkland’s, Red Robin and Recreational Equipment Inc will be knocked down for the project. Recreational Equipment Inc. closed in late January, so the property has only become vacant in the last month, said Russo. He expects the work to finish in late 2027.
Story continues after gallery.
Living at the mall
Paramus’ three big projects fueled speculation that other shopping centers in North Jersey would follow the example, as mall owners looked for ways to survive the rise of online retail.
But there hasn’t been a tremendous amount of mall redevelopment in New Jersey, Russo said.
Paramus’ situation is unique, he noted, with “three good size malls” all within the same town. Spurred in part by state affordable housing mandates, the borough council adopted zoning in 2016 that allowed for mixed-use development along its highway corridor. That was the impetus for the three mall makeovers, Russo said.
Other factors also made the borough’s commercial corridor especially suited for this type of hybrid development, he added.
“Paramus has always been considered, for many decades, as a shopping mecca between the malls, Route 17, Route 4 and the proximity to New York City,” said Russo. “It’s really been a vibrant retail community for many years.”
In addition to fulfilling affordable housing obligations, the zoning helped the borough attract new investment around the malls, boosting their long-term success, he added.
“The retail market has been affected in a larger part of New Jersey over the last number of years,” said Russo. “I think Paramus was very forward-thinking in the zoning that they did years ago.”
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