New Jersey: Benefit Through Relocations?

In New Jersey, home prices in the wealthy towns of Madison, Summit, Chatham, and Millburn, which have direct train service to midtown Manhattan, had been holding up better than much of the state, said Rutgers University economist James Hughes. But that could now start to change.One possible benefit for New Jersey: Manhattan companies that are coming to the end of their leases might consider moving to New Jersey where office rents are much lower, he said.

"You're going to see a smaller Wall Street," Hughes said. "Salaries will be less generous, bonus payments will be less. It's going to ripple through the residential market."