Monmouth County town to pay $68K per student based on N.J. funding formula (Newark: middle-class)

[camaro69]

I think it's time to elect Moe, Larry and Curly.
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by MaryAnn Spoto/The Star-Ledger

Tuesday May 26, 2009, 8:50 PM
MONMOUTH COUNTY -- Under the state's latest school funding formula, the average cost per student in the tiny village of Loch Arbour is increasing to a whopping $68,750, a price tag local officials say is impossible for homeowners to shoulder and will surely drive prospective homebuyers away

Monmouth County town to pay $68K per student based on N.J. funding formula - NJ.com

[VeradoDan]

And before everyone starts screaming about how they're "rich" and "deserve" high taxes: Keep in mind that this is a town where prices have not always been through the roof. Plenty of average, middle-class working people live there and similarly, many of the homes have been passed down to children who now live there and raise their families.

If I lived in this town, I have no idea what I would do. I certainly wouldn't be able to afford it. Would I have to give up my home? It is absolutely deplorable how the Democrats who run this state only care about Newark, Paterson, Irvington, Camden, etc. and not about the people who actually WORK and PAY TAXES. Now it's come to the point where people will be outright forced from their homes.

And you know what? A lot of dumb middle-class people from the suburbs will still vote for Corzine and the Democrats because they're for the "little guy."

[FBone]

The article said the median income is $74,250. How could they afford the houses previously with that modest income? Even without a mortgage if it was inherited $74k seems to require a tight budget. I know some units are rentals not sure if this affects median income figure.
They may be forced to rejoin Ocean Twp.

[VeradoDan]

Originally Posted by FBone

The article said the median income is $74,250. How could they afford the houses previously with that modest income? Even without a mortgage if it was inherited $74k seems to require a tight budget. I know some units are rentals not sure if this affects median income figure.
They may be forced to rejoin Ocean Twp.

As I said in my post above, the prices weren't always that high. Many (most) people in town simply bought houses there, then the values went through the roof. Other homes were one-time summer homes that were passed down and became year-round residences as the area grew.

Yes, these people were fortunate to have made a good investment, but should they be forced from their home simply because it grew in value? The whole town only sends a few kids to school anyway. This state is so messed up

[FBone]

They can rejoin Ocean Twp and pay much less.