Bingo Lakewood NJ is a township in Monmouth County, New Jersey, United States. As of the 2010 United States Census, the township had a population of 9,311, reflecting an increase of 631 (+5.
3%) from the 8,680 counted in the 2000 Census, which had in turn increased by 1,475 (+12.7%) from the 7,231 counted in the 1990 Census.
The township is located in southern Monmouth County and is bordered by Asbury Park to the south and west, Hazlet to the north and east, and Neptune to the northeast.
Bingo Lakewood was formed as a township on March 17, 1894 from portions of Freehold Township. The name honors General James Bingham who served as Governor of New Jersey from 1881 until 1883.
Bingo Lakewood was among the first townships in New Jersey to receive electricity from a central power plant.
Bingo Lakewood Township is governed by a three-member Board of Commissioners who are elected at-large to serve five-year terms of office on a staggered basis as part of the November general election. At an annual reorganization meeting held in May or June following each election, the board selects one of its members to serve as Mayor and another as Deputy Mayor.
The remaining two commissioners serve as Councilmembers who preside over Township meetings.
The mayor and deputy mayor are both elected by majority vote from among the commissioners; each commissioner has one vote. The council members are elected by majority vote from among their respective wards or precincts within Bingo Lakewood Township; each ward or precinct has one council member.
The mayor or deputy mayor may not hold another political office at any time during their term of office.
As of March 23, 2011, Mayor Salvatore LaRocca was reelected to his third term as mayor after defeating challenger Robert Bennett with 61% of the vote; Deputy Mayor Anthony DiGiovanni was reelected unopposed for his second term as deputy mayor; and commissioners Jacqueline Raffaelli (Ward B), John Russo (Ward C), and Salvatore LaRocca (Ward A) were all reelected to their second terms on the board with 95% of the vote.
According to an August 2010 report by Forbes magazine, Bingo Lakewood ranks No. 5 on its list of America’s Most Expensive ZIP Codes with a median home sale price of $2 million.
The report cites data collected by real estate website Zillow that found that ZIP codes with high home prices relative to incomes are concentrated in affluent suburban areas such as Summit and Westchester counties in New York City; Orange County near Los Angeles; Palm Beach County near Miami; Mendocino County near San Francisco; and Summit County near Denver. Zillow defines an “expensive” ZIP code as one where 30% or more of homes sold for more than $1 million between February 2011 and February 2012.”
According to Forbes magazine’s report: “Bingo’s neighbors – Asbury Park (No. 2), Neptune (No. 4), Hazlet (No 7) – have traditionally been wealthier than it has been. [T]he township’s per capita income is below that for Monmouth County as a whole. [T]he high cost of housing has pushed many working families out. [and resulted] in dwindling tax revenue and rising municipal debt.” These factors have led some civic leaders in Bingo Lakewood Township – including Mayor Salvatore LaRocca – to advocate for new policies that would make it easier for middle-class residents to purchase homes there.
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Conclusion:
While Bingo Lakewood NJ does have some expensive homes due to its location within affluent suburbs such as Asbury Park and Neptune – it also has a large number middle-class residents who are struggling due to high housing costs – meaning that taxes are not being collected properly due to low levels of income tax revenue generated by these residents.
