Gay marriage affects more than just who we can choose to marry. (Wikimedia Commons)

New Jersey has become the latest state to legalize same sex marriage, and researchers agree that the legalization of gay marriage has already brought economic upturn to the nation and could continue to bring more. 

Personal convictions regarding the issue have fallen to the wayside, and people have begun to realize the effect of gay marriage on the U.S. economy. A 2004 report issued by the Congressional Budget Office predicted that a nationwide legalization of same-sex marriage would curb the defecit.

"The Congressional Budget Office (CBO) estimates that on net, those impacts would improve the budget’s bottom line to a small extent: by less than $1 billion in each of the next 10 years (CBO’s usual estimating period)," the report says.  

Now that fourteen states plus Washington D.C. permit same sex marriage, more than one-third of Americans live in states that recognize legal relationships between same-sex couples, according to Freedom to Marry. Five other states offer protections of civil union between same-sex couples or acknowledgment of domestic partnership. 

Some believe same-sex couples would abuse their right to marry just to take advantage of the benefits that come along with legal marriage. This has been an issue with some heterosexual marriages, which occur when two single people might not qualify for benefits but get married just to claim such benefits. State and federal budgets are then forced to budget an increased number of payouts to fund the programs involved with the benefits. However, economist M.V. Lee Badgett rejects the notion that same-sex couples would abuse this right. 

"Any additional state and federal spending on benefits would be outweighed by savings from lower cash assistance and Medicaid spending. Moreover, many same-sex couples would also discover - unhappily, one imagines - the marriage penalty in the federal income tax system, resulting in a likely increase in tax revenue," Badgett said in a PBS column.

A report from the National Tax Journal confirms a possible tax revenue increase between $20 million and $40 million if same-sex marriages are legalized.

According to Bloomberg, marriage makes people more financially stable and less likely to qualify for welfare programs like Medicaid and Social Security assistance. A study by The Williams Institute found that gay and bi-sexual men earn 10 to 32 percent less than heterosexual men based on education, work experience, and qualification for the occupation. Same-sex couples raising children bring in an income 20 percent lower than heterosexual couples, leaving many to fall below the poverty line and rely on welfare programs to get by. 

The Congressional Budget Office estimated a $450 million cost reduction in welfare programs if gay marriage is legalized. An estimated $100 million in Supplemental Security Income, $50 million in Medicare, and $300 million in Medicaid would be saved. 

Legalization of gay marriage has already aided the economy on the state level, bringing in increased amounts of revenue through marriage license fees and wedding planning expenses. New York City alone brought in an increase of $259 million because of the 8,200 same-sex marriage licenses issued in the first year same-sex marriage was legalized, according to city officials. 

"Marriage equality has made our city more open, inclusive and free -- and it has also helped to create jobs and support our economy," New York City mayor Michael Bloomberg said in a statement.

After same-sex marriage was legalized in California, The Williams Institute reported that the 98,000 same-sex couples in California could bring in $40 million in tax revenue for the state and businesses could earn an extra $492 million from weddings in the next three years. 

In February 2013, American businesses such as Apple, Facebook, eBay, and Intel signed a brief asserting their support for same-sex marriage, according to Fortune. Economists speculate businesses did this to promote positive stigma surrounding their company's values and increase competitiveness in a market where products sold are becoming increasingly similar in design and capability. Companies searching for a cutting edge innovator or marketer that could put the next big product on the map did not want to discriminate against potential LGBT employees. 

"They want their LGBT employees to be able to focus on their jobs, not on dealing with the stigma and inequality that creates problems for their families," economist M.V. Lee Badgett said.

The future of same-sex marriage may see potential legalization in states like New Mexico, Oregon, and Hawaii. In the past two months, eight counties in New Mexico have extended this freedom to gay couples and The New Mexico Supreme Court is set to discuss a state-wide legislation on Oct. 23. 

Oregon state officials recently announced that same-sex couples who were married in another state or country will be recognized by the state, and an initiative to legalize same-sex marriage is set to appear on the 2014 ballot. 

Hawaii's Legislature is also set to meet on Oct. 28 to discuss legalizing same-sex marriage, state officials report.

Reach Staff Reporter McKenna Aiello here, and follow her on Twitter @McKennaAiello.