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WalletHub has released its annual list of the best states to live in, with New Jersey taking the bronze medal.

The 3rd place is only one place below the last two years when the Garden State came in second place. In 2021, however, New Jersey took the gold.

To determine the rankings, released on August 12, the personal finance website compared the 50 states Five key dimensions: Affordability; Economy; Education and Health; Quality of Life; and Safety. WalletHub then examined 51 metrics within those categories, including housing costs, income growth, educational attainment, and hospital quality.

Each metric was rated on a 100-point scale, with a score of 100 representing the most favorable living conditions, according to WalletHub.

Overall, the top five states in the US were Massachusetts, Florida, New Jersey, Utah and New Hampshire.

“When deciding where to move, you should first consider financial factors such as cost of living, housing prices and job availability. However, many states have strong economies, so you should also consider a variety of other factors, such as how where you live will affect your health and safety and whether you have sufficient access to activities you enjoy,” Cassandra Happe, an analyst at WalletHub, said in a statement about the findings.

Scroll across WalletHub’s map to see each state’s ranking:

A deeper look into New Jersey

Overall, the Garden State achieved a score of 59.65. By comparison, Massachusetts (No. 1) achieved 60.52, while Louisiana came in last with 41.31.

And while New Jersey ranks first in terms of safety, the state ranks near the bottom in terms of affordability.

• No. 1: Security
• No. 9: Education & Health
• No. 11: Quality of life
• No. 25: Business
• No. 48: Affordability

WalletHub also calculated that New Jersey has the highest median household income in the country, at over $96,000. New Jersey residents also have the second-lowest median debt, which is about 31 percent of their annual income. According to WalletHub researchers, the Garden State has the fifth-lowest percentage of the population below the poverty line and the eighth-lowest food insecurity rate.

WalletHub also noted:

• New Jersey residents have the fourth-lowest premature death rate in the country, the sixth-lowest obesity rate, and the tenth-highest life expectancy.
• The Garden State has the sixth most miles of hiking trails and the fifth most fitness centers per capita.
• New Jersey has the sixth-lowest violent crime rate and the ninth-lowest property crime rate in the United States, while also having the highest number of police officers per capita.

A county in New Jersey also performed well in health care in another ranking. US News & World Report ranked Morris County ranks 16th on the list of the healthiest communities in 2024.

For the WalletHub survey, researchers examined data as of July 15, 2024, from sources such as the U.S. Census Bureau, Bureau of Labor Statistics, Federal Bureau of Investigation, Centers for Disease Control and Prevention, and others.

What the pros say

WalletHub asked several experts to give their opinion on how states can make themselves a more attractive place to live, including actions state politicians can take. While some of them mentioned efforts to keep taxes low, others offered tips like:

“Ensuring that policies meet the needs of a younger and more diverse electorate.” – Vaneesha Dutra, Associate Professor of Finance, School of Business – Howard University

The focus is on “good infrastructure, job growth, quality of life, good schools and safe/welcoming streets and public spaces”. – Howard Yaruss, Adjunct Assistant Professor, Schack Institute of Real Estate – New York University

“A pro-business attitude will also bring additional trade to the state, which will have a generally positive impact on the local community.” – Bennie Waller, William Cary Hulsey Fellow, Culverhouse College of Business – University of Alabama

Waller also mentioned that lawmakers should consider ratings such as the CNBC Top States for Business rankings, where New Jersey also slipped several positions in the latest list.