Still near the top, NJ slips down WalletHub’s Best States list

WalletHub released its annual list of Best States to Live In, with New Jersey taking home the bronze.

The No. 3 ranking is just one spot below the past two years, when the Garden State came in at No. 2 . In 2021, however, New Jersey took the gold .

To determine the rankings, released Aug. 12, the personal finance website compared the 50 statesacross five key dimensions : affordability; economy; education and health; quality of life; and safety. WalletHub then looked at 51 metrics within those categories, including housing costs, income growth, education rate and quality of hospitals.

Each metric was graded 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 U.S. were Massachusetts, Florida, New Jersey, Utah and New Hampshire.

“When deciding on a place to move, you should first consider financial factors like the cost of living, housing prices and job availability. Many states have strong economies, though, so you should also consider a wide variety of other factors, such as how where you live will impact your health and safety, and whether you will have adequate access to activities that you enjoy,” Cassandra Happe, WalletHub analyst, said in a statement accompanying the findings.

Scroll over WalletHub's map to see how each state ranked:

Source: WalletHub

A deeper dive into New Jersey

Overall, the Garden State scored 59.65. For comparison, No. 1 Massachusetts scored a 60.52, while Louisiana came in last with a 41.31.

And while New Jersey can boast first place for safety, the state landed toward the bottom for affordability.

• No. 1: Safety



• No. 9: Education & Health



• No. 11: Quality of Life



• No. 25: Economy



• No. 48: Affordability

 

WalletHub also calculated that New Jersey has the highest median household income in the country, at more than $96,000. New Jerseyans also have the second-lowest median debt, the equivalent of about 31% of what they earn annually. The Garden State has the fifth-lowest share of the population below the poverty line and the eighth-lowest food insecurity rate, according to WalletHub's researchers.

WalletHub also noted that:

• New Jerseyans have the fourth-lowest premature death rate in the nation, the sixth-lowest obesity rate, and the 10th-best overall life expectancy.



• The Garden Statehas the sixth-most miles of trails and the fifth-most fitness centers per capita.



• New Jersey has the sixth-lowest violent crime rate and ninth-lowest property crime rate in the U.S., coinciding with the fact that it has the highest number of law enforcement employees per capita.

 

One New Jersey county also scored highly for health in another ranking. U.S. News & World Report placed Morris County at No. 16 on its 2024 Healthiest Communities list.

For the WalletHub survey, researchersexamined data as of July 15, 2024, from sources including 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 weigh in on how states can make themselves a more attractive place to live, including the actions state policymakers can take. While several mentioned efforts to keep taxes low, others offered tips such as:

“Ensuring that policies meet the needs of a younger and more diverse constituency.” Vaneesha Dutra, associate professor of finance, School of Business Howard University

Focusing 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

“Being pro-business will also bring additional commerce into the state, which is generally positive for the local community.” Bennie Waller, William Cary Hulsey Fellow, Culverhouse College of Business The University of Alabama

Waller also mentioned legislators should take heed of evaluations such as the CNBC Top States for Business rankings, where New Jersey also slipped a few positions in the most recent list .

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