With millions of Americans moving each year and summer being the most popular time of year to move, the personal-finance website WalletHub has released its report on 2024’s Best States to Live In, as well as expert commentary, to help people find a new home that is affordable, safe and enjoyable.

WalletHub compared the 50 states across 51 key indicators of livability. They range from housing costs and income growth to the education rate and hospital systems.

Living Conditions in California (1=Best; 25=Avg.)

Overall Rank: 29th

50th – Housing Costs

49th – Homeownership Rate

27th – Percentage of Population in Poverty

11th – Income Growth

21st – Percentage of Insured Population

35th – Percentage of Adults in Fair or Poor Health

7th – Avg. Weekly Work Hours

1st – Restaurants per Capita

“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. If you have children, a robust education system is also key,” said Cassandra Happe, WalletHub Analyst. “Massachusetts is the best state to live in, due in large part to its strong health care system and high-quality education. Massachusetts has the lowest premature death rate in the country and the lowest share of adults in fair or poor health. The Bay State also ranks first in the nation for the quality of its school systems. In addition, Massachusetts has the third-highest median household income, at over $94,000.”

Following Massachusetts in first place, the rest of the top five were Florida, at number two; New Jersey, Utah and New Hampshire.

At the bottom of the list were Nevada, at number 46, followed by Alaska, Arkansas, New Mexico and, at number 50, Louisiana.

For the full report, visit:

https://wallethub.com/edu/best-states-to-live-in/62617

Expert Commentary

What steps should a person take to determine if an area is right for them to move to? What are the most important financial factors to consider when deciding where to live?

“When deciding on an area for relocation, it is advisable to give significant thought to your lifestyle preferences and personal needs. Many moves are motivated by a job offer or some other professional metric, with less emphasis on personal and familial needs. This can be unfulfilling and ultimately lead to subsequent relocations, which uproots families and can be very costly. Before a move, consider things such as suitable access to recreational activities and access to preferred transportation options, which can be of utmost importance for those that prefer a pedestrian lifestyle. Identifying whether an area has suitable community support organizations, such as a church, and whether a community provides adequate personal services can be critical to one’s sense of belonging and fit. This can be especially important for people of color. Finally, I would suggest considering the major economic drivers of the local economy and how these might shift over time. This speaks to the overall economic strength of that economy, which may drive population growth and things such as housing values.”

Vaneesha Dutra, Ph.D. – Associate Professor, Howard University

“If you are moving to an unfamiliar area, you should first research the area and the surrounding communities. Visit the area during the day and night to get a feel for what goes on in the neighborhood. By seeing it at different times, you will get a good sense of the safety and crime rates. While you can always look up that information online, it is best to see it firsthand. If you enjoy late-night jogging, ensure that the neighborhood has ample lighting for nighttime activities. For families with children, research the local schools and their rankings online, considering the commute and proximity to your work for efficiency. Along those lines, consider your hobbies and interests. If you are an outdoorsy person, you will want to be close to hiking or running trails. Another factor is the local weather and climate. One of the most important factors is the area’s cost of living and local job opportunities. For the elderly, proximity to local clinics, hospitals, and specialists is a crucial factor to consider.”

John Yeressian, JD, MBA – Professor, El Camino College, UCLA Extension

What are the most important financial factors to consider when deciding where to live?

“Will this new area allow you a quality of life that you are accustomed to? This will include questions about acceptable employment, commute time and/or costs of commute for employment, entertainment, schools, opportunities for advancement, wages, inflation, housing costs, and transportation costs.”

Bennie D Waller, Ph.D. – William Cary Hulsey Fellow, The University of Alabama

“The first factor for those who are working is the availability of a job. For those who are retired or have non-work sources of income, there are also financial considerations, but a job is not one of them. Many jobs today are remote, so this has opened up opportunities to work from anywhere. Of course, taxes are a financial consideration. States and localities have widely ranging income taxes, from zero to over 10 percent. The higher your income, the more this matters. States and localities also have highly variable property taxes, so if you own real property, this can matter greatly … States often have sales taxes that tend to hit those who spend all their income hardest. States also sometimes charge an inheritance or estate tax. A person might be able to avoid certain taxes in certain circumstances. For example, some states do not tax retirement income but tax other income. If your primary income is untaxed, this is a significant saving. Finally, you should consider the cost of living wherever you move. How much does housing cost? What about transportation? Are goods and services more expensive in a particular location? States are ranked in all these areas; you just need to do the research and then determine how you are affected.”

Dr. Randal Ice – Professor Emeritus, University of Central Oklahoma

What can state policymakers do to attract and retain new residents?

“There is a lot of talk about keeping taxes low. Nevertheless, for many years, some of the highest tax states, such as New York and California, were attracting residents and some of the lowest tax states, such as Mississippi and West Virginia, were losing residents. That said, taxes are clearly one factor in attracting and retaining residents, but states ignore all of the other factors at their peril. These include good infrastructure, job growth, quality of life, good schools, and safe/welcoming streets and public spaces.”

Howard Yaruss – Adjunct Assistant Professor, New York University

“Recognize that we are seeing more and more people who are geographically flexible and will choose their location based on a variety of local factors. Attracting new residents, particularly those who can advance commerce in a state, is important. Not everyone is geographically flexible, but enough are that states should always consider how laws impact the desirability of their location. Make sure tax rates are competitive, particularly for high-income and highly mobile individuals like retirees. However, even highly paid CEOs can move a company to a low-tax location, taking many jobs to a new state when tax rates are unfavorable. Life is about more than taxes, however. Quality of life factors play a role in where people want to settle. States should consider these factors when providing services to their residents and act accordingly. It is a very competitive world for the best and the brightest.”

Dr. Randal Ice – Professor Emeritus, University of Central Oklahoma