What to Know
- The report evaluates states by population growth, unemployment rates, poverty, crime, household incomes and life expectancy
- Massachusetts came in first, followed by Connecticut, New Hampshire, Minnesota and New Jersey
- Quality of life is often heavily dependent on financial status, which is why the top states tend to have higher median household incomes
Connecticut and New Jersey are among the top best states to live in, coming in second and fifth respectively, according to a report released this week.
The report put out by 24/7 Wall Street ranks states by taking a look at population growth, unemployment rates, poverty, crime, household incomes and life expectancy.
"Quality of life in the United States is heavily dependent on financial status," the report reads. "As a consequence, the nation's best states to live in often report very high incomes."
Connecticut's median household annual income is $71,346, making it the fifth highest out of all the states, 24/7 Wall Street reports. The report says Connecticut is also relatively safe compared to other states, with 219 violent crimes reported for every 100,000 state residents in 2015.
New Jersey's median household income ranks fourth at $72,222 a year, the report found, though its unemployment rate of 5.2 percent is slightly higher than the national average of 4.9 percent.
Massachusetts was ranked the best state to live in, according to 24/7 Wall Street, with New Hampshire (No. 3) and Minnesota (No. 4) rounding out the top five.
New York ranked No. 13. Although the median household income is relatively high, it is offset for many residents by a higher cost of living. The state also has a higher than average poverty rate, the report said.