New Jersey ranks as the second-best state to live, according to a new report released by personal finance site WalletHub.
In its annual report 2022’s Best States to Live In, WalletHub factored in cost of living with job opportunities, quality of education and safety. The Garden State was second overall behind Massachusetts — though it was 48th in cost of living, just ahead of Hawaii and California. Mississippi ranked last overall in this year's study.
"With only two states less affordable on the list, New Jerseyans must feel like they are getting their money's worth," said Rich Stanton of Stanton Company Realtors in Montclair. "Being from here, it's easy to take everything it has to offer for granted. Good schools, food quality and variety, four seasons and our proximity to New York, Philly, beaches and mountains."
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In order to determine the best and worst states to live in, WalletHub compared the 50 states across five key categories: affordability, economy, education and health, quality of life and safety. The report further examined homeownership rate, unemployment and underemployment rate, median household income, economic security, quality of public schools, share of obese adults, violent crime and property crime rate.
According to WalletHub, 8.4% of Americans moved in 2021. Selecting a place to move to becomes a personal and a practical choice, Robert J.S. Ross, emeritus professor at Clark University, said in a statement.
“The critical dimensions begin with assessing a household’s needs. If there are school-age children then the quality of schools should be an important consideration," Ross said. "If parents work outside of the home, then transportation should be an important matter. Climate matters influence many people: but again, hot and cold climates each have liabilities.
"Crime and safety issues vary more by neighborhood than city or metro levels and are irrelevant at the state level. At the neighborhood level, consider convenient access to local services — supermarkets, pharmacies, doctors. Consider recreational and cultural opportunities — ranging from state parks to museums.”
North Jersey became a hot spot during the pandemic as people from the New York City area sought more space, said Wilfredo Alfaro, a real estate agent at Coldwell Banker. It's not only the neighboring counties such as Bergen and Hudson that saw a boost, but counties farther west, such as Sussex.
"We've seen a migration from east to west," Alfaro said. "If you're only commuting two days a week, then the commute is not as bad."
Source: northjersey.com