In this article, we explore the rankings for the top 15 states to reside in for the year 2024. If you prefer to skip the discussion on the US economy, feel free to navigate directly to the .
With a populace of approximately 334 million, the United States offers a remarkable quality of life and excels in various aspects of this measure, as per the . The nation demonstrates above-average performance in income levels, employment rates, educational opportunities, social connectivity, life satisfaction, and environmental quality. In terms of economic performance, the US exhibited strong growth in 2023, achieving a GDP growth rate of 2.5%, outpacing other G7 nations. This success can be attributed to robust structural foundations and effective policy interventions by the USA. However, economic expansion is projected to decelerate in 2024 due to the repercussions of monetary policies. Concurrently, inflation, a significant concern in 2023, is expected to decrease to 2.4% in 2024, though remaining above the Federal Reserve’s target. The average annual household disposable income per capita and household net wealth in the US are reported at \(51,147 and \)684,500, respectively, significantly surpassing the OECD average.
Throughout 2023, the United States maintained a low unemployment rate, reaching a record low of 3.7% in December 2023. This signifies a tight labor market characterized by robust job creation. However, forecasts for 2024 indicate a moderation in labor market dynamics. With a labor participation rate of 67%, surpassing the OECD average of 66%, the US showcases a significant portion of the working-age population either employed or actively seeking employment. The country also boasts a resilient education system, providing easy access to education, with 92% of adults aged 25-64 having completed upper secondary education. Furthermore, the US hosts some of the world’s most prestigious educational institutions, such as Harvard University and the Massachusetts Institute of Technology.
While the nation exhibits undeniable strengths, the multifaceted nature of quality of life unveils certain disparities and challenges. Discrepancies among states across various metrics exist; for instance, the may not necessarily correlate with lower rankings in education and healthcare provisions. Concerning health, the United States, despite having a higher life expectancy than some counterparts, has witnessed stagnation in this metric over the years, as highlighted by the Centers for Disease Control. Despite the presence of healthcare facilities, millions of Americans remain uninsured, even with the implementation of the Affordable Care Act (ACA). Ongoing endeavors to broaden access or introduce a single-payer system encounter political opposition. Moreover, medical expenses pose a significant burden for many Americans, with elevated insurance premiums, deductibles, and out-of-pocket costs constraining access to quality healthcare. Healthcare enterprises like Pfizer Inc. (NYSE:), Johnson & Johnson (NYSE:), and AbbVie Inc. (NYSE:) are actively engaged in developing more cost-effective solutions for US residents.
Keeping this context in mind, let’s delve into the compilation of the best states to live in 2024.
Our Approach
To identify the top 15 states to reside in for 2024, we conducted a thorough assessment utilizing multiple criteria, including education, economy, infrastructure, financial stability, safety, healthcare, and natural environment. Data was sourced from reputable outlets like Forbes, US News, and CNBC. Each state was evaluated on a scale of 1 to 10 for each of the seven metrics. These ratings were then weighted based on the significance of each factor, resulting in calculated weighted average scores. The weights assigned to each metric were as follows: Economy, Education, and Safety at 15%, Financial Stability, Infrastructure, and Health Care at 14%, and Natural Environment at 13%. Subsequently, the states were ranked in descending order based on their total scores. A score closer to 1 indicates a higher desirability of the state for residency.
By the way, Insider Monkey is an investment platform that monitors corporate insiders’ and hedge funds’ activities. Through a consensus approach, we identify the top stock picks of over 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by over 140 percentage points in the last decade. Whether you are a novice or seasoned investor seeking the best stocks to invest in, leveraging the insights of hedge funds and corporate insiders can be advantageous.
15 Best States To Live In: 2024 Rankings
15. North Dakota
Total Score: 21.47
North Dakota offers an affordable lifestyle, with a cost of living index 15% lower than the national average. The state is known for its welcoming atmosphere, dubbed “North Dakota Nice,” characterized by friendly faces and a strong sense of community. With a crime rate of 2.6 incidents per thousand individuals, well below the national average of 4.0 incidents, North Dakota ensures a secure environment. Outdoor enthusiasts can relish the state’s parks and natural landscapes.
14. Colorado
Total Score: 19.84
Colorado appeals to outdoor enthusiasts with its majestic Rocky Mountains, offering year-round activities like hiking, skiing, biking, and fishing amidst breathtaking scenery. The state’s robust economy translates to a thriving job market. Colorado also boasts a flat income tax rate and lower property taxes compared to many states, enhancing its financial allure. Additionally, the climate, characterized by mild winters and ample sunshine, is a major draw for residents.
13. Virginia
Total Score: 18.93
Virginia captivates with its diverse landscapes, from the Blue Ridge Mountains to the Atlantic beaches, catering to hiking enthusiasts and beachgoers alike. As one of the original 13 British colonies, the state boasts a rich historical heritage, with attractions like Colonial Williamsburg and Jamestown awaiting exploration. The economy, particularly thriving in Northern Virginia with abundant job opportunities in the tech and government sectors, contributes to the state’s appeal. Top-tier public schools and prestigious universities such as the University of Virginia further elevate Virginia’s desirability.
12. Massachusetts
Total Score: 18.59
Massachusetts emerges as a favored residential destination, lauded for its exceptional rankings in education and healthcare. Renowned educational institutions like Harvard, MIT, and Boston College contribute to the state’s robust educational framework. With 96% of residents insured, Massachusetts ensures widespread healthcare coverage. The state’s low crime rate, declining unemployment figures, and advancements in worker protection and reproductive rights underscore its attractiveness for career advancement and quality living standards.
11. New Hampshire
Total Score: 18.16
New Hampshire, known as the “live free or die state,” stands out as a prime residential choice for several reasons. With the country’s second-lowest violent crime rate and no personal income or general sales tax, the state offers a secure and financially favorable environment. Boasting strong economic growth, a low unemployment rate of 2%, and the lowest poverty rate among all states at 7.2% as of 2022, New Hampshire provides a stable and prosperous setting. Outdoor enthusiasts can indulge in hiking, skiing, and boating, enhancing the state’s appeal.
10. South Dakota
Total Score: 17.47
South Dakota entices budget-conscious individuals with its affordability, featuring lower housing costs and sales tax than the national average. The state’s top-notch colleges and universities, including the University of South Dakota and South Dakota State University, ensure quality higher education. With crime rates consistently below the national average, South Dakota provides a secure environment. Nature lovers can revel in the state’s captivating landscapes, offering opportunities for hiking, camping, and various outdoor pursuits, positioning South Dakota among the top 10 best states to reside in for 2024.
9. Vermont
Total Score: 17.38
Vermont’s picturesque scenery, encompassing mountains, forests, and rural landscapes, appeals to outdoor enthusiasts seeking activities like hiking, skiing, and camping. Recognized for the highest air quality in the country by the American Lung Association, Vermont prioritizes environmental well-being. The state’s investments in accessible childcare, low crime rates, discrimination safeguards, and voting ease contribute to its reputation as a safe and inclusive residential choice. Vermont fosters a strong sense of community, with residents actively engaging in local events and organizations, enhancing its desirability as the ninth-best state to live in for 2024.
8. Minnesota
Total Score: 16.96
Minnesota boasts some of America’s most scenic landmarks, catering to diverse interests with vibrant nightlife and expansive wilderness. With over 10,000 lakes and natural reservoirs, the state offers abundant recreational opportunities. The state’s strong economy, coupled with easy access to work and leisure activities, bolsters its appeal. With only around 9% of the population living at or below the poverty line, Minnesota maintains a lower poverty rate than the national average. Noteworthy advancements in voting rights and reproductive rights in 2023 further underscore Minnesota’s allure for residents.
7. Wisconsin
Total Score: 15.11
Wisconsin combines scenic beauty, classic Midwestern charm, and a high standard of living, offering residents a distinctive living experience. Home to the Wisconsin Dells, renowned for its water parks, the state boasts a strong educational reputation, with high school graduation rates surpassing the national average. Safety remains a priority in Wisconsin, evident through its low crime rates, fostering a secure living environment. With a cost of living 2% lower than the national average, affordable housing options, and a poverty rate below the national average, Wisconsin presents a compelling residential choice.
6. Florida
Total Score: 14.49
Florida’s warm climate and vibrant attractions make it a sought-after residential destination. With an annual GDP exceeding $1.44 trillion as of 2022, Florida maintains a robust economy, supported by prominent companies like Pfizer Inc. (NYSE:PFE), Johnson & Johnson (NYSE:JNJ), and AbbVie Inc. (NYSE:ABBV). The state offers a lower cost of living than the national average, coupled with a stellar education system featuring renowned universities like the University of Florida and Florida State University. With a higher-than-average high school graduation rate of 90.2% and lower student debt levels compared to the national average, Florida stands out as an appealing state for residents.