But Homeownership, Income Growth Lag
By Hank Russell
A recent study listed New York as one of the best states to live in. But while the study found the state a great place for dining out and getting insured, it also found that economic factors, including homeownership, prevented the state from moving higher up on the list.
WalletHub recently ranked New York as the 12th-best state to live in. In compiling that list, researchers took into account affordability, the economy, education, health and quality of life. The top five states to live in were Idaho, New Jersey, Wisconsin, Massachusetts and New Hampshire. The bottom five were New Mexico, Louisiana, Mississippi, Alaska and Arkansas.
The state ranked high in health and safety. Based on WalletHub data, New York had the eighth-highest percentage of insured residents (Massachusetts had the highest, while Texas had the lowest).
Additionally, the Empire State was listed as the seventh-safest state to live in, the study said. New Jersey was the safest state in the nation, while Washington was the least safe.
The most surprising statistic from the study was that New York was ranked No. 1 in quality of life. That takes into account the average hours worked per week, the average commute time (in minutes), the number of miles of trails for bicycling and walking and its “Bicycle Friendly State” ranking. Alaska was listed as having the lowest quality of life.
But New York ranked lower when it came to education and health. According to WalletHub, the state was 16th in this category. Massachusetts was tops while Mississippi was at the bottom. The study also found that New York was in the middle of the pack (24th) when it came to the percentage of people in fair to poor health.
What kept the state from moving up were economic factors. New York only had the 22nd-best economy, said WalletHub, with Vermont having the best economy and Louisiana having the lowest. Income growth lagged as well, with the ninth-lowest. Wyoming had the lowest rate of income growth, while Idaho had the highest.
The state fell further down when it came to affordability. Data from WalletHub showed New York was one of the least affordable states behind California, New Jersey and Hawaii (West Virginia was the most affordable).
In addition, New York had the ninth-highest poverty rate, based on WalletHub data. Louisiana and Mississippi were tied for having the highest poverty rate, while New Hampshire had the lowest.
Housing costs and homeownership also lagged in the Empire State. New York had the ninth-highest home prices in the nation, according to WalletHub. According to the most recent data from the New York State Association of REALTORSⓇ, the median sales price in June was $475,000, up from $440,000 the previous year; it is the highest median home price ever recorded in New York State, according to a NYSAR press release. California, meanwhile, had the highest housing costs, while Iowa had the lowest.
When it came to ownership, New York was dead last. West Virginia had the highest rate of ownership, according to WalletHub. This was supported by data from the U.S. Census Bureau, which showed New York’s homeownership rate at 52.4% during the second quarter of this year — down slightly from 52.5% the previous quarter but up from 52.2% in the second quarter of 2025.
“When deciding on a place to move, you should first consider financial factors like the cost of living, housing prices and job availability,” said WalletHub analyst Chip Lupo. “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.”