Yahoo Finance Can You Afford To Live in America’s Happiest States?
While happiness may be a subjective experience, certain factors go into shaping it for people, such as work environment, community and emotional and physical well-being. People often choose where they’re going to live based on a combination of these factors and, of course, cost of living.
Read: 10 Things Frugal People Always Buy at Yard Sales To Save Money
Learn: How To Get $340 Per Year in Cash Back on Gas and Other Things You Already Buy
While the cost of living varies from state to state, so does the happiness quotient — that is, people report being more or less happy based on where they live due to those factors mentioned above.
To rank the states by overall happiness, GOBankingRates analyzed Wallethub’s Happiest States list and combined with median income, cost of living and mortgages in each state.
Read on to find out how the states rank based on these measures.
50. Alaska
Happiness quotient: 42.2
Median household income: $86,370
Cost of living index: 125.2
Total monthly cost of living: $4,810.93
Find: Housing Market 2024: Home Prices Are Plummeting in 10 Formerly Overpriced Housing Markets
See: Self-Made Billionaire Judy Faulkner Turned $70K Into $7 Billion With These 4 Moves
Wealthy people know the best money secrets. Learn how to copy them.
49. Hawaii
Happiness quotient: 66.4
Median household income: $94,814
Cost of living index: 180.3
Total monthly cost of living: $8,230.69
More: It’s Never Too Late To Become Wealthy,’ According to Robert Kiyosaki
48. West Virginia
Happiness quotient: 35.1
Median household income: $55,217
Cost of living index: 87.7
Total monthly cost of living: $2,827.01
47. Louisiana
Happiness quotient: 35.9
Median household income: $57,852
Cost of living index: 91.0
Total monthly cost of living: $3,030.13
46. Oregon
Happiness quotient: 47.7
Median household income: $76,632
Cost of living index: 114.7
Total monthly cost of living: $5,044.62
45. New Mexico
Happiness quotient: 43.5
Median household income: $58,722
Cost of living index: 94.0
Total monthly cost of living: $3,653.31
Earn: How To Earn $4,000 a Month in Passive Income
44. Montana
Happiness quotient: 49.1
Median household income: $66,341
Cost of living index: 102.9
Total monthly cost of living: $4,652.78
43. Mississippi
Happiness quotient: 41.4
Median household income: $52,985
Cost of living index: 86.3
Total monthly cost of living: $2,854.60
42. Tennessee
Happiness quotient: 38.3
Median household income: $64,035
Cost of living index: 90.3
Total monthly cost of living: $3,641.00
41. Arkansas
Happiness quotient: 39.7
Median household income: $56,335
Cost of living index: 89.0
Total monthly cost of living: $2,982.69
Money: 26 Ways To Make $1,000 Fast — In a Week or Less
40. Alabama
Happiness quotient: 40.8
Median household income: $59,609
Cost of living index: 88.3
Total monthly cost of living: $3,142.68
39. Kentucky
Happiness quotient: 40.6
Median household income: $60,183
Cost of living index: 92.0
Total monthly cost of living: $3,039.06
38. California
Happiness quotient: 60.5
Median household income: $91,905
Cost of living index: 138.5
Total monthly cost of living: $6,915.25
37. Maine
Happiness quotient: 52.0
Median household income: $68,251
Cost of living index: 109.9
Total monthly cost of living: $4,319.43
Bills: 9 Bills Frugal People Don’t Pay
36. Nevada
Happiness quotient: 50.7
Median household income: $71,646
Cost of living index: 101.0
Total monthly cost of living: $4,637.38
35. Vermont
Happiness quotient: 52.8
Median household income: $74,014
Cost of living index: 115.3
Total monthly cost of living: $4,423.59
34. Oklahoma
Happiness quotient: 44.1
Median household income: $61,364
Cost of living index: 86.2
Total monthly cost of living: $3,050.06
33. Washington
Happiness quotient: 54.9
Median household income: $90,325
Cost of living index: 116.0
Total monthly cost of living: $5,672.61
Read More: Warren Buffett’s Parenting Rule: The Key to Raising Money-Savvy Kids
32. Indiana
Happiness quotient: 46.5
Median household income: $67,173
Cost of living index: 91.0
Total monthly cost of living: $3,329.99
31. Ohio
Happiness quotient: 47.8
Median household income: $66,990
Cost of living index: 94.7
Total monthly cost of living: $3,273.14
30. Arizona
Happiness quotient: 53.5
Median household income: $72,581
Cost of living index: 108.4
Total monthly cost of living: $4,561.57
29. North Carolina
Happiness quotient: 53.6
Median household income: $66,186
Cost of living index: 95.3
Total monthly cost of living: $3,857.01
Stocks: How I Made $1,000 a Month in Dividend Stocks
28. Wyoming
Happiness quotient: 48.1
Median household income: $72,495
Cost of living index: 92.4
Total monthly cost of living: $3,893.85
27. Massachusetts
Happiness quotient: 58.4
Median household income: $96,505
Cost of living index: 146.5
Total monthly cost of living: $5,916.60
26. Rhode Island
Happiness quotient: 52.4
Median household income: $81,370
Cost of living index: 110.7
Total monthly cost of living: $4,679.95
25. South Carolina
Happiness quotient: 55.3
Median household income: $63,623
Cost of living index: 95.3
Total monthly cost of living: $3,633.22
Discover: Retirement Savings: I Lost $400K in a Roth IRA
24. Texas
Happiness quotient: 47.7
Median household income: $73,035
Cost of living index: 92.7
Total monthly cost of living: $3,679.83
23. Missouri
Happiness quotient: 48.6
Median household income: $65,920
Cost of living index: 88.5
Total monthly cost of living: $3,263.37
22. Colorado
Happiness quotient: 51.5
Median household income: $87,598
Cost of living index: 105.1
Total monthly cost of living: $5,197.62
21. Idaho
Happiness quotient: 59.3
Median household income: $70,214
Cost of living index: 98.6
Total monthly cost of living: $4,556.23
Salary: How Far a $100,000 Salary Goes in America’s 50 Largest Cities
20. Florida
Happiness quotient: 59.3
Median household income: $67,917
Cost of living index: 100.7
Total monthly cost of living: $4,368.41
19. Michigan
Happiness quotient: 50.2
Median household income: $68,505
Cost of living index: 90.6
Total monthly cost of living: $3,287.58
18. New Hampshire
Happiness quotient: 57.3
Median household income: $90,845
Cost of living index: 114.1
Total monthly cost of living: $5,014.45
17. New York
Happiness quotient: 56.7
Median household income: $81,386
Cost of living index: 125.9
Total monthly cost of living: $4,620.09
16. Wisconsin
Happiness quotient: 55.7
Median household income: $72,458
Cost of living index: 95.1
Total monthly cost of living: $3,741.76
15. Pennsylvania
Happiness quotient: 54.0
Median household income: $73,170
Cost of living index: 95.6
Total monthly cost of living: $3,541.01
14. Georgia
Happiness quotient: 54.1
Median household income: $71,355
Cost of living index: 90.8
Total monthly cost of living: $3,792.47
13. South Dakota
Happiness quotient: 55.9
Median household income: $69,457
Cost of living index: 92.4
Total monthly cost of living: $3,630.21
Learn: 10 Things Frugal People Always Buy at Yard Sales To Save Money
12. Kansas
Happiness quotient: 54.5
Median household income: $69,747
Cost of living index: 87.1
Total monthly cost of living: $3,207.92
11. Iowa
Happiness quotient: 55.0
Median household income: $70,571
Cost of living index: 90.3
Total monthly cost of living: $3,199.88
10. Delaware
Happiness quotient: 58.7
Median household income: $79,325
Cost of living index: 101.1
Total monthly cost of living: $4,209.06
9. North Dakota
Happiness quotient: 58
Median household income: $73,959
Cost of living index: 94.6
Total monthly cost of living: $3,499.27
Shopping: These 10 Aldi Brand Products Are Worth Every Penny
8. Connecticut
Happiness quotient: 60.7
Median household income: $90,213
Cost of living index: 112.8
Total monthly cost of living: $4,564.38
7. Nebraska
Happiness quotient: 58.9
Median household income: $71,722
Cost of living index: 90.9
Total monthly cost of living: $3,388.09
6. Illinois
Happiness quotient: 56.2
Median household income: $78,433
Cost of living index: 92.1
Total monthly cost of living: $3,439
5. Virginia
Happiness quotient: 57.7
Median household income: $87,249
Cost of living index: 101.9
Total monthly cost of living: $4,227.56
Find Out: 7 Best New Ikea Products That Are Worth Every Penny
4. New Jersey
Happiness quotient: 62
Median household income: $97,126
Cost of living index: 113.9
Total monthly cost of living: $5,113.93
3. Minnesota
Happiness quotient: 62.8
Median household income: $84,313
Cost of living index: 94.1
Total monthly cost of living: $3,905.28
2. Utah
Happiness quotient: 69.8
Median household income: $86,833
Cost of living index: 103.2
Total monthly cost of living: $4,993.59
1. Maryland
Happiness quotient: 64.6
Median household income: $98,461
Cost of living index: 116.5
Total monthly cost of living: $4,495
Methodology: For this study, GOBankingRates analyzed all 50 states to find the average cost of living among the happiest of the states. First GOBankingRates used the data from Digg.com’s Happiest States in the U.S. to find a ranking of states from the happiest to the least happy based on work environment, community and emotional/physical well-being. For each state, the cost-of-living indexes were sourced from Missouri Economic and Research Information Center’s State Cost of Living Indexes. Using the average expenditure costs for all residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs were calculated for each state. Using the Zillow Home Value Index, the average single-family home value was found for each state and the 30-year fixed mortgage average was sourced from the Federal Reserve Economic Data; assuming a 10% down payment, the average mortgage was calculated for each state. The average mortgage and average expenditure costs were combined to find the total monthly average cost of living for each state. The total population, household population and median household income were all sourced from the U.S. Census American Community Survey. The happiness rating was scored and weighted at 1.00, the household median income was scored and weighted at 1.00, the average expenditure cost was scored and weighted at 1.00, and the average mortgage cost was scored and weighted at 1.00. All the scores were summed and sorted to rank the states. All data was collected on and is up to date as of April 16, 2024.
More From GOBankingRates
I'm a Bank Teller: 4 Reasons You Should Withdraw Your Savings Right Now
This is The Single Most Overlooked Tool for Becoming Debt-Free
This article originally appeared on GOBankingRates.com: Can You Afford To Live in America’s Happiest States?
