BOSTON (CBS) – Massachusetts has been ranked the best state to live in, according to a new report by financial news website 24/7 Wall Street.

The Bay State gets credit for its well-educated population, with more than 45% of residents having a bachelor’s degree or higher. The typical household income is nearly $80,000 a year, which the website says is about $18,000 more than the national average.

Massachusetts also ranked in the Top 10 for its low poverty rate, and its average life expectancy of 80 years.

24/7 Wall Street based the ranking on a state’s poverty rate, percentage of adults with a bachelor’s degree and life expectancy at birth.

Rounding out the Top 5 are Colorado, New Jersey, Hawaii and Connecticut. Mississippi finished last on the list.

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