There’s a reason Bay Staters are proud to call the Commonwealth home. Massachusetts ranked among the 5 best states to live in, according to a new study from WalletHub.

The finance company compared all 50 U.S. states based on 51 livability indicators, including affordability, educational attainment and healthcare access using data from the U.S. Census Bureau and other sources. Massachusetts placed No. 4, just above New Hampshire. Idaho, New Jersey and Wisconsin ranked No. 1, 2 and 3, respectively.

Massachusetts’ strong performance in health and education boosted its score. The state boasted the best public-school systems in the nation, setting residents up for academic success.

Plus, Massachusetts residents experienced some of the best health outcomes in the nation. Compared to other states, Massachusetts had the highest share of residents with health insurance, the lowest premature-death rate, the second-lowest rate of poor or fair health and the fourth-highest life expectancy. And, with the fourth-lowest property-crime rate and the second-lowest traffic-fatality rate, Massachusetts offers safety to its inhabitants.

Bay Staters also experience a high quality of life. Massachusetts ranked No. 1 for hiking trails and No. 2 for bicycle-friendliness and offered the third-best access to public transportation.

All these benefits come at a cost, however.

“The biggest drawback is affordability,” said WalletHub analyst Chip Lupo. “Massachusetts ranks 48th for cost of living, 47th for homeownership and 41st for housing affordability.”

The highest median income in the nation, $104,000, may help offset the high cost of living in Massachusetts. And, for many, it’s worth it to call Massachusetts home, Lupo explains.

“But the No. 4 overall ranking suggests that for many residents, the state’s exceptional schools, health outcomes, income levels, amenities and safety provide enough value to offset those higher costs,” he said. “[A] high cost of living doesn’t necessarily outweigh the benefits of having strong education, healthcare and overall quality of life.”