5 States with Highest Minimum Wage and Low Cost of Living

In this article, we look at the top 5 states with the highest minimum wage rates and low cost of living. You can read about companies that are raising wage levels and its impact on business and employee retention by heading over to our article, 20 States with Highest Minimum Wage and Low Cost of Living, where we have also shed light on a protest in 2012 that sparked the Fight for $15 movement.

5. New Jersey

Minimum Wage: $14.13

Cost of Living Index: 110.3

Score: 0.1281

While New Jersey’s cost of living is only slightly higher than the national average, its minimum wage level is almost double that of the federal minimum hourly wage rate. According to the New Jersey Department of Labor and Workforce Development, minimum wage will be increased to total $15.13 starting January 2024.