React Hook recipe from https://usehooks.com. Demo: https://codesandbox.io/s/qxkr4mplv6

use-local-storage-example.js

import { useState } from 'react';

// Usage
function App() {
  // Similar to useState but first arg is key to the value in local storage.
  const [name, setName] = useLocalStorage('name', 'Bob');

  return (
    <div>
      <input
        type="text"
        placeholder="Enter your name"
        value={name}
        onChange={e => setName(e.target.value)}
      />
    </div>
  );
}

// Hook
function useLocalStorage(key, initialValue) {
  // State to store our value
  // Pass initial state function to useState so logic is only executed once
  const [storedValue, setStoredValue] = useState(() => {
    try {
      // Get from local storage by key
      const item = window.localStorage.getItem(key);
      // Parse stored json or if none return initialValue
      return item ? JSON.parse(item) : initialValue;
    } catch (error) {
      // If error also return initialValue
      console.log(error);
      return initialValue;
    }
  });

  // Return a wrapped version of useState's setter function that ...
  // ... persists the new value to localStorage.
  const setValue = value => {
    try {
      // Allow value to be a function so we have same API as useState
      const valueToStore =
        value instanceof Function ? value(storedValue) : value;
      // Save state
      setStoredValue(valueToStore);
      // Save to local storage
      window.localStorage.setItem(key, JSON.stringify(valueToStore));
    } catch (error) {
      // A more advanced implementation would handle the error case
      console.log(error);
    }
  };

  return [storedValue, setValue];
}

You can sync the state of localStorage between all tabs that application is opened.
My solution was:

import { useEffect, useState } from "react";

const useLocalStorage = (key, initialValue) => {
    // State to store our value
    // Pass initial state function to useState so logic is only executed once
    const [storedValue, setStoredValue] = useState(() => {
        if (typeof window === "undefined") {
            return initialValue;
        }
        try {
            // Get from local storage by key
            const item = window.localStorage.getItem(key);
            // Parse stored json or if none return initialValue
            return item ? JSON.parse(item) : initialValue;
        } catch (error) {
            // If error also return initialValue
            console.log(error);
            return initialValue;
        }
    });
    // Return a wrapped version of useState's setter function that ...
    // ... persists the new value to localStorage.
    const setValue = (value) => {
        try {
            // Allow value to be a function so we have same API as useState
            const valueToStore =
                value instanceof Function ? value(storedValue) : value;
            // Save state
            setStoredValue(valueToStore);
            // Save to local storage
            if (typeof window !== "undefined") {
                window.localStorage.setItem(key, JSON.stringify(valueToStore));
            }
        } catch (error) {
            // A more advanced implementation would handle the error case
            console.log(error);
        }
    };

    // Sync localStorage between tabs
    useEffect(() => {
        const listener = (e) => {
            if (e.key === key) {
                setStoredValue(JSON.parse(e.newValue));
            }
        };
        window.addEventListener("storage", listener);
        return () => {
            window.removeEventListener("storage", listener);
        };
    }
        , [
            key,
            initialValue,
        ]);

    return [storedValue, setValue];
};

export default useLocalStorage;

Could we add a custom serialization/deserialization logic?
function useLocalStorage(key, initialValue, serialize = JSON.stringify, deserialize = JSON.parse) {
And use those functions instead of calling JSON.stringify/JSON.parse.