Yahoo Finance Top 10 States To Raise a Family — Which State Tops The List?
A recent report from WalletHub organized the 50 states by which were the best — and the worst — to raise a family within. The analysis compared all 50 states across five key dimensions: family fun, health and safety, education and child care, affordability and socio-economics. These dimensions were evaluated using 50 relevant metrics and each metric was then graded on a 100-point scale. A score of 100 represented the most favorable conditions for family life.
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“It’s crucial to consider economic factors when deciding where to raise a family, like the job market, average income and housing costs,” said Cassandra Happe, WalletHub analyst. “It’s also important to look beyond dollars and cents, as things like low-quality schools, a bad healthcare system, natural disasters or a high crime rate can turn the already-stressful process of parenting into a nightmare.”
So, which state topped the WalletHub list?
Massachusetts, with an overall score of 66.97 out of 100, was revealed as the best state to raise a family. The New England state was found to provide a blend of economic opportunities and safe conditions for children, and it has a reputation for good school systems (remember, Massachusetts is home to both Harvard and MIT).
The Bay State ranked first in the nation in education and child care, and was deemed good place for protecting children’s health. It offers the best water quality, has the highest rate of insured children and has one of the lowest infant mortality rates.
That said, Massachusetts isn’t the cheapest place to live in the United States, as housing and childcare costs are high, but residents make up for that fact with incomes that higher than the national average.
According to data from Payscale, and as reported by CNBC, the cost of living in Massachusetts is indeed 50% higher than the national average. Housing is 124% higher, while utilities are 14% higher. The average home value in Massachusetts is $588,621, while the median rent for all bedrooms and property types is $3,050, per Zillow.
However, if you’re looking for a new state to make your home and those costs are out of line with your projected budget, take a look at WalletHub’s overall top 10 — you might find an alternative that better suits your needs (or you might discover you’re already living in the best possible state for you):
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1. Massachusetts
Overall, the best state to raise a family.
2. North Dakota
Noted to have the third most affordable housing in the nation.
3. Minnesota
A great place to find a job and one of the highest median family incomes after adjusting for the cost of living.
4. Nebraska
Number four on the list but ranked second in affordable housing.
5. New York
An expensive state to live in, but it received a high socioeconomic rank that pushed this state into the top five.
6. Maine
There aren’t many families with young kids living here, but Maine ranked first in terms of fewest violent crimes per capita.
7. New Hampshire
A safe state to call home with the lowest percentage of families living in poverty.
8. South Dakota
You’ll pay the lowest childcare costs in nation here.
9. Rhode Island
Ranked fourth among the states with the fewest violent crimes per capita.
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10. Vermont
A safe place to raise a family with plenty of opportunities for family fun.
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